Why MBAs makes the best entrepreneurs?
Consultancy, investment and banking remain prime destinations for MBA graduates, but the numbers going into entrepreneurship have also risen sharply in past years. The FT calculated the first ever rankings of top MBA programs for entrepreneurship development prove that 36 percent of MBA alumni have started their business venture during or after graduation. Top business schools are expressing interest in adopting the entrepreneurs to learn before taking the first big step. With a idea of giving the best for the Investment, MBA aims to quench both the monetary as well as esteem needs. Also those who have already tasted the first failure can help with easy writing to MBA application that makes the counselor immediately tick you into their fold. MBA to the Fore:
- Overall the trend of start-up have reached at 21 percent in 2015 itself but dropped to 19 per cent in years: 2016 and 2017. E-commerce and fintech sectors are expected to be the new avenues for growth in 2018.
- Alumni data for current year proves that the preference for e-commerce sector increased to 6 percent post graduation.
- Earlier alumni were employed in telecom, consultancy and finance/banking. But the alumni in ecommerce earned salary on the average of $149,000 just after those in plush banking and financing jobs ($154,000).
- Only 7 percent of all the alumni work in India. This is fifth of the world population of e-commerce workers.
- Among the MBA aspirants in India, maximum are presently working in IT sector.
- B-school is a place for entrepreneurs to test the idea without battling fear of failure.
- The entrepreneurs with an MBA degree are already making a change in the world with their ideas. The famous names include: Nike’s Phil Knight, eBays Meg Whitman or Berkshire Warren Buffett.
- An MBA program teaches you methods to turn good idea into a great business. B-school is also the best incubator for managing the new business.
- Business school offers the students the chance to refine their models to compete and win when the stakes are much higher.
- With the mentors helping in searching for the big idea by helping to collaborate and execute visionary challenge.
- 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.
- Choosing a business school is important to understand through case method, the causes of success and mistakes of others and chart your own course of action.
- Many MBAS have already started their own successful companies while others engage themselves in non-profit work. The MBA are the people who have the potential of being future business leaders. Stanford recently reported 16% of its MBAs have taken to launching startups.
- Focus on getting the best training for doing things right and managing the limited resources is another game changer for the selection process.
- The focus on understanding the business environment and economic growth is crucial to the cause of success.
- With the limited resources and maximum profitability motive, an entrepreneur can get the best Return on Investment on the course.
- The two years of the program make you among the smartest and ambitious people in the world. With risk bearing capabilities, access to research and execution of your ideas, an MBA helps you learn from mistakes. The MBA has low opportunity cost that helps in reducing instances of the common startup mistakes.
- MBA help students by providing access to mentors and realising of self goals. Since the mentorship program helps build the network but without an MBA this too can be a difficult task in itself.
- The decision of opting for an MBA is personal, so it is important to analyze the alternatives to gain insight into the advantage of the course. An MBA helps to boost career and score a good job if things turn out the worst.