Start-up founders often share personal qualities, like good work ethic, high risk tolerance, and vision. But there are other, non-personal, qualities that are also helpful, such as management and analytical skills, and having extensive networks. To acquire these, an MBA in entrepreneurship is one of the best options available.
Through this education, you receive instruction in practical skills that help with the creation and running of a business. You can also meet interesting, driven peers who may be able to help your start-up grow.
Want to learn more? Here are a few of the reasons why an MBA in entrepreneurship is an ideal route to start-up success.
Oftentimes, entrepreneurship is about identifying a problem and developing a solution to address that problem. For example, the transportation company Uber realized that existing models for paid transportation were inefficient. In response, it developed a platform that takes advantage of customers' and drivers' smartphone capabilities to provide a better alternative.
However, solving a problem effectively is only part of the equation. It takes careful planning and good marketing to nurture even a great idea and make it a success. While trial and error can allow you to do this, MBA programs, and particularly those with a focus on entrepreneurship, offer more effective tools to get you through this entire process.
All of our MBA programs will teach you about effective business marketing and strategy, and studying in the entrepreneurship specialty will help you learn skills that are particularly valuable for working at a start-up. Among other things, an MBA program will teach you to evaluate new business concepts, and find ways to design and market your ideas for maximum impact. This can be a great help in nurturing your start-up and bringing it to greater prominence.
One of the strengths of an MBA program is that it can teach you important business lessons from the safety of a classroom.
For some professionals, starting a business without such an education proved costly. In an article discussing why he wished he had an MBA skill set when he began running his business, entrepreneur Stephen Greer says: "If I'd understood the use and importance of financial and inventory controls, I could have prevented millions of dollars in fraud."
Our MBA school programs are taught by renowned experts from the worlds of business and academia, and are designed to provide you with the tools you need to find success in the business world. Training includes competitive analysis, learning to analyze collected data, optimal production management, and more. Excellent grounding in many areas can help you effectively run a business, and may help you avoid costly mistakes.
According to one survey, about 78% of start-ups benefitted from professional networking, or meeting groups and individuals from diverse parts of the business world. High levels of networking activity were associated with benefits like greater profitability, higher revenue growth, and other benefits.
Studying in a part-time MBA program is a great way to go about networking for your business. These programs attract up-and-coming leaders from all kinds of areas and industries, some of whom likely bring ideas, techniques, and philosophies that you may not have been exposed to in your own professional life. Since the instruction is part-time, you will be able to continue working on your start-up while undertaking the program, and begin immediately implementing appealing ideas your peers expose you to. This offers great potential for fast, favorable results for your company.
The world of start-ups is exciting, but offers lots of room for costly error. By studying toward an MBA, you can develop valuable skills, learn important business lessons, and build networks of peers—all of which can prove effective in helping you and your business succeed.
Want to get an MBA in entrepreneurship and put your business on the right track?
Visit WU Executive Academy for more information about getting started.