Due to the recent rise in the number of self-taught entrepreneurs or drop outs starting successful businesses, many have started insinuating that MBA’s have become obsolete. But an MBA bestows on students a variety of skills, tools, and advantages that only a college education can provide. Entrepreneurs with advanced knowledge in business administration have deeper theoretical knowledge and understanding of concepts like brand management, human resources, and accounting, and they also have the chance to build relationships that can last a lifetime. Here are some of the top reasons every entrepreneur should consider pursuing an MBA.
Better Understanding of Business Theory
After you’ve completed your MBA, you’ll have a much deeper understanding of business management and more intricate knowledge of business planning. But, more importantly, you’ll be able to understand what separates a good business idea from a bad one, something self-taught entrepreneurs have to learn through trial and error by pushing thousands and sometimes even millions in personal assets and investor money into their failing businesses.
Not everyone can manage to rebuild from scratch after a failed endeavor. You’ll have the ability to foresee forks in the road before you come across them, which will be a huge advantage in the marketplace.
Getting an MBA is Easier than Ever
Many entrepreneurs may not like the idea of having to leave their business to pursue an MBA, and in some cases, it is simply impossible for them. But today, a variety of reputed online establishments are offering top of the line MBA programs that allow business owners to pursue their online masters in business administration in their own time. Colleges like Washington State University offer online MBA programs that compete with the some of the best business schools in the country. This provides a perfect opportunity for entrepreneurs to further their education while still overseeing their operation.
You’ll get in depth Input and Assistance from Alumni and Professors
Having a professor reviewing your business plan is a luxury only a few can have in the business world. It’s like having your own personal advisor free of charge. As a matter of fact, many famous entrepreneurs have cited one of their professors as one of their biggest influences. In many cases, these professors are seen as rock stars in their particular field, and the kind of access you’ll get through an MBA will be absolutely priceless.
Vast Support System
Business schools offer tons of support that goes way beyond access to esteemed faculty members and alumni. Whether it’s venture labs, entrepreneurship clubs, networking events or mentorship, an MBA will provide you with a vast variety of tools that will assist you for years to come.
As you can see, MBAs are far from obsolete and any entrepreneur with an MBA in their back pocket will have a definite advantage over their competition. So, if you are an entrepreneur, or were thinking about becoming one, you should definitely see what an MBA could do for your career.