MBA Provides Leadership
While the value of an MBA is great in terms of acquiring jobs in high-level managerial or executive positions, it really comes in handy when you are thinking of being a leader of your own company. The degree enhances your leadership skills because of the intense training involved and thus promotes expertise in a specific field.
Additionally, potential customers and clients who know you have your MBA will probably feel more confident in your abilities to lead a start-up company. Various aspects of the MBA degree will equip you with the necessary knowledge, skills, and abilities to manage your own business and become a successful entrepreneur in our ever-changing economy.
Who Needs It?
According to BusinessWeek, becoming an entrepreneur after attending b-school is the hot new area at MBA programs across the United States.
In 1970, only 16 programs offered classes in starting a business—today, 500 do, and 100 actually let you specialize in entrepreneurship. Because it's such a hot bed for MBA students, b-schools are increasing their budgets by as much as 30 percent annually to fund entrepreneurship centers, start-up incubators, business plan competitions, and seed capital funds.
While getting your MBA is good, many people still struggle with the "Who needs it?" question. Some ask, why pay $50,000 in tuition to study entrepreneurship when thousands of people have effectively learned the ropes on their own for years? Thomas E. Moore, dean of Babson College's F.W. Olin Graduate School of Business, told BusinessWeek that his school doesn't make entrepreneurs.
"We help them become better at what they intend to do. Most of today's successful entrepreneurs that you read about—the Bill Gateses are the exceptions—fail five, six, seven times before they've succeeded. Providing people the tools and teaching them the techniques to identify opportunities, launch new businesses, develop business plans, access capital in ways they haven't thought of, and run their businesses profitably off the bat—that certainly is well worth the investment," he said. So while it is a costly degree to get, consider the benefits of an MBA for your future endeavors—it may be that penny in your pocket you'll need to succeed in the journey that is starting your own business from the ground up!
by Natalie Pezzenti, staff writer