Do you need an MBA to make it in business?

Business News | 21 May |

The world of business is notoriously competitive and cut-throat. It doesn’t matter what exactly your business does, no matter the field you are in, you will find yourself facing determined competition from all quarters. Only the very best entrepreneurs will make it to the top of their field.

Most entrepreneurs don’t have their sights set quite that high, though. There is nothing wrong with being ambitious – if you think you can make it to the top, then go for it! But for most people, they will be happy just so long as they can launch and run a successful business.

Even this goal presents a serious difficulty, however. The cold hard truth is that the majority of those who become entrepreneurs will end up failing, often through no fault of their own! Sometimes in business, as in life, you can do everything right and still end up losing. The uncaring hand of the free market is as ruthless as it is capricious.

However, that doesn’t mean that you shouldn’t try and tip the scales in your favor. There are numerous things you can do that will give you a better shot at success than you would otherwise have. For example, many entrepreneurs will study for a degree relevant to the industry they wish to work in. A large number also swear by the MBA as a degree option, even if they already have another degree.

What is an MBA?

MBA stands for masters of business administration. An MBA is essentially designed to teach entrepreneurs everything that they will need to know in order to run and manage a business. As you might expect, this rather broad remit means that the MBA is one of the most varied and versatile degrees out there. MBA students will learn a lot of valuable skills and knowledge that can be applied both within the workplace and outside of it.

As the name implies, MBA students will learn how to handle the day to day administration of a business and its staff. Naturally, given how wildly different one business often is from the next, there is no business degree that will be able to cover every type of business that exists. Instead, the MBA will equip students with general skills and the means to refine them to be applied to specific situations.

Who Needs an MBA?

The debate over the usefulness and necessity of the MBA for the average entrepreneur is a matter of some debate. An MBA isn’t like a degree in a scientific discipline where the gamut of jobs it opens up is fairly narrow and predictable. Many businesses will require that anyone applying for a management position has an MBA, and where they aren’t required, candidates who have one will still find themselves at an advantage.

However, earning an MBA is not automatically going to open up management roles for you. If you don’t have any prior experience as a manager, then it is still going to be difficult to enter a business directly at that level. Even with an MBA in hand, you should still be prepared to put in the necessary hours at the coalface to gain real-world experience and demonstrate why you would make a good manager. Having an MBA will certainly make you a preferable candidate and will get your resume nearer to the top of the pile.

Arguably, the ones who benefit most from studying an MBA are the entrepreneurs who wish to start their own business. Starting a business of your own is always going to be a challenging proposition, in large part because you will often be taking on a lot of responsibility while having to learn as you go. Not only will you be taking on these new roles and responsibilities, but you also won’t have anyone else to turn to if you do find yourself struggling.

Studying for an MBA will arm you with a solid understanding of how businesses and business leaders deal with the issues you face. There are very few occasions in a business where you will be facing a situation that no other business leader has faced before. Sure, those situations do arise sometimes. But even when they do, an astute entrepreneur will look into how other leaders have handled similar situations to give them an idea of where to begin in formulating their own response.

What are the Benefits of Studying for an MBA?

While an MBA might not be essential for entrepreneurs, it is still highly advisable for any serious entrepreneur to consider studying for one. There are numerous benefits of earning an MBA degree, regardless of your specific entrepreneurial plans.

Learn How to Solve Problems

First and foremost, an MBA can equip you with the kind of invaluable skills and knowledge that usually only come from experience. Learning how to approach the common problems facing a business in the classroom is preferable to learning through trial and error while on the job. An MBA won’t teach you how to deal with every single issue that will face you in the workplace, but it will give you the guidance you need to formulate solutions.

New Opportunities

Studying for an MBA degree won’t guarantee you a new job, but it will enable you to apply for positions that would otherwise not be open to you. There will be some jobs that stipulate all applicants must have an MBA degree in order to be considered. However, even when you apply for those jobs that don’t require you to obtain an MBA, having it on your resume will instantly put you to the front of the queue.

Study from Home

The internet has transformed the way that we think about education in a number of different ways. One of the most significant changes that the internet has heralded is the ability to study online. This goes beyond the simple availability of knowledge and extends to how it is now possible to earn a degree online from the comfort of your own home.

Online degrees were once considered to be all but worthless. However, they are now often considered to have equal weight when compared with traditional degrees, and those who earn their degrees online can expect to be taken just as seriously as those who attended a physical university.

With so many online degree options available today, students can study with a leading university without having to leave their home. Online courses can be studied either part time or full time, which makes them a realistic option for students who would otherwise be unable to study. Whether you want to study a Christian MBA online, or you would prefer a traditional business school, the choice is yours.

Increase Your Earnings Potential

All other things being equal, a candidate with an MBA on their resume will be able to command a higher salary than a candidate without an MBA. From the moment you graduate from your MBA course, you will be more valuable than you were before. As you gain experience in the workplace, either while working for someone else or after starting your own business, your value will increase further. If you also have an MBA, it will amplify the benefits of gaining real-world experience.

Better Job Security

Job security is something that any worker values. No one wants to be living with uncertainty and ambiguity regarding their professional futures; people want certainty and security so they don’t have to worry about where the next paycheck is coming from, or how they will pay their rent this month. But in spite of the value that we place on job security, many people are still working in jobs that offer them very little, if any, professional security.

One way of improving your job security is to study for an MBA. A graduate with an MBA under their belt is a valuable asset to any business. Not only will they bring useful skills and knowledge to the table, but they are also generally the preferred candidates for consideration for future managerial positions.

Having more value to a business makes you an asset. Smart business leaders will do their best to hang on to those employees who are worth the most to them, both now and in the future. Having an MBA next to your name will immediately make you a more valuable asset and will encourage future employers to do all they can to retain your skills and knowledge.

For anyone who is looking for a way of broadening their professional horizons and enhancing their value to current and future employers, studying for an MBA is an excellent choice. In addition to improving your entrepreneurial skills and opening up new doors, studying for an MBA will equip you with skills that are just as applicable outside the workplace as they are within it. There are plenty of good reasons to study for an MBA. If you think that this might be the right degree for you, have a look online to see if there’s a college near you offering an MBA course.

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