IS MBA REQUIRED TO MAKE YOU A BETTER ENTREPRENEUR?
It’s a rule of thumb that every entrepreneur wish to expand their business network and maximize profit. In order to achieve this, such entrepreneur requires certain processes or steps to be taken, one shall be looked into.
Now, the question remains, “is a MBA required to make you a better entrepreneur?”. Well before a genuine answer can be given, we need to first consider the two key points; “MBA”, on a broader view, and “entrepreneur”.
What is a MBA?
MBA is an acronym for Master of Business Administration, it is an advance degree, like the master’s, usually pursued by students who are into business related subjects. It helps them to acquire managerial, technical and leadership skills needed to swerve high in their various sections.
The MBA program, which began in the early 1900’s, is steadily becoming very popular and constitute of numerous programs (more than 2,500) available to students. In fact, some business companies have started adding the MBA as a basic qualification for employees. Several business schools with high standards often require that students who wish to pursue an MBA degree should first have some working experience.
It is worth knowing that virtually all MBA programs are English-language based.
Students applying for a MBA program are required to take either a GMAT or GRE, provide academic transcript, an essay – stating why you wish to pursue an MBA, letters of reference, TOEFL or IELTS( for applications who aren’t native English speakers). Don’t worry, we’ll look into all these next.
Applying For An MBA
Of course, all degree- granting program calls for a couple of certain requirements and the MBA is not an exception. Applying for this degree program might be time consuming, but with simple defined steps, it will seem faster and easier. So let’s get started.
The first requirement needed is an Undergraduate Degree acquired from an accredited University. This shouldn’t be a problem.
After that has been checked, the next thing is to sit (if you haven’t within the past five years) for a test. This test goes a long way as your score determines the class you’d be accepted into. This test could be in form of GRE (Graduate Record Examinations) – many schools use this as their standard test, or GMAT (Graduate Management Admission Test) – this is preserved for applicants for business schools).
Candidates can sit for either tests (but for MBA applicants, I’d say you go for GMAT).
Another thing to note is that because the MBA degree program is English-language based, applicants who are not from an English-language speaking country are required to sit for a test to enhance and prove their English language speaking fluency. In fact, some schools in non-English countries still require this test score from their applicants. This test also come in two forms – TOEFL (Test of English as Foreign Language) or the IELTS (International English Language Testing System).
After successfully passing either GRE or GMAT and either TOEFL or IELTS. Then there is a green light ahead as you’re a step closer to obtaining an MBA.
The last phase is to get a working experience. The length of this experience is determined by the MBA program, some schools require two full years of experience while others don’t set a minimum experience. Better yet, the advisable year is a minimum of two.
Now, let’s consider the second keyword.
What is Entrepreneur?
An entrepreneur is a business owner, more like a sole proprietorship. He bears all or most the risks involved in the course of running the business, and likewise enjoys all or most the profit alone. The sole aim of an entrepreneur is to maximize profit. An entrepreneur can own a small or large venture as we see around such as hair-dressers, plumber, clubs, electricians and the likes.
If we place this two terms(MBA and Entrepreneur) side by side, it’s obvious that there’s a relationship between both – MBA programs provides one with the right strategies to boost one’s business and this is just the aim of any entrepreneur!
How MBA Makes One A Better Entrepreneur
Below are some reason why MBA makes you a better entrepreneur:
Acquisition of vast knowledge:
Obtaining a MBA is a great way to obtain exceptional knowledge on whichever business you wish to engage in. This is true because in this degree various business-promoting strategies are based on. These include where, how and when to setup an establishment, what to engage in, how to drive in large traffic(customers) and much more.
This knowledge always create this distinctive feature that makes a venture standout when managed by an MBA holder than when managed by a layman.
Enhances business communication skills:
In the business world, there are certain ways to ensure a smooth customer to producer communications. And this is where MBA comes.
A MBA holder has been carefully trained to properly ensure a lasting string of communication between him and his customers. A layman could also have a good communicating habit but the superiority is always marks the difference.
Read More: Best Business College and Universities in US
Providing a strong business network:
Networking a business venture simply means to expand the scope of such business. It is quite difficult for a common man to network his business efficiently. Even if he did, it might not be a strong one.
But for a MBA holder, this is quite easy – he only need to get one MBA mates who owns a successful venture and then promote his business through his.
He can even work together with his Co-mates, in these cases brilliant ideas never go scarce.
Availability Of Support:
Virtually all MBA students who have displayed seriousness towards his career has the opportunity to be provided with helpful resources which are needed to be successful at his business.
Asides this, you can also get support from your mates who are doing well at their business. They can give you a piece of advice on how to maximize profits. An MBA program can be said to be a safe first step in your journey to business success.