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Whether you have been working for many years in a middle management job and ready to make a change to business ownership, or have always known you have wanted to be your own boss, getting the best education you can to be successful is a wise first step. There is a broad variety of programs you could take for a master’s in business degree that would lead you to a great educational foundation to be a business owner. You could, for example take accounting, finance, marketing, sales, or project management, to name but a few. However, those who seek an entrepreneurial path often favor an MBA. The master’s degree in business administration offers a broad range of business skills useful for someone who may have to wear many hats while setting up their new business.
What Is the Entrepreneurial Path?
The career route of someone who chooses to work in corporate America is different than the route of someone who wants to start their own business. Someone who chooses a corporate path does not have to find resources, but uses already existing resources. Meanwhile, someone who chooses an entrepreneurial path has to start from scratch, creating the resources necessary to make a start-up idea successful.
With the change in the global economy over the past few years, the idea of a prestigious, well-paying job is becoming increasingly harder to find. Consequently, the idea of an entrepreneurial path is becoming increasingly attractive for many people.
Since an MBA offers a microcosm of the business world, it appears to offer the most value to someone thinking of the entrepreneurial path. Moreover, should the planned start up not work out for one reason or another, an MBA can still be used to still get a corporate job.
4 Benefits of an MBA for Entrepreneurs
While an MBA can create the opportunity for a well-paying corporate job, how can it help an entrepreneur? How can it help those who want to create their own career outside the corporate track? There are four specific benefits to getting an MBA if you’re thinking of becoming an entrepreneur.
First, an MBA helps someone become familiar with many aspects of running a business like how to manage accounts, how to finance a venture, how to manage sales, how to launch a marketing campaign, and how to administer the day-to-day aspects of running a business. As you start a business, you need to know how to do these things, and when the business grows you can hire employees to manage these aspects of a business.
Second, an MBA boosts self-confidence, which is an essential trait of entrepreneurship. There is nothing more humbling than wanting to start a business but having no idea about all the components that go into owning a business.
Third, it is possible to get an MBA with a specialization in entrepreneurship. These programs combine academic business ideas with the actual experience of running a business. Some schools that offer this MBA with an entrepreneurial specialization even offer students the opportunity to meet with venture capitalists and share their business plans with them.
Fourth, someone with an MBA has a good chance of getting a position as an intern in a start-up. Many start-up businesses are looking for interns who are on an MBA track. Working for a start-up provides entrepreneurial experience before starting your own business.
Final Thoughts
There are many type of business degrees that one could study before becoming an entrepreneur, but the MBA offers the best-rounded skills. In addition, it is possible to get an MBA with a specialization in entrepreneurship. Finally, even if one decides against the entrepreneurial path after trying it out, an MBA can still be used to get a regular corporate job.
