There has been a lot of controversy around the MBA over the last recent years and how relevant it is. But the truth is that tech companies and Silicon Valley “unicorns” are hiring MBAs in droves today, with companies like Amazon, Google, and Facebook leading the way. As a matter of fact, Amazon is said to be hiring over 1,000 MBAs per year. So, if the MBA is not relevant, the world’s largest online retailer clearly didn’t get the memo.
The truth is that the MBA is a powerful qualification for anyone who has to direct a team, no matter how big or small it is. It also gives you a holistic foundation and understanding of every aspect of business that only a few can boast about. Let’s take a look at a few reasons why all entrepreneurs should consider getting an MBA in 2020.
You’ll be Able to Mitigate Risk
Risk is part of any business. However, when you understand risk and how to perform risk analysis, you can also figure out when risks can reap rewards and when risks are unnecessary. You’ll be able to build, understand, and follow through with business plans. You’ll be able to conduct market analysis to see where markets are going and decide whether you should change directions even if you were already heavily invested in one strategy.
While some entrepreneurs will sometimes rely on their gut feeling, in some cases, only cold hard data can tell the truth. Emotion and passion do play a role in entrepreneurship, but you still need to have a certain degree of professional preparation.
Business Schools are Great Incubators
If you want to be able to test business ideas without the risks associated with it, while being surrounded by some of the sharpest business minds in the world, then there’s nothing better than business school. The number of courses that are dedicated solely to entrepreneurship have skyrocketed over the last few years, and B-schools are the perfect place to test your most outrageous, groundbreaking, and creative ideas.
You’ll have the chance to fail without the consequences. As a matter of fact, failing in that context is a valuable learning tool. You’ll then be able to tweak your business models, all with the guidance of teachers and mentors.
It’s Easier than Ever to Get One
While the MBA is still as challenging as ever, online MBAs have made it possible for people to get a world-class education from virtually anywhere in the world, and they’re growing in popularity too. Here are some of the reasons why so many students love online MBAs:
• Access to state-of-the-art technology
But one of the most underrated benefits of online MBAs is the type of student they attract. Online MBAs bring students from all over the world and from different backgrounds and industries. A lot of executives and entrepreneurs also go for the online MBA because of convenience, giving you access to their perspectives and wealth of experience.
Institutions like Suffolk University Online have some of the best online MBAs that you can find. Getting an MBA via Suffolk University allows you to get an accredited degree from one of the best business schools in the world without leaving your home – and the best part is that you’ll be able to do it on your own time while you still take care of your business!
You’ll Develop a 360 Understanding of Business
One of the greatest tragedies in business is when someone has a brilliant idea but doesn’t have the knowledge or skills to execute it. According to CEO and business school director Maurits Van Rooijen, some entrepreneurs, by character, may not be great at being managers.
“You need all round knowledge and managerial skills to develop a business successfully,” he said. “You need an understanding of things such as finance and marketing, to how to assess, develop, and find talent, and interact in an effective way with your clients and your staff,” he added.
The MBA is the only course that gives you a 360 view of the business, and the ability to get involved at every level. Here are some of the things you’ll learn as part of an MBA:
• Management and leadership
• Business operations
• Business law
These are all aspects that play a crucial role in any operation. Understanding these principles will also give you more independence and allow you to be in the loop in every situation, whether it’s accounting and compliance issues, intellectual property, human resources, or financial forecasting.
Entrepreneurs Are Not Born, They Are Made
While many entrepreneurs will have a common set of traits, such as grit, resilience, and tenacity, there is more evidence that great entrepreneurs are a product of their environment. Having these traits is good, but they aren’t enough to be successful in the long term as you still need to know how to build and manage your business effectively once your idea is implemented.
According to business school professor Andrew Godly, there is no real evidence that certain personality traits are precursors of a successful career as an entrepreneur. “All evidence supports that great entrepreneurs are not born,” he said. “Instead, all evidence supports that their environment plays a much more important role. It’s about what they’ve learned, either through formal education or otherwise.”
And there’s no better environment than an MBA to earn your entrepreneur chops. Being able to rub shoulders with like-minded driven people will open you up to all sorts of different perspectives. An MBA is the perfect way to build on your existing aptitudes and qualities, and complement them in order for you to build actual business capabilities.
So, as you can see, the MBA is still a game-changer for business owners and a qualification that they should definitely consider if they want to take their business to the next level. If you are an entrepreneur or were thinking of becoming one, we suggest you speak with someone who’ll be able to lay out the benefits of an MBA in detail and show the best possible path for you.