Some of the most ultra-successful entrepreneurs like Bill Gates, Steve Jobs and Mark Zuckerberg have been college drop-outs. The common belief is that as long as you have a disruptive idea and passion for executing it, your educational background doesn’t matter in entrepreneurship. Well, that’s true to some extent, but not entirely. Formal education, especially MBA degree courses, can work wonders in boosting your entrepreneurial career.
Take, for example, Elon Musk and Michael Bloomberg who have utilized their MBA background to create successful ventures! You can either pursue MBA through campus education or distance courses, as your schedule and preference may be. If you are still in doubt about importance of MBA for entrepreneurs, the reasons listed below should convince you:
MBA Course Makes Your Fundamentals Strong
Wouldn’t it be nice to have some knowledge about risks, opportunities and business models before you take the plunge in entrepreneurship? These days, many institutes offer exclusive courses in entrepreneurship which can be instrumental in launching your venture with right footing. You can pick up entrepreneurship skills, validate your ideas and put your creativity in action through practical projects in MBA courses.
MBA Course Gives You Team Building Experience
No entrepreneurs can overlook the importance of team building! Some of the best startups and businesses have failed because of poor teams. If you want to save yourself from team-related disasters and learn how to build teams, MBA courses are a good place to start with. You can network with your fellow students, mentors and experts from the industry. You get to work together on projects and internships which give you a first-hand idea about team building skills.
MBA Course Offers Structured Learning
When you become an entrepreneur, you learn mostly by experiences and trials and errors. This could cost you time and money, both of which are in shortage for entrepreneurs. However, MBA degree courses help you to approach a business idea through a structured approach, using various tools and techniques. Hence, the risk of failure goes down.
MBA Course Teaches You About Various Business Functions
Entrepreneurship cannot be practised in isolation. Once you have an idea in mind, you need marketing expertise to execute it. You need to raise finance from investors. You need to hire and manage a team. You need to maintain books of accounts. MBA courses give you a first-hand insight into various business functions such as financial and accounting management, human resource management, marketing, operations, etc. so that you are prepared to handle them like a pro when the times comes.
MBA degree courses enable you to understand business parameters and how things work in the real world of entrepreneurship.