6 reasons aspiring entrepreneurs should study for an MBAPosted on: April 1, 2020
by Ruth Brooks
While many educational institutions offer students the opportunity to study advanced degrees in business, are there any advantages to having a Master of Business Administration (MBA) degree? We believe that there absolutely are! Not least the opportunity to network, gain hands-on experience and test your business ideas in a practical and controlled environment.
Here we look at some of the reasons why an MBA is perfectly suited for entrepreneurial endeavours:
- Provides a solid framework and foundation
MBA students learn about the fundamentals of business management, such as finance, operations, human resources and marketing, and also have the option to take electives relevant to entrepreneurship. By gaining an understanding of frameworks and a foundation in general management, aspiring entrepreneurs can more easily navigate the early days of start-up life. They also can learn skills that will help them bounce back when things don’t go as planned, which often happens.
- Close connections with industry
MBA courses a developed alongside local and established businesses, allowing them to feed into and direct the academic content of the course. This means the course is always up to date and provides a unique insight into current and perspective business trends. This learning experience means you’re well-equipped to enter the business world with a great insight into the peaks and troughs you may face.
- Fosters creativity
Studying an MBA gives you the time, space and support to think about how to solve problems, build your decision-making skills and focus on your business idea. When the time comes to make executive-level decisions, as a result of your degree, you will be able to come up with more creative solutions that will competitively position your business in its industry.
- Offers networking and mentorship opportunities
If you don’t have connections, it can be more difficult, not to mention quite lonely, to set up a new business. Whilst studying for your MBA, you’ll meet people who share the same drive, motivations and challenges that you do, and one of the major benefits is connecting to an already established network. Aspiring entrepreneurs can gain access to potential partners, employees, and investors. For some students, this alone is enough of a reason to study for an MBA.
- Provides access to finances
Being part of a university’s community often means having access to different avenues of finance and support which may not be available to other entrepreneurs. Some universities actually invest their own funds or resources into student ventures, or have designated business centres where alumni can rent offices and workspaces. While others can put students in touch with venture capitalists and potential investors.
- Provides a backup plan
It’s all very well having a great idea, but the harsh fact is that most start-ups fail. An MBA degree can be a helpful tool in preventing this from happening, by equipping you with the tools and knowledge needed to avoid failure, as well as teaching you a variety of financial management strategies that have real-world applications. Graduates can use an MBA to climb the career ladder once they’ve graduated, if they want to gain experience before starting their own company or, if they opt to launch a start-up, use the degree to gain employment if things don’t work out. Also, the degree serves as a validation of their legitimacy, informing potential investors they have a strong foundation in general management and are committed to the business.
An entrepreneur with an MBA has a head start on those who don’t. Wrexham University’s unique Masters of Business Administration degree is designed for ambitious, self-starting professionals who are looking to fast-track their career with a deeper understanding of business and leadership skills.
The comprehensive curriculum covers key business disciplines including marketing, finance, strategy and human resource management, developing practical and theoretical business and leadership skills. Students will learn how to think critically, plan effectively and implement strategic plans with maximum impact.
What’s more, the 100% online MBA has been designed to enable students to study at their own pace, on their own terms. With six start dates a year, students can start within weeks of taking the decision to enrol. There are even flexible payment options and postgraduate government loans to cover the full programme cost, for those that are eligible.
For more information, or to apply, visit: https://online.wrexham.ac.uk/mba/