Reasons Every Business executive Should Study for an MBA
MBA is no longer the runoff the mill course neither is it all about business. Lets look into why MBA is important for every man and woman involved in business.
In today’s hyper competitive organization landscape, making a winning strategy is important. In the fight for getting the Fickling attention of a customer, an MBA program can prove to be useful- both in retaining as well as in repurchase. Business houses today look for marginal advantage that may turn into positive outcome. Understanding economic climate as well as competitor strategy is important to brave the harsh business environment.
This scene can be troublesome for talented individuals to demonstrate their worth and creative zeal. This makes it a hard sell before an employer in secure a position which mirrors their abilities and expectations. Creative talent, leadership, team management and out of box decision making are the skills that may make the employer notice you in the burgeoning sea of talent. This is exactly where the masters program in business administration comes into play. The MBA is a well recognized qualification. Applicants applying for top management positions tend to impress others with an MBA qualification adorning their resume.
For this use the following tips for the startup:
- Analysis of the possible solutions
- Get funding (preferably Friends, Family or business incubators)
- Result analysis and customer feedback
- Continuous improvement and follow up.
The winning streak:
An MBA degree is a best available choice for students who are willing to learn new tricks of trade (read business skills) while polishing the existing ones. And business houses are waking to the fact that the cash cows may soon turn into dead weight if ignored. The buzz word: Evolution.
Many people mistake an MBA as a profit source only for the job seeking community and not for the job creators. Though the lack of an MBA isnt readily going to impact your business for many a entrepreneurs exist without an MBA but yes, it could help in managing the business more efficiently.
The next generation businessmen are going back to school to learn the ropes of running new age business. They hope that with adopting an MBA program, they arm themselves with knowledge critical for expansion. Businesses these days can be wiped out easily due to technology or competition and reinventing can act as savior. The sooner the Indian business houses realise this, the sooner they reap the benefits. The young scions of the established business houses are turning towards MBA. The best part about the trend? It carries second generation women entrepreneurs as well.
The MBA is blamed for not being impactful enough in promoting businesses and their success. Yet numerous occasions of successful ventures have been attributed to the course. The MBA education does not only add value to the organization success but also helps in efficient resource utilisation.
Elon Musk the business mogul, inventor and success sniffer. The MBA ventured to space exploration,Tesla Motors, Zip2 and PayPal, etc. The entrepreneur has futuristic architectural ideas for boosting human settlement on other planets. This African born genius is raising eyebrows with creating high-speed transportation system as well as supersonic jet aircraft.
The Changing work and lifestyle preferences, technology, manpower needs, customer goals are some of the key factors responsible for encouraging people to carve on their own niche. Successful entrepreneurs also need aptitude, mindset, innovation and expertise to tackle business challenges and overcome obstacles.
MBA gives you the skill set, growth opportunities and necessary resources to adopt change and drive the company growth.
An MBA is great for both personal and professional growth. It can also be highly advantageous for aspiring entrepreneurs as they may nurture a good idea but lack in acumen. The internship and training programs teach you to understand and think about business issues so that you are prepared with the contingency plan from start. The various projects are designed to help nurture entrepreneurial talent and searching for the right idea. There are a number of solid reasons why a aspiring business person should invest in studying for an MBA:
The MBA is an exciting opportunity to refine the existing managerial and leadership skills while developing new ones. The MBA trains you on the key skills of running the business and resources. Starting from planning to go on managing key business idea.
- Networking Opportunities:
Networking is an essential skill for an entrepreneur and an MBA as well. The individuals in the network work to foster and sustains relationship with other businessmen. The MBA shows where the company is making losses and how to plan for the future, today.
- MBA is the foundation of future entrepreneurship ventures:
Making mistakes and learning from them is important part of an MBA program. This method has a lower opportunity cost than making real time mistakes. By making project allotment plans, you are able to envision the best for your business. The guidance from faculty makes difference between success quotient.
The biggest thing is learning live consulting projects and working with real clients and reserving the classroom for discussion, reviewing and teamwork. The MBA programs will soon allow students to tailor their success journey to match their own career expectations.
Businesses need people capable of decision making sense out of vast amount of data from MIS and market monitoring. This means drawing meaningful decisions that provide companies with competitive advantage and core competencies. This means classes are integrating Data Analytics courses into the MBA program.
B-school offers the environment to build a solid team or find a partner in the venture. Entrepreneurial success requires advice on various problem areas and what better source of networking than an MBA.
An MBA also gives the advantage of interdisciplinary studies which helps overcome the human resource constraints in the initial days. Real-world experiences through cross-campus initiatives and the business community prove to be useful in long term success.
B-school teaches ability to transition the idea into a live business. Under the generalist approach to management, an MBA knows the importance of critical resources and can utilise them by usage of algorithms and verifiable results. This helps in controlling cost of the product and maximize customer service.
Successful entrepreneurs are pulled up to help students. Such individuals remain open to mentorship ventures but again it requires to build and sustain the network.
Global schools are showing an increasing preference for these budding entrepreneurs.
An increasing number of entrepreneurs who have failed in their first attempt are going back to do an MBA, in an aim to help to scale their business.
Some of these candidates, who have failed in multiple ventures and have corporate exposure in addition to startup experience can help in scoring admission in best b-school. Being surrounded by best talent and constant contact with their own career helps to have a good solution to the problems that arose out of day to day shift.
Going to the right business school opens door to a global mindset. Networking is the ability to stay connected to global citizens. B-schools were originally designed to educate managers before they get a job in a large organization.
Some organizations are already working on development of family business management skills to boost the returns for second generation entrepreneurs.
