If you are aiming to become an entrepreneur and are considering launching your own company, doing an MBA will help you in every which way. Take the case of Warren Buffet, of Berkshire Hathaway, the fifth richest men in 2019 or Nike co-founder Phil Knight or former eBay CEO Meg Whitman, they all were MBAs.
Why is an MBA beneficial for entrepreneurs?
Although MBA may not ignite the passion in you to reach your entrepreneurial objectives, since it forms part of your innate qualities, it does help in teaching you how to identify good ideas that can be turned into good business.
There are certain benefits of pursuing an MBA program:
- It helps you in getting startup ideas through an exchange of ideas with your mentors and other students.
- It exposes all sides of the entrepreneurial experience and assists in finding out whether entrepreneurship is your real calling.
- It teaches teamwork and inculcates the art of strong business relations.
- It prepares you not only how to launch a company, but also how to run it.
Why is an online MBA the best option for entrepreneurs?
The days are almost over for part-time MBAs based on classrooms that you needed to attend to complete your MBA program. This is thanks to online learning, which has become a great boon for entrepreneurs.
#1 Saves on time and energy
You don’t need to go to a business school, but pursue your MBA program from your home or in office in your spare hours. This saves a lot of time and energy.
#2 More value added
Online learning has become more value-added what with the prevalence of video conferencing and access to global teaching faculty. This is not usually the case in a business school, since, as an entrepreneur, you will need teachers who have practical knowledge and experience in entrepreneurship.
#3 One-on-one teaching
As an entrepreneur, the paucity of time does not allow you to wait in line to clear your doubts. Online learning provides you the advantage of one-on-one teaching that gets you individual attention, thereby saving a lot of your time.
#4 Saves on money
Regular MBA programs in business schools are expensive. Also, incidentals, such as commuting, food, business school uniforms, etc., are added financial burdens. Online learning is much cheaper and saves money.
#5 Is entrepreneur specific
Though an online MBA program has its set curriculum, it makes it possible to learn all those skills that will help you in executing your big idea as an entrepreneur. This is because of the easy access to faculty that holds expertise in your professional field and helps you in developing your business ideas.
#6 Provides flexible study options
The best part of an online MBA program is you get flexible study options. You have the choice of opting for convenient timings when you are free from your job. This means you don’t have to have a gap in your entrepreneurial work, just because you want to pursue an MBA program. This is certainly not possible while attending a business school.
#7 Provides all the advantages of a full-time MBA program
Most online MBA programs do not differ from full-time MBA about its curriculum. So, you get marked at the same level as full-time students. Not only this, but you also receive the same graduation certificate as full-time students.
#8 Access to right kind of network
The average age of online MBA students enrolled in MBA programs in the US was 33 years between 2015 and 2016, according to the US News and World Report. This means you get a chance not only to interact with people who are already achievers in their fields, but also an opportunity to build your network of contacts.
#9 Global exposure
Interacting with a diverse set of entrepreneurs from across the world acts as a bridge between you and newer ideas and opinions. This not only adds to your knowledge and expertise but also identifies new markets for your products and services.
Online MBA programs are the best option for entrepreneurs. This is evident from the increasing popularity of such online programs that have prompted business schools from across the globe to offer this course.