Entrepreneurs come from all backgrounds and bank accounts, and the differences include varying long-term and short-term goals, experience and educational backgrounds. One thing many entrepreneurs under 30 consider is whether or not getting an MBA is worth it. The degree is known for advancing a business career, but when your goal is to start your own business, it may not be as important as you might think.
What Is an MBA?
MBA stands for Master of Business Administration. It is a post-graduate degree that teaches the necessary skills to excel in the business world. Some of the benefits to getting an MBA include having advanced education, improving your skill set, networking, and improving on your leadership skills. While it teaches many different aspects of business, the degree itself doesn’t guarantee employment or success. For someone who is an entrepreneur, an MBA may not be necessary at all, though it does offer a wide range of benefits.
Reasons to Consider an MBA
Networking —
Networking is everything when you’re a young entrepreneur, and getting your MBA provides multiple ways to improve your networking capabilities. You get to know not only your fellow students, but also school advisors and professors. You may even find a partner for your new business endeavor.
New Skills —
During the course of your studies to get an MBA, you learn all the necessary skills to be successful in business. This ranges from money and finance to management skills to effective marketing strategies.
Advice from Professors —
Professors at business school are carefully selected for their knowledge and experience. They aren’t just there to help you graduate, but improve your skills and teach you valuable information for excelling in business. This is often reason enough to pursue an MBA.
Inspiration —
Encouragement and inspiration is found through individual stories and examples while going to school for your MBA. This is an additional benefit to pursuing your Masters in Business Administration.
Why You May Not Need One
Clients Don’t Require It —
To you, getting an MBA is a great feat, but your clients don’t care as much. Since you’re going to be an entrepreneur instead of an employee of another company, this extra education isn’t as impressive to potential clients or partners.
There Are No Guarantees —
The level of success you receive after starting your own business is not defined by your level of education. Just because you successfully complete the graduate program, does not automatically guarantee you success.
You Lose Time and Money —
If you already have a business plan sorted out, you’re going to lose valuable time and money by obtaining your MBA. Consider how long it will take to complete the program as well as the amount of time you’ll need to spend studying and attending classes. You could spend that time working on your endeavors.
Your knowledge in your industry niche, whether it is furniture design or high tech motion sensor sprinklers, may be more valuable than an MBA, but the skills you learn might also help you run your business. The choice is yours.