by Guest Author on January 11, 2013
You’ve got an idea to build a better mousetrap etched into your mind, and you are chomping at the bit to put your plans for market domination into place. Encouraged by the shifting climate, where it seems as though everyone is launching a start-up, you want to make your own future, chart your own destiny. You may hesitate, however, when considering to obtain a Master of Business Administration (MBA) in entrepreneurship. Asking yourself how a MBA in entrepreneurship will help your business, you may wonder whether the investment in time, energy and money will pay off in the long run. While there are differences of opinion, only you can decide whether an MBA in entrepreneurship will serve you well and generate a solid return on investment. That said, here are three strong arguments from Entrepreneur magazine and Harvard Business Review in favor of earning your MBA in entrepreneurship:
1. It teaches you to think like a businessperson.
While it’s true that innovation and ingenuity are fluid and aren’t necessarily teachable, the structure that enables implementation is. Linear “if this, then that” thought processes are the ballasts that anchor your ideas. Knowing how to plan, design and build an information architecture that is capable of supporting your business as it adapts to a changing marketplace is essential to managing the growth of your business. Further, thinking like a businessperson will engender respect and credibility from venture capitalists and other investors who will expect nuts-and-bolts business language from those who seek funding from them. Which leads to our second point …
2. You will communicate better with your business colleagues.
Never underestimate the value of knowing the language of the game. Comfort and familiarity with key terminology and their applications generates confidence in your capacity as a businessperson. Further, being able to accurately communicate your ideas allows other people to help you reach your goals more efficiently because it allows them to better understand those goals. Realize that earning your MBA in entrepreneurship is a long-tail investment in your overall business acumen and skill set.
3. An MBA better prepares you to solve business problems.
An MBA curriculum teaches you to understand and interpret financial statements, marketing plans, market analysis, audit reports and business development plans. Simply put: You’ll also be in a stronger position for delegating tasks to teams, outsourcing them to other partners or shouldering them yourself. Knowledge is power. Knowing how to read a financial statement becomes a factor when evaluating a potential vendor’s financial health. Will this company be around long enough to fulfill their commitment to your company? Similarly, knowing how to interpret marketing plans and analyses will help you identify a vendor’s strengths and overall strategies to see if the vendor can or will continue to be able to meet your needs. And these are all essential considerations when running your own business.
While it is true that the traditional business model is in flux, an MBA in entrepreneurship has its advantages. Having a formal understanding of the essentials of business structure and management will give you an edge when it comes to nurturing your company long after you’ve left the start-up phase.
About the Author:
Mandy Fricke works in community relations for Earn MBA Degree, which helps you explore which MBA degree path is best for you, and identify the opportunities and rewards that an MBA may hold for your career. Outside of work Mandy enjoys biking, reading and traveling.