Does Getting an MBA Degree Make Someone A Better Entrepreneur?
If you look at all the successful entrepreneurs like Steve Jobs, Mark Zuckerberg, Bill Gates and other such famous role models who change the world by their creation, one thing that all of them had in common was that none of them had an MBA degree and some were even college dropout. Hence, you don’t need a degree to become an entrepreneur or open up your own start-up. The primary focus of MBA degree is to make students more aware of the business industry to give them more knowledge of the field and certainly in some or the other way it helps you to start your own business. MBA MBA stands for masters of business administration, a very highly valued degree that provides a student with developmental skills for a career in business and management. Getting an MBA degree teaches you to successfully manage, lead, organize and adapt to a variety of business environments. The skills learned through an MBA program prepare you with practical skills as well as the theoretical knowledge that will help you in the industry and also if you want to set up your own business. To get into a good MBA college you need to clear an entrance exam like CAT, MAT, GMAT etc. each university or college has a different procedure and you should research this before getting into any college. The core curriculum of subjects for MBA is, accounting, economics, marketing, and operations, as well as elective courses that allow participants to follow their own personal or professional interests. Internships are another major part of this course , many job recruiters look for students who have a work experience and the best way to get it while continuing your studies are in form of internships. SOME OF THE MOST CHOSEN SPECIALIZATION IN MBA IS: ACCOUNTING HUMAN RESOURCE FINANCE MARKETING ECONOMICS ADVANTAGES OF MBA An MBA degree gives you recognition and leadership skills that you need for your workplace. A post-graduation degree such as an MBA prepares students to work in wide range of business organizations, thus giving you right knowledge and expert advice. MBA is currently the most popular internationally-recognized professional degree in the world. It opens up a wide range of career opportunities to students. Traditionally a two year MBA program is what the industry demands but one year MBA programs have become increasingly popular. There are various part-time and online programs for people who want to work while they complete their MBA, this has also become highly in demand these days. The average salary of an MBA graduate maybe 20 lakhs per annum, but it differs from company to company and also on your experience in the field. THINGS YOU NEED TO REALIZE BEFORE GETTING INTO MBA The biggest asset you need for your resume to shine is experience, it is very important to have practical and theoretical knowledge of the field you want to get into before you start working and the best way to get that is by gaining as much experience as you can. You need not have an MBA degree to become an entrepreneur but all you need is an experience. Entrepreneurship is all about experimenting with ideas, learning from mistakes, and optimizing the ways for sustainability and scalability. It is a fact that all the world famous entrepreneurs who do not have an MBA degree, all they have is an experience to back them up. All your role models experimented, failed, and learned from their mistakes to reach where they are today, it is not a one day process and takes a lot of hard work and leadership skills to achieve. But the truth is that all the big companies they represent as the face of the organization, they want all educated and skilled employees who have an MBA degree. CAN MBA MAKE YOU A BETTER ENTREPRENEUR? Coming to the big question, somewhere the answer to this question is YES. It is important to have knowledge when you don’t have experience. Most of the MBA courses, give you a historical background of business cases and to understand the success and failure factors, understand business models and financial aspects, various problems, their analysis and possible solutions. PLAN BEFORE YOU START: It is always better to plan everything before you get started, you should know about the field you want to get into. Just as your business idea requires validation and optimization before hitting the market, you need to have knowledge about all the aspects of entrepreneurship before you can set up a start-up. The best way to know about your potential and how you need to work on your plan is through a proper course which is MBA designed to create better entrepreneurs. You will understand about customer segments, channels, networks, cost management, resource management, and various such aspects which are instrumental in the success of a business. With time you will get to know the best business models prevalent, best freelance website to hire resources, best marketing strategies etc. entrepreneurship required experience and MBA tries to provide experience to students with the help of internships, industry visits and making them aware about the changes in the industry and making them business smart. SETTING YOU IN THE RIGHT MINDSET: MBA is designed to get you into the right mindset to think like an entrepreneur. This course is set in the framework to bring out the best skills for you to become a successful entrepreneur when you are ready to set up your own venture. The subjects will make you think differently, approach problems in the best possible way, it will give you required leadership skills. It will make you more creative so you can come up with innovative solutions and ideas for your company. You will be able to communicate better, analysis problems and risks accurately, create effective strategies and develop the skills to work in and with a team of any size. GETTING A PROPER FRAMEWORK Doing an MBA course makes sure that you get to know all the aspects of entrepreneurship from technicalities to practicalities. MBA comes as a complete package starting from different current business models, frameworks, strategies to company building process, resource management, and even marketing skills. You get to work on case studies to gain greater insight into start-ups, their success and failure factors. It helps you to gain more confidence as you get to start your own company with your ideas and creativity. Most importantly, you will be in a competitive environment with good peers that will boost your inner abilities to do better and big. GETTING EXPERIENCE An MBA degree opens up a lot of scope for aspiring entrepreneurs. There are many existing start-ups that are ready to take you in hence, you get a big platform to test your knowledge in real life by being in a good post for a start-up company. You get to gain a lot of experience and confidence by a start-up as they mold you into a better entrepreneur. This will help you optimize your knowledge, understand real life aspect of handling resources and customers, dealing with real-life problems and risks and coming up with innovative solutions by applying the knowledge you gained. You also get to choose your employees, you get to train people under you guide them and learn from your experiences. MBA degree is the closest to real life entrepreneurship among all the courses. If you want to be a better entrepreneur, it is advisable for you to get an MBA degree because it is wise to start your venture with all your weapons rather than going into the battlefield empty-handed.