The Startup Magazine Why an MBA can be hugely beneficial for budding entrepreneurs


Story by: Guest Contributor The Startup Magazine

There are a large number of degrees available in the business sector, but the best known and most renowned of these is the MBA. MBA stands for Master of Business Administration and is a postgraduate business degree specifically designed to give students a broad overview of many different important business practices and processes. Very often, many people think of this as a degree for people who have the ambition to climb the corporate ladder to the top of a large established company. You wouldn't do much wrong.

The main objective is to prepare you for high-profile leadership roles in any company or industry, and the program typically requires several years of relevant work experience to be able to enroll. If you are an entrepreneur dreaming of starting your own business, you may feel that this is not a suitable program for you. In reality, however, this is far from the case.

Of course, there are no prerequisites for starting your own business, but you will find that an MBA can give you a decisive advantage in the competitive world of entrepreneurship. If you want to know more about this type of business degree, who it is ideal for and why it could be beneficial for entrepreneurs and increase the success of your startup, read on.

What topics does an MBA cover?

One of the best aspects of studying for a course like the online Michigan MBA is the sheer breadth of topics you can cover. The idea is to give you a solid foundation in as many different business areas as possible in order to prepare you for a variety of high-level positions after graduation. You will complete a series of modules, some of which are compulsory and others that you choose from a much longer list of electives.

The exact curriculum that you follow will differ on a number of different factors. On the one hand, there is the college where you are studying, because each institution is responsible for creating its own business administration study modules. Second, there is the type of MBA you choose. There are general programs that follow the broadest curriculum and also a number of specialized programs that are more focused on one aspect of the economy. This can be, for example, marketing, management, accounting, international business or entrepreneurship.

Others could focus on strategic planning and management or leadership while another student could choose the Brand Management module. Take some time to see what the course you have chosen has to offer. If you are only applying for an MBA, please contact the university to find out about the modules on offer. You may find that a module on trends in health administration and management or organizational advice interests you and influences your views on which school to study at.

Many of these modules are just as relevant for entrepreneurs as they are for those who work in established companies. They are taught using a variety of methods such as lectures, seminars, tutorials, consulting projects, group work, reading assignments, written exams, etc. When you enroll in the Michigan online MBA or any other distance learning course, you'll enjoy the same high standard of teaching, but delivered through a virtual learning environment.

Choose your course

The choice of courses such as the online MBA Michigan tends to attract older students compared to the more academic Masters courses. It is not just the average age of the students that distinguishes an MBA from other master’s programs. It's also much more interactive and participatory, and includes lots of presentations, group work, case studies, and project work on actual problems that real companies face. In principle, you can complete full-time studies in one year and part-time studies in two years. You can also choose between online and campus courses.

Why choose an MBA?

Now that you have a better idea of ​​what exactly that qualification is and what topics you will study in the Michigan online MBA, let's take a closer look at how a business degree can benefit you as an entrepreneur.

Build up knowledge

As we've seen, an MBA is a fantastic way to expand your knowledge in a wide variety of relevant areas. Of course, some topics are more relevant to entrepreneurs than others. So adapt your curriculum in this direction when choosing your modules or choose a business degree that specializes in entrepreneurship. However, almost every module available on the Michigan online MBA will be useful to entrepreneurs to some extent. Because in order to start and run your own business you have to wear many different hats and be responsible for a multitude of tasks.

It could be argued that it is possible to learn all you need to know through self-directed learning or to act on trial and error when starting your business. This is true to some extent and could be a good choice for those who cannot afford the high cost of MBA programs. However, for those who can, this type of formal education gives you an unbeatable foundation. Also, learning these topics in a supportive academic setting rather than in the real world where the success or failure of your business is on the scales can be much less stressful!

Gaining experience

In contrast to many purely academic master’s courses, a course such as the online MBA Michigan gives you the opportunity to work directly with external companies. This mostly happens in group and individual consulting projects where you help solve real problems of these companies. In addition, there may be a number of competitions to participate in, events to attend, opportunities to study abroad or internships to apply for. Hence, it is a fantastic opportunity to gain a lot of relevant experience in a short period of time, many of which will be helpful in starting your startup. Make the most of it by saying “yes” to every interesting opportunity that presents itself!

Of particular relevance for entrepreneurs are the MBA courses in business administration, which enable you to test your product ideas, work on concept development, practice pitching and gain similar experience. This allows you to receive constructive feedback from colleagues and professionals in a supportive environment with plenty of resources at your disposal. This will prove invaluable when the time comes to try it out in the real world.

Improve skills

Taking an online Michigan MBA or other MBA program not only improves your knowledge; it also helps you develop a variety of useful transferable skills. For example, you will work on your communication and presentation skills, both of which are crucial when it comes to presenting to investors or marketing your products and services to potential customers. You will also improve your time management and your organization, which will allow you to better juggle the various tasks and deadlines when starting your own business.

Other skills that you will develop include critical thinking, problem solving, and analytical skills, all of which make you a much more talented and successful entrepreneur. After all, an MBA will do wonders for your confidence and leadership skills because of the many presentations and group projects you will be working on. These are invaluable when it comes to reaching out to potential business partners and leading a team if your company is big enough to hire your own. Never forget the importance of being able to channel inner trust. It could be the key to your company's success or it could allow you to climb the corporate ladder by achieving these promotions.

Increasing networks

Networking is a big part of an MBA. This applies regardless of whether you're taking an on-campus course or a distance learning course like the Michigan online MBA. You will meet a wide variety of people in different positions and industries with all sorts of life experiences and skills to learn from. On the one hand, there are your fellow students, who will all be like-minded, ambitious, and motivated people who will help you reach your full potential. Not only will many of them become lifelong friends, but you could also meet a future business partner.

There are also the faculty professors with whom you will study. They are all experts in their field and you can learn a lot from them. In addition, you also have the opportunity to network with alumni and other specialists from external companies during your studies. This can be at virtual or in-person events or by working with them on consulting projects. As an MBA student, you have many more options compared to a sole proprietorship, and you could be in regular contact with potential mentors and investors. If one can gain such experience, one has an advantage over those entrepreneurs who do not complete such a practice-oriented business administration degree.

Earning credibility

An MBA is an undeniably prestigious degree in business administration. It's recognized around the world and in all different industries, and it's a great way to show potential business partners and investors that you are committed to your area of ​​expertise. It proves that you are willing to invest time, effort, and money in your personal development and that of your company, and it gives other people more confidence to work with you.

Completion of a course such as an online Michigan MBA can therefore help you stand out from the ever-growing crowd of entrepreneurs. This is especially true if the university and business degree course you have chosen has a good reputation in the industry. It will help you open doors and make your new startup more likely to succeed. What more could a budding entrepreneur want?

How can I combine an MBA with starting my own business?

If, while reading this article, you are convinced of the advantages of an MBA as an entrepreneur, you may now be wondering how you can reconcile your studies with all the tasks and responsibilities associated with starting or running your own company. One possibility is to take the business administration courses before the company is founded; However, if you don't want to wait or have already started, the following tips can help:

This means a longer waiting time to graduate, but it reduces the time you spend in class each week – leaving you more time to do business.

The Michigan online MBA gives you more flexibility in studying and also saves commuting time as you don't have to drive to a campus. This makes it easier to adapt the course to your business obligations.

Analyze your existing commitments to see what times you can plan for your online Michigan MBA Business Degree, then stick to that schedule as best you can. In the event of unexpected encounters or problems, you should rearrange the period of study in the same way so that your grades do not suffer.

Take advantage of the support services your college offers and ask your professors for advice if you need it. They may be able to help you figure out how best to study. It doesn't matter whether you prefer to hide in the quiet of your home office or embed yourself in the creative hustle and bustle of a coffee shop. Just find out what works best for you so that you can be most productive in your learning and seek advice from your support system.

Take care of your mental and physical health. Exercising regularly and getting lots of sleep may feel like it takes up time to spend working or studying, but these activities help your brain perform to its full potential, and therefore you will both be in Be your more efficient as well as productive startup and on your online Michigan MBA.


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Source References: The Startup Magazine