Learn about the benefits here
The tech industry is booming, with a rich array of opportunities for entrepreneurs eager to turn their ideas into multimillion-dollar companies. In the UK alone, for example, around 10,000 new software development and programming businesses were incorporated for the first time in 2017, while in America, venture capital investment in start-ups reached an incredible $148 billion USD. And with the ongoing development of groundbreaking new technologies like AI and the “Internet of Things,” there’s never been a more exciting time to enter the field.
If you’re an aspiring tech entrepreneur, however, achieving success requires more than a good concept or coding skills. You also need to have the business acumen to back up your innovative ideas with a strong business and marketing strategy, a comprehensive understanding of the business environment you’ll be operating in, and a range of other managerial and financial skills.
This is why an MBA in entrepreneurship can be a great way for those coming from tech backgrounds to get ahead and make their mark in the industry, combining their technical know-how with the practical knowledge and experience gained through an MBA program.
One of the major benefits of an MBA program is that it provides students with a safe place to experiment, test out new ideas, and learn, without pressure and without fear of failure. This can be an invaluable experience, especially for those who are coming from a technology-related background but haven’t yet gone through the day-to-day responsibilities involved in running a new company - devising business strategies, developing marketing plans, and managing a large team of people in service of a common goal. Rather than risk losing funding or making costly mistakes in the real world, students can instead try out their ideas in an educational setting, receiving detailed feedback in order to better refine their plans for when they do finally found their own start-up.
The business skills that a student learns while earning their MBA degree are essential for founding, maintaining, and growing an innovative tech start-up. You’ll meet experts from the accelerator and incubator ecosystem, who can offer valuable insights into the early stages of a business, helping ensure that you have the knowledge and skills to successfully carry your company through its challenging start-up phase. You’ll learn how to evaluate concepts’ commercial viability, how to make use of new digitally-enabled forms of organization, and how to market your new product or service to potential customers.
All of these skills are essential in ensuring that you have the expertise needed to make wise decisions throughout the process of starting and running your own company, as well as giving you the broad base of knowledge needed to coordinate with the many different specialists working to bring your entrepreneurial vision to life.
A start-up’s success depends on more than the vision and business acumen of its founder, however. It also depends on a robust team of well-chosen individuals who are capable of working together to turn its potential into reality, each bringing with them a unique set of interrelated skills and expertise.
MBA school in one of the best ways to build your professional network and meet other ambitious and talented professionals coming from a wide range of different industries, disciplines, and backgrounds. After graduating, you’ll be able to draw on your student cohort as well as a global network of alumni to find the best possible people for each job, building a successful team to help your business get ahead.
Are you ready to get ahead in your technology career?
Contact WU Executive Academy to learn more about our MBA in Entrepreneurship.