Master of Business Administration (MBA) is amongst the prominent internationally-recognized degree that is specifically designed to inculcate integral knowledge and skills required by individuals who aspire to advance their careers as managers, leaders or entrepreneurs. Anyone can start their own business without possessing an MBA degree. However, enrolling in an MBA program certainly helps aspiring entrepreneurs launch their own business because it educates and makes them aware of the fundamentals and the policies which help establish a business. It also makes them understand the business market from the entrepreneur point of view. The leadership skills which they acquire after pursuing an MBA degree comes in handy to handle a team, drive a project towards delivery and for managing their workforce.
How Does an MBA Degree Help Entrepreneurs?
A majority of MBA aspirants enroll with a motivation to start their own business. In fact,the survey highlighted that one in five MBA students wants to pursue the program in order to launch their own business. There are multiple reasons as to why an MBA degree is a popular degree courses among the budding entrepreneurs. Below are some of the significant reasons:
1. Set a strong foundation of Knowledge
Establishing a new business is certainly a challenging task. And without the adequate knowledge an individual will be unaware of various disciplines essential to combine in order to make an organization successful. MBA programs are imperative as they extend students with a deeper understanding of various essential aspects associated with business practices like finance, management, marketing, operations, human resources, etc. By acquiring such an extended and versatile knowledge base, aspirants are in a much better position to launch their startup.
2.Immense Opportunities to Build Network
One of the primary objectives of MBA program is to connect candidates with like-minded people who are also either starting their own companies or successful entrepreneurs. Most of the degree programs run seminars where students have the opportunity to communicate with notable entrepreneurs in their respective fields. Additionally, this project-based and collaborative approach allows students to develop long-term professional relationships with their peers.
3.Stronger Communication Skills
One of the most imperative yet overlooked contributions to an organization’s advancement is communication. When entrepreneurs are able to effectively communicate with their clients, they are more likely to build a strong clientele and stay relevant in the target market. Additionally, good communication is an important trait to have in order to excel as a team leader. Therefore, good communication skills that one inculcates when studying for an MBA certainly helps in the development of the business.
Enrolling in an MBA Program
The minimum eligibility criterion for admission in an MBA program is at least a 3-year bachelor’s degree with a score of minimum 50 % marks (45% for SC/ST or persons with disability category). A Common Admission Test (CAT) is conducted on an all India basis for admission in top business schools. Additionally, there are plenty of distance MBA courses available for individuals who are looking for a more convenient and flexible learning experience. The online and distance learning MBA programs are enriching just as a normal on-campus program would be. There is no bias in the course structure whatsoever among the two, on the contrary one gets to learn in their own easy schedule and convenience.
Enrolling in an MBA program can benefit individuals significantly in their effort to launch a successful business. An MBA degree is specially designed to provide students with in-depth knowledge of the critical aspects of business and management. Obtaining such comprehensive knowledge of the business realm allows individuals to build a strong foundation for their business. Furthermore, managerial skills during the program allow them to deal with ever-evolving business scenarios in an efficient manner. While MBA educates, it also provides the confidence to take risks and manage them well, to think out of the box and try its implementation and most of all to think of the possibility to make it happen.