Achieving an MBA can be one of the most beneficial things that you do for your business career. Today, the MBA is the most respected and sought-after business degree program around the world, with employers in every industry looking to increase the number of MBA graduates that they plan to hire over the next few years.
However, an MBA is not only an ideal choice of degree program to consider if you want to secure lucrative employment in the future. Getting an MBA can also be very useful if you want to start your own business in the future or if you are currently running a business of your own and want to improve your knowledge and skills so that you are in with a better chance of steering it towards success and growth.
Today, getting an MBA can be much easier for business owners and professionals compared to in the past, with more flexible and online MBA study options now available, allowing you to fit your studies around your work and life.
Getting an MBA can help you gain more credibility and trust as a business owner and attract more clients who are looking to work with proven business professionals and experts with the qualifications to prove it.
You can choose from a wide range of MBA degree concentrations with various options that are designed to help prepare you for a role in a certain industry in business such as business intelligence or IT, or even concentrations that focus on entrepreneurship, management and leadership roles. If you’re an aspiring entrepreneur or a current business owner, here are some of the main benefits of getting an MBA degree qualification.
Earn More Credibility
Today, credibility is more important than ever for business owners, especially if your company is offering a professional service. More and more potential clients are going to be looking for businesses to work with that they can be sure they can trust to offer the expert advice and trust that they want and need.
Since an MBA is the most respected and sought-after business qualification around the world today, it’s no surprise that having this qualification on your resume as a business owner is likely to earn credibility and trust with a range of clients who might not have been interested in what you have to offer otherwise. With the credentials to back up your knowledge and expertise, you may find that the MBA degree qualification allows you to target a whole new group of clients with your business.
Improve Your Business Knowledge
Whatever kind of business you run, an MBA degree program can provide you with the knowledge and skills that you need to become a better entrepreneur overall. You will be spending your time studying to develop your knowledge and understanding of business.
This includes key strategies like business management theory, which will involve a variety of important sub-sections like business planning, the difference between a winning and a losing strategy, and various further vital business concepts and theories that you can put in place to run a more successful business overall.
Build Your Professional Network
No matter whether you decide to study for your MBA in a traditional classroom setting or online with a distance learning degree, there will be plenty of opportunities to build your professional network as an MBA student. MBA degree programs tend to attract mostly business owners and business professionals who might be able to offer you a lot in your entrepreneurial journey from advice and support to investments, partnerships, recommendations and more.
As an MBA student you will be able to take advantage of opportunities to listen to talks given by influential speakers; many of whom may be very successful business owners from your industry that you can learn a great deal from.
Make Better Business Decisions
While getting an MBA degree before or while running your own business, you will be able to apply what you learn and make better business decisions, improving your overall chance of success as an entrepreneur no matter what industry you decide to start your company in.
If you’re like many new business owners who enter this career without a lot of prior knowledge or formal training, getting an MBA means that you don’t have to go through the years of trial and error that can often become the downfall of many a small business or start-up.
Although getting an MBA doesn’t mean that you won’t make any mistakes when running your small business, you will certainly be provided with the tools that you need when it comes to knowing how to respond to any mistakes that you do make and how to avoid allowing them to be repeated in the future.
Focus on a Certain Area
If you’re already quite knowledgeable about how to run a business, the good news is that the MBA doesn’t just focus on that. In fact, with more concentrations than ever now available to choose from, you can tailor your MBA to suit you better by choosing a concentration that is a topic you are interested in learning more about.
For example, with big data, data analysis and business intelligence becoming more and more important to businesses of all sizes in the modern information era, it’s no surprise that Suffolk University’s Online MBA Degree Business Intelligence Concentration is becoming a more popular choice among aspiring and current business owners.
Learning more about business intelligence and data at this level gives you the skills that you need to put the data that your company collects to better use, making better business decisions in the future and using the information that you have to get better returns on your investments and build stronger relationships with your clients or customers.
Increase Business Funding Opportunities
Any business owner knows that sometimes, applying to borrow additional funding for their company is going to be inevitable if they want to succeed. And lenders will take a large number of factors into account when they decide whether or not they are going to accept your application for funding.
Along with your company’s financial history, business plan, and the reason given for the funding need, the lender might look further into you as the business owner to determine your perceived level of risk. While an MBA might not be a fool-proof way to get all the business funding that you apply for immediately approved, it can certainly help to put lenders’ minds at rest when they know that they are lending to somebody with a respected business degree and the high level of knowledge, skills and expertise that it brings.
Faster Business Growth
With an MBA behind you, you will be in a better position as an entrepreneur to make decisions that facilitate the growth and success of your business within a much shorter time period. Many entrepreneurs without any formal business training will inadvertently hold their business back during those early years since they are still getting to grips with the business and learning as they go.
Since an MBA degree program is designed to provide you with a solid foundation for running a successful business, getting this qualification as an aspiring entrepreneur will provide you with the knowledge that you need to skip much of the trial-and-error stage at the beginning of your venture and start making strategic, successful business decisions right from the start.
Make Better Hiring Decisions
Another strategy that you will learn a lot about when getting an MBA is the hiring process. Getting an MBA will make it easier for you to determine the type of professionals that you need behind your company if you want it to meet its goals and succeed.
When it comes to finding the first people who you’ll be bringing onto your team, you’ll know just how important it can be to be selective and take your time to make sure that you’re getting the right professionals on board.
Your MBA degree program will thoroughly prepare you for all aspects of the hiring process including how to attract the right candidates with the job descriptions that you post, what to look out for during the interview process, the right questions to ask, and how much you should be paying your employees based on the work that they do, their experience, and their qualifications.
Get Better Marketing Results
With an MBA degree, you will learn a lot about how to successfully market your business, including the use of data to make better and more informed, strategic decisions regarding any future marketing campaigns.
Many business owners start out completely new to marketing and make a lot of mistakes along the way that can often cost them a lot of business, such as not getting to know their target audience or conducting the necessary research into determining what kind of marketing strategies are going to have the best impact.
With the skills and knowledge that you will learn from getting an MBA, you can start making better marketing decisions on behalf of your business from the start, allowing you to quickly increase your customer base, develop a strong relationship with your target customers, and increase your chance of good customer retention and loyalty.
Become the Expert in Your Field
If you are planning to start a business that offers a service to other companies and professionals, it is often necessary to put plans in place to position yourself as the expert in your field in order to attract the right clients and stand out from your competition. An MBA can be the ideal choice of degree program to do this, especially if you choose an MBA concentration that is relevant to the professional service that you are hoping to provide in the future.
Gain Professional Security
Every business owner goes into their venture knowing that there is always a risk that things might not work out. No matter how successful your business idea is or how much potential it might have, there’s always the chance that external events could have an impact on the ability of your business to succeed. For example, many new hospitality and events businesses were on track to succeed before the COVID-19 pandemic suddenly hit and threatened to put them out of business overnight.
With an MBA degree program, you can take steps to ensure your career security in the future. Regardless of the outcome with your business, you can be sure that the MBA is one of the most highly sought-after qualifications around the world and with it on your resume, you will never have much trouble finding employment in the future if necessary.
Easier Study Options
In the past, many aspiring entrepreneurs might have been put off from going for their MBA simply because they did not have the time to dedicate to taking 1-2 years out of work for studying. Traditionally, MBA degree programs were held on campus and would involve students attending lectures at set times throughout the day, often during business hours, making it impossible to continue working full-time.
But the good news is that today, online MBA programs have gained much more traction, allowing students to continue working and fit their education around their lives rather than the other way around. If you have been putting off getting an MBA because you did not feel that you would be able to commit the time or afford the opportunity cost, an online MBA could be the ideal option for you.
Along with being more flexible and easier to fit around working, getting your MBA online can be much cheaper overall, due to the fact that you can continue earning while you are studying and there’s no need to pay for commuting or relocating costs as would be the case with a campus-based MBA.
Whether you’re in the process of starting your own business or have a plan to set up your own company in the future, getting an MBA can have several great benefits for aspiring entrepreneurs.