India is the 3rd largest startup ecosystem in the world going by the number or startups and unicorns. The infrastructure around startups has grown exponentially and rather transformed in the last few years making entrepreneurship more accessible and possible for everyone across the country.
India has around 60k registered start-ups of which 10% are venture capital (VC) funded and is all set to build 250 unicorns by 2030.
With ample support from the government and private institutions, getting guidance, required digital and functional infrastructure, and even raising funds is easy for young entrepreneurs.
Businesses like OYO and Zepto are a testimony to the fact that young bright minds can own and build big businesses. This leaves us confused if MBA is necessary to be successful in business.
To enroll for an MBA or not is surely a classic dilemma for most people around 23-32 years of age who have a great business idea.
What does one need to study to become an entrepreneur? What are the benefits of an MBA, is an MBA even important? What do entrepreneurs do that needs a formal business education?
Sure enough, MBA is never necessary, people have been running and building businesses prior to MBA degrees as well. But there are several benefits and leanings from an MBA degree that will not only give you an edge but will help you improve your learning curve and build a successful business at a good pace.
ALSO READ: MBA course guide: All you need to know
Eight reasons why entrepreneurs earn an MBA degree
Here are eight reasons why entrepreneurs need an MBA degree and how they can benefit from the same.
- Core knowledge that you need as a business owner – Studies say that 38% of startups fail because of financial mismanagement and as high as 35% fail due to lack of marketing and communication (Source: CB Insights). MBA provides the skills needed to start a company and scale it, in a step-wise process. You will learn about business development, communication, marketing strategy, finance, operations management, hiring and retention, economics and business law. These are all subjects that a business owner must have an overview of.
- Hone skills that are a must for an entrepreneur -Decision making, leadership, and people management are a must have for an entrepreneur, the MBA course is designed such that you are provided with multiple case studies, models, and tools to equip you with the right skills that you need in managing a business.
- The power of network that helps you with the thrust your business needs – MBA is one degree where the peer learning is delivered in the most effective manner, you have access to like-minded people who are equally excited about problem solving and delivering value. You may even find your partners, co-founders and can tap into the alumni -network, making it simple to test your idea.
- Start your business during your MBA – Everyone has great ideas but only a few have the wherewithal to implement and execute the same. MBA does not take away time from your startup but actually helps you with the practical knowledge that you need to run a business more efficiently. You can apply what you learn immediately and make your company successful.
- Today angels and VCs are investing in founders – The background of the founders is more important than their idea or product for an investor. It is the leading factor to decide on an investment. The founders’ vision, his educational and professional background, and past experiences are the reason why startups get funded. A valid MBA degree instills the right amount of confidence in the investors.
- Time management – An MBA teaches you multiple skills at one time, you end up learning the art of managing your time well. Multi-tasking and that too efficiently and effectively is something which this course teaches you.
- Thrive under pressure – An MBA gives you adequate skills and prepares you to navigate through a competitive and professional environment seamlessly. You would never be scared of deadlines and delivering under pressure. A business degree equips you with all the important tools and foresight which will not only empower you as an entrepreneur but will also help your company sustain and thrive even in this competitive business landscape.
- Safety net – Yes, you read it right, we all need a safety net of a plan B – an MBA degree from a college with high reputation never goes in vain. You will always be in demand and will land your dream job, surely you don’t need one as you are building your business but it can help you freelance, utilize your time and skills better. Moreover, to know that you have a back – up plan makes one more confident and secure.
Accelerate your growth with an online MBA
I am sure you see the benefits an MBA can provide you if you are an entrepreneur or are starting up now. The question remains, should you quit your job and study for two years?
You don’t need to. Digitization has not only made workplace convenient and effective but has also empowered educators and learners making online degree a smart choice. The flexibility of online learning is extremely beneficial for entrepreneurs. It allows you to manage your time & money while you are up-skilling yourself.
Online MBA courses you can select from –
Keep Reading, Keep Learning
Preparing for the post-Covid-19 world
Online degree courses at Manipal University Jaipur – All you need to know
Five ways to fund your education and get the management degree of your dreams
Trying to get into a top university? Here’s what you need to know
Online vs. campus learning: What should you opt for?