Do you want to become an entrepreneur? Do you have a vision of starting companies, managing people, and navigating the business world? If so, you have likely considered pursuing an MBA degree at one point or another. Most entrepreneurs have major doubts when it comes to spending more time in school and less time away from their efforts in the private sector. These doubts are understandable considering the majority of knowledge needed to become an entrepreneur happens on the ground. However, with the future of the market uncertain, and some of the benefits of receiving an MBA come from much more than classroom knowledge, the default stance of entrepreneurs to not receive an MBA needs to be challenged.
There are several key benefits of entrepreneurs receiving an MBA. First, there is a large piece of credibility and verification of knowledge that comes with receiving your MBA. When recruiting future employees, making proposals to investors, or just networking with other entrepreneurs having an MBA will show that you have spent the time in the classroom and the private sector to qualify you to do what you are doing. In a world with so much financial turmoil, people are looking to work with people who are qualified to be in positions of leadership.
Second, an MBA gives you many options to fall back on in case of major life change. What if you start a family? What if you can no longer keep up the pace to be an entrepreneur? What if, as almost all entrepreneurs face at one time or another, your business falls flat? Having an MBA opens many doors to jobs that would otherwise be closed at larger corporations.
Third, the networking that you will receive during your time as a student is invaluable. Where else will you be in classrooms, cohorts and online communities with hundreds of other future and current business leaders all looking to make a new start? Virtually nowhere. This is one of the hidden perks of receiving an MBA that few people talk about. The relationships and networks built during your time in school could very well lead to very profitable business partnerships in the future.
An MBA isn’t for everyone, and certainly not for every entrepreneur. As with any masters degree it should be pursued by those that have already received an undergraduate degree. However, it does not necessarily need to be a business degree. Entrepreneurs should strongly consider seeking out all options for furthering their education, especially with the abundance of online options.