Expert Answers to Biz Questions
Listen in! Pick up some expert advice to a reader's question that we selected from CyberSchmooz.
Here’s How Earning an MBA Could Help You Grow Your Small Business
Plenty of small business owners started their businesses without any formal business education. Indeed, all you really need to start a business is a good idea, a good head on your shoulders, and some insight into your target market. But, whether you’ve already started your business or you’re still dreaming of the day when you’ll become your own boss, earning an MBA can’t hurt your chances of business success - and it can certainly help.
In an MBA program, you’ll develop the technical skills and financial savvy business owners need to handle the day-to-day nitty-gritty of running a business. You’ll get valuable leadership and business experience that will help insulate your small business efforts against failure. You’ll strengthen your network of mentors and peers, then come out of the experience better-equipped to steer your business around the obstacles that sink so many enterprises, old and new.
You’ll Develop Technical Skills
As an entrepreneur, you can’t afford to discount the value of the business training MBA students receive. Even entrepreneurs who don’t go the MBA route frequently bring in MBA-educated consultants, or hire MBA graduates, in order to bring that expertise into the organization. As a small business owner, you may not be able to afford the price tag of a consultant, much less an MBA-educated new hire. But by earning an MBA yourself, you can still bring technical and financial skills into your company. If you’ve already started your business, an online GMAT waiver MBA can help you earn the degree while minimizing costs.
An MBA program can teach valuable skills such as how to manage growth and mitigate losses, how to plan for the future of your business, how to make the best use of your employees’ time each day, and how to manage a team and inspire them to work towards your vision. You’ll also pick up fundamental skills in marketing and customer service, applicable regulations, payroll and taxes, and other business processes.
You’ll Become a Stronger Leader
Many MBA programs emphasize leadership skills, and as a small business owner, you’ll need to be a strong leader. Your employees will look to you for guidance, direction, and inspiration. You’ll have the opportunity to practice leadership skills in and out of the classroom, and you’ll develop the integrity and communication skills leaders need.
Your dedication to being the best entrepreneur you can be will shine through in your commitment to your education, and your strengthened communication skills will help you interact more effectively with customers as well as employees. You’ll gain a deeper understanding of all of the factors that go into customer service and team management.
You’ll Learn From the Mistakes of Others
One of the biggest benefits of an MBA for small business owners is that the academic environment provides aspiring entrepreneurs with a proving ground in which they can learn the ropes of business without the high stakes that come with real world failure. You’ll have access to some of the best minds in business theory, and some of the latest research. You’ll be encouraged to examine case studies that will teach you to avoid common business mistakes, and you’ll have the chance to work out any bugs in your business plan before it’s time to actually put it into action.
You’ll Grow Your Network
MBA programs attract some of the best and brightest students, and that means you’ll get the chance to form lasting friendships with other talented professionals. Your MBA classmates will go on to become entrepreneurs, CEOs, and high-level managers who could prove to be valuable contacts someday, whether you’re looking for a potential new hire, a new customer, or a new business partner. Faculty who mentor you in your MBA program will remain mentors throughout your professional life, offering you the benefit of their experience as you grapple with the realities of running your own business.
You may not need an MBA to succeed as a small business owner, but that doesn’t mean it’s not a good idea to get one. MBA programs are very good at helping aspiring business owners gain the skills and experience they need to be successful, and that could make all the difference when it’s time for your business to open its doors.
Copyright 1995-2023, Idea Cafe Inc. Downloads are for personal use only, not for resale to others, and may not be reprinted in any form without written permission from Idea Cafe Inc.
DISCLAIMER: We hope whatever you find on this site is helpful, but be cautioned that it may not apply to your own situation, or be totally current at any given time. Idea Cafe Inc. and all of its current and past experts, sponsors, advertisers, agents, contractors and advisors disclaim all warranties with regard to anything found anywhere on this family of websites, quoted from, or sent from Idea Cafe. and its related sites, publications and companies. We also take no responsibility for comments published by others on these pages. TRADEMARKS: The following are Registered Trademarks or Servicemarks of DevStart, Inc.: Idea Cafe®, Online Coffee Break®, The Small Business Gathering Place®, Take out Info®, Biz Bar & Grill®, Complaint-O-Meter®, A Fun Approach to Serious Business, CyberSchmooz, and BizCafe.
DISCLAIMER: We hope whatever you find on this site is helpful, but be cautioned that it may not apply to your own situation, or be totally current at any given time. Idea Cafe Inc. and all of its current and past experts, sponsors, advertisers, agents, contractors and advisors disclaim all warranties with regard to anything found anywhere on this family of websites, quoted from, or sent from Idea Cafe. and its related sites, publications and companies. We also take no responsibility for comments published by others on these pages.
TRADEMARKS: The following are Registered Trademarks or Servicemarks of DevStart, Inc.: Idea Cafe®, Online Coffee Break®, The Small Business Gathering Place®, Take out Info®, Biz Bar & Grill®, Complaint-O-Meter®, A Fun Approach to Serious Business, CyberSchmooz, and BizCafe.