The central focus in the early stages of a start-up is on using unique mind-sets and skills; while most of what a traditional MBA program teaches you are tried & tested scenarios. However, this does not mean that an MBA will not be helpful for an entrepreneur.
Entrepreneurship is all about taking an idea and transforming it into a functioning business. During this process, the entrepreneur has to encounter various facets of business, like accounting, administration, finance, marketing, and human resource management. This is what links the importance of an MBA to an entrepreneur's vision. Setting up a new business will likely be even more challenging without the knowledge & expertise of the disciplines that come together to make an organization successful.
MBA is much more than just a qualification. It adds immense value to one's business aptitude. If you have a start-up goal, an MBA will equip you with the following that will go a long way in turning your idea into a successful business.
A professional network helps you to explore business operations; and provides you with opportunities to sell your products/services. During an MBA program, you will meet a lot of likeminded people. In the future, this network will become the first and best option for you to spread a word about your business. A good alumni network can also give a great fillip to your business.
In the journey of developing a business from scratch, an idea will only take you a certain distance. In a B-school, you will be taught skills, like team-building skills, which you will need as a business owner. To be a successful entrepreneur, you will have also need to have some expertise in fields like accounting, finance, marketing, and administration. The B-school curriculum will help you develop subject knowledge in these areas. In addition, in this era of technology, an MBA will also equip you with the technical skills required to run a business.
In the field of business, managing risks is critical. In an MBA program, you will be learning about a lot of real-world cases which will enhance your risk-management skills. An MBA will also give you opportunities to rectify your business idea and make it work. Many B-schools today promote entrepreneurship; and have incubation centers, where you can test your ideas within a safe environment.
If you have a business idea, B-schools will give you many opportunities to find investors and pitch your idea in front of them. These institutions host events based on entrepreneurship, where prospective investors are invited.
More often than not start-ups fail because entrepreneurs lack the idea of a properly planned strategy. While studying in a B-school, you will learn how to plan strategically. An MBA also acts as an enabler towards structuring your approach and ideas.
To conclude, although an MBA is not a necessary condition to become an entrepreneur, but it can help you in a lot of ways to upskill yourself in realizing your start-up dream.