Becoming an entrepreneur and starting your own business is an exciting career move — but with so much on the line, it’s important to fill your artillery with the right business understanding. One smart way to accomplish this is by getting an MBA.
What Difference Will an MBA Make?
A lot of people argue against an MBA, using the examples of Steve Jobs or Bill Gates, who both skipped the MBA route and went straight to starting their businesses. Though they were incredibly successful, they are the outliers. Every industry has examples of outliers, and we have a tendency to compare ourselves and our experiences to theirs. It’s easy to forget that they are the exception – not the rule.
While an MBA is not a prerequisite for the entrepreneurial world, it can be a great asset—especially when the going gets tough.
When you participate in an MBA program, you are surrounded by talented, like-minded people who all have similar goals. The relationships you develop with your classmates extend far beyond working together for a final project or as a study group. These are the people who can help you start your business, give you a valuable contact or be a liaison for company collaborations in the future.
When you begin in an MBA program, keep an eye out for fellow students who show a lot of promise, then develop good relationships with them. Not only will you gain a good friend, you’ll also gain a great business connection as a bonus.
The University Environment
Earning an MBA does much more than provide a résumé tool or give you an edge against your competition: you will also get a great university education out of the experience. Though continuing self-education at home is always a good idea, there’s a lot you gain from a class environment that you miss out on when you research exclusively on your own. Some benefits are listed below:
- In-depth discussion: Any specific article, book or case study is call for thought-provoking discussion, which is more difficult to initiate outside of the classroom. With the help of professors and classmates, you can gain new information that would be much harder to access autonomously. Discussion is also helpful in solidifying your understanding of a new topic, which contributes to your overall business knowledge base.
- Differing perspectives: A university is made up of students from all over the world, and each one has a different cultural background, value set, insight and perspective. Students will challenge and introduce you to new concepts, which can help with adaptability and creativity in your future business endeavors and clientele.
- Mentors: An MBA program is a great opportunity to find a knowledgeable mentor to help you become a successful entrepreneur. After many years in business, a mentor has the knowledge and experience to know exactly what to do and what to avoid doing when it comes time to start a business.
- Well-rounded education: An MBA is going to give you a good understanding of critical areas, including marketing, finance, accounting and management. The more knowledge you have, the smoother your business will run, and the more successful it will be.
Investing in Your Future
Mistakes are part of starting a business and some will be unavoidable. But earning an MBA is a good way to dodge some of the most common entrepreneurial mistakes by learning from others’ experiences, discussing case studies and investigating hypothetical business situation outcomes. These insights will give you an advantage in the industry and end up saving you time and money.
If your ready to experience the life-long benefits of an MBA, there’s no better time than now! At the University of Denver, we offer top-quality MBA programs that will give you an invaluable education, build your resources and help you in all of your entrepreneurial pursuits.