Starting a business is a dream for millions of Americans. While it’s essential to have an entrepreneurial spirit and a great idea for a startup, it is more important to have the business savvy, skills and knowledge to carry an idea through to fruition and eventually build a successful enterprise. To obtain the skills and knowledge that can enhance entrepreneurship, many professionals are pursuing a Master of Business Administration (MBA) degree in a core discipline, such as marketing.
Let’s take a look at a few of the many ways an MBA can be beneficial to today’s entrepreneurs.
An MBA Degree Can Provide the Education Entrepreneurs Need
When you’re passionate about an idea, you may be convinced that consumers will need it and will demand it. That may be true, but getting from the idea (Point A) to the delivery of your product or service (Point B) involves dozens of steps, any of which might prove an insurmountable challenge. Entrepreneurs need a solid base of knowledge and practical skills to move through the challenges and get from Point A to Point B.
Marketing MBA degree programs provide broad-based business instruction along with critical support. They offer a safe place to experiment with ideas as you learn the essentials of how to create a business from the ground up, including:
- Case study analysis for insight on what actually works
- Leadership and teamwork expertise – because you can’t launch a business on your own
- Finance and accounting knowledge every entrepreneur needs
- An understanding of the data and analytics that are changing the way businesses operate today
- Behavioral concepts that will help target your audience
- In-depth coverage of online marketing, social media and branding theories that no business can do without
An MBA marketing degree program is ideal for preparing entrepreneurs to compete in a challenging, rapidly changing global environment.
MBA Programs Bring Beneficial Resources
Successful entrepreneurs build their businesses by mining the resources they make, and an MBA degree program is a great place to start building that cache. For example, MBA marketing professors are incredible resources. Many have started businesses of their own. They’ve made mistakes and experienced failure, as well as success, and are quick to share their insights. They can also be resources long after you’ve completed your program, such as when you’re seeking investors or considering an expansion.
Networking
In addition to your professors, you’ll be surrounded by top-level talent in your classmates, with whom you’ll be working on projects, planning strategies and forming study groups. Not only will you have the opportunity to learn from them, but by sharing the MBA experience, you will forge networks you can call upon when facing start-up challenges. Whether you’re looking for advice, new talent to hire or recommendations on software or equipment, your graduate school classmates can form the foundation of a beneficial network to call upon throughout your career.
Funding
An MBA program can also benefit entrepreneurs when it comes to securing financing to launch or expand a business. Investors and banks typically scrutinize every aspect of an applicant’s background, such as their education, skills and experience. Seeing that you’ve earned an MBA degree in marketing or a related field can be an advantage, and help you stand out from the competition.
Leverage Every Advantage to Be A Successful Entrepreneur
It’s true that anyone can launch a business. But it’s also true that a large percentage of startups fail. If you’re passionate about an idea and have the perseverance and personality it takes to be an entrepreneur, help set you up with every possible advantage to make it a successful venture. Enrolling in an MBA marketing program can provide countless benefits. You owe it to yourself to find out what you can gain from advancing your education and earning an MBA.