Some of the most famous and successful entrepreneurs in the world are either college dropouts or never attended college at all. This raises a debate in the business world of whether one actually needs higher education to be successful in business, specifically an MBA. Regardless of what you think, having an MBA is better than not having one and in this article we’ll look at five advantages an entrepreneur can gain by getting an MBA online.
1. Enhancement of Business Skills
Entrepreneurship is more about personality and attributes like self-confidence and risk-taking are what make a successful entrepreneur. However, this doesn’t mean education is completely meaningless, as knowledge of the financial and business world can help you take more calculated risks and make better business decisions. Like one Chinese scholar said, entrepreneurship is a matter of heart while education is a matter of the brain. Hard decisions are made based on instinct and good training can enhance your instinct.
2. The Convenience
Entrepreneurs are usually up and down people, making new connections and learning about new ideas. This makes the idea of spending time in class unbearable as they imagine the amount of things they could do in that time. However, an online MBA degree allows you to handle your business and still attend class; this way you get to enhance your knowledge and apply it in real-time.
Networking is usually physical but can also be done online. In an MBA program online or in class, your classmates are most likely as smart as you are, if not smarter and more ambitious, too. These are the kind of people you want in your contact list, as they can be resourceful in your future projects. Furthermore, you have access to the best professors who are willing to help you with the planning and execution of your ideas.
4. Connect you with Mentors
Having a mentor is a key ingredient to a successful business life. Finding a mentor who suits you can be difficult, especially if you don’t have the right connections. Most business schools have programs that connect students with mentors who would otherwise be inaccessible. You cannot underestimate the power of such a mentorship program.
5. Something to Fall Back On
The entrepreneurship story is like an iceberg, we only see what’s above the ocean, that is, the successful ones. But below the water is the larger part of the iceberg where unsuccessful entrepreneurship stories lie. Despite how good things might be, there are many factors outside your control that come together to determine your success. Therefore, having a good education to fall back on can be a good insurance. If things go sour, you can easily seek employment as you put together another grand strategy
In conclusion, getting an MBA can be advantageous to a business owner by opening up his mind and connecting him with like-minded people. If you’re an entrepreneur, an MBA can give you lessons that would take you years to learn if you choose to be schooled by experience.