Entrepreneurs are often seen as risk-takers. In pursuit of new ventures, they are willing to sacrifice almost everything – their comfort, income, good standing in society, et al. However, this does not mean that the entrepreneur has insatiable tolerance for any kind of risk. Instead, the successful entrepreneur is one that takes informed risk.
In other words, he/she is able to determine the level of risk that is right for a specific endeavor. In this way such a person accepts enough risk to be able to initiate as well as create, but will not jeopardize the business by taking on too much that this activity becomes unprofitable at the end of the day.
So the question now is, does earning an MBA help an entrepreneur in any way, especially one at the early stage of venturing into this uncertain world of business?
This seems to be an age-old issue. There are as many people who are in support of the relevance of an MBA degree to entrepreneurship as there are those who are against such a position. Also, earning an MBA does not come cheap. Therefore, taking this route needs to be carefully considered by any early stage entrepreneur. Below are some of the top reasons for doing so:
It provides you with useful resources that will help you in business
Granted it has been said over and over again by those who vehemently oppose any relevance of this degree to entrepreneurship, as well as those in tacit support of it, that this degree does not make you into an entrepreneur.
However, most if not all are in agreement that it does provide the business person with some useful resources. It will equip MBA graduates with business functions. They will learn accounting, finance and marketing. These are business functions that the average start-up entrepreneur needs.
It may be required to advance your business
Sometimes getting an MBA may be what separates you from the rest of the pack in your chosen line of business. For instance, if you have started a consulting firm and know your onions because of your natural ability and the experience you have had over the years, you know that becoming an MBA graduate will only help to put you in a better position or at least at par with your competitors as far as education qualification is concerned.
Doing so may help you get into another line of business
Another good reason that should make any start-up entrepreneur get the back-pack and head for MBA classes is if he/she decides to start a business that requires having this degree. There are a number of businesses that are finance-related, which may require this.
There are some additional benefits attached to it
Apart from all that has been stated above, attending MBA classes has been known to bring certain benefits. Programs at such business schools as Harvard, Stanford and Wharton or Pepperdine can help provide mentoring, exposure, etc. In addition, you will also be able to leverage the experience of your colleagues during classes, most of whom may even be willing to give your products or service a trial.
There is no doubt about the fact that entrepreneurship is risk-laden. Nevertheless, in spite of the risks involved every entrepreneur can do his/her own part to take steps that will bring him/her closer to success with starting his/her own business. Getting an MBA does not assure you of success with entrepreneurship, but it does provide you with probably some of the tools that will make this happen.
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