Catalyst for Success: The Role of an MBA in Entrepreneurship
Being an entrepreneur is a thrilling adventure that requires vision, resilience, and strategic planning—a move that many contemplate about pursuing.
In fact, research by Khazanah Research Institute revealed that there was an increase in the number of graduates reported to be self-employed, as well as those that have become more interested in entrepreneurship in general. The statistics showed that in 2014, only 0.5% had registered or non-registered businesses, but this number has risen to 5.1% and 4.2% respectively in 2020.
However, success in entrepreneurship often comes through proper preparation and education; hence the place of a Master of Business Administration (MBA). Although formal education may not be essential for being successful in entrepreneurship, an MBA programme can be quite beneficial since it teaches practical business knowledge, facilitates leadership skills, and provides useful networking channels.
So, here are the ways an MBA can help you in pursuing your dreams of entrepreneurship.
1. Build Practical Business Knowledge
Arguably one of the most important things that an MBA will do for you is provide you with comprehensive information about running businesses. Financial management or marketing, among other areas, are business fundamentals for entrepreneurs who want to register success as they are critical aspects of such undertakings.
Additionally, an MBA gives you access to resources that keep you abreast with current trends on the market that can help your business plan. This enables you to understand economic forces at work around businesses. It also enhances your business acumen, leading to better financial decisions such as budgeting, costing, and investments, as well as teaching one how to think critically and solve problems.
Different modules have been designed around managing enterprises. Some of the modules of HELP University’s Master of Business Administration Online include Corporate Finance, Accounting for Managerial Decisions, Business Economics, and Entrepreneurship, among others. These modules help you learn both practical and theoretical skills needed to succeed in this field.
2. Learn Leadership and Management Skills
Entrepreneurship success is not just about having a great idea; it needs leadership skills too. With an MBA, you can gain managerial and leadership competencies that foster growth, stakeholder engagement, and operational effectiveness.
This can be achieved by participating in industry-based panels or even discussion threads where various topics are deliberated upon touching different sectors of the economy. It’s good to note that nearly 40% of Fortune 1000 C-suite executives have an MBA degree.
Modules such as Leadership & Organisational Behaviour, Operations Management & Analytics, Strategic Management, and Marketing Management are some offered under MBA Online that particularly address these areas of specialisation.
3. Grow Your Professional Network
Networking forms the basis upon which empires are built by entrepreneurs. You never know who might help you or when they will, which is why networking is crucial in driving entrepreneurship.
There will be many opportunities for creating partnerships, finding mentors, and making invaluable connections during the MBA programme. You can expect to gain insight from your peers, who may be professionals in different industries and experienced industry players.
Moreover, HELP University has an alumni association where you can connect with successful business professionals who might offer advice, give insights or even suggest a partnership.
4. Enhance Your Credibility as a Business Owner
Some of the world’s most renowned company’s CEOs have earned an MBA such as Apple CEO, Tim Cook and Walmart CEO, Doug McMillon. In this highly competitive business environment, credibility is everything. An MBA can boost your credibility as a business owner which shows potential investors, partners, and customers that you have what it takes to succeed.
It will generate more trust around your brand, hence attracting easy funding among other top talents that establish confidence with clients.
You Can Opt for Prerequisite Study
If you are reluctant to start an MBA because you're unsure if you're eligible, or you might think you're ineligible because you don't have a business bachelor's degree, opt for HELP University Online’s MBA Prerequisite Study.
The complimentary 2-week prerequisite study is designed for individuals like you who aspire to accelerate their entrepreneurship journey. To qualify for this, you only need a CGPA of 2.0 from a non-business bachelor’s degree and have relevant working experience.
Do note that our Education Counsellors are available to check your eligibility. You can also have a one-on-one consultation to learn more about the programme structure, payment options, and more to begin your MBA journey.
Grow Your Success Now
An entrepreneurial adventure can use an MBA as a powerful tool to arm you with knowledge that helps you lead, grow your network, and also succeed. Regardless of whether one wants to start-up or scale up their small businesses, the lessons learned from the MBA can provide guidance in the ever changing world of entrepreneurship.
Are you ready for this next step? HELP University’s MBA Online programme can help you boost your opportunity at becoming a successful entrepreneur. Schedule a complimentary consultation with our dedicated Education Counsellors today.