In an era where the world is buzzing with new start-up ideas, budding businesses and innovative marketing techniques, the competition in the entrepreneurship world is becoming grater and tougher.
In more cases, before starting your own business, you need to do a lot of homework and put your best foot forward, because as competition increases the room for mistakes shrinks.
The ambition of entrepreneurship these days is the most common motivation for getting an MBA degree. Studies show that more that 35% of MBA students aspire to be owners of their own businesses someday. Those who are specifically residing in the land of the midnight sun can finish such course and get an online MBA from Aston University for Canadians that may provide you with the credentials to get ahead in the corporate ladder.
Entrepreneurship is not just taught in business degrees these days but also in engineering degrees as a separate course.
Although you may hear and read every now and then the examples that the Facebook and Microsoft owners are high school drop outs but that’s only the tip on the iceberg. The truth is they had fate and time both on their sides. The time they started their start-ups were the beginning on internet and PCs, and they had their fair share of struggles over the years. They didn’t have as many competitors in their fields as you would now.
Moreover, although they didn’t have degrees, they had the knowledge and expertise, gained from studying for their passions and goals.
If you have a family background in business, where you have a playground to try out and learn by trial and error, and have experienced ones to guide you through your own experience, only then you should go for a business establishment and investment without properly studying for it. Even then, getting an MBA would serve as a cherry on top, because otherwise you will need to hire someone with an MBA anyway.
By studying business, you get a better sense of how to make a business more profitable, and have a much better understanding of running a business in general. Andrew Carroll, who co-founded the e-receipts company Paperless Receipts, says “I wouldn’t be able to do what I’m doing now without having it (MBS Degree), because it gives you a lot of knowledge about everything, so I can now sit happily in a meeting with a hedge fund manager or with a marketing director or a finance director. I may not know everything they talk about but I’ll know most of it.”
There is a huge value of not learning everything the hard way, and going to business school gives you lot of lessons without the huge losses and troubles. The practice of going over case studies during an MBA is especially helpful in recognizing patterns and successful business practices.
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Networking and having contacts all around plays an important role in the spread and expansion of businesses. While doing your MBA you can form significant contacts, not only with teachers and coursemates but with people already prospering in the business world.Moreover, if you decide to quit the entrepreneurship world one day and decide to work for business corporations instead, at least you will have some qualification to be eligible for it.
In short, the rat race in the start-up world these days requires you to give your best shot to your idea and be prepared, and doing an MBA helps in avoiding many mistakes that you may otherwise make. It is recommended, if you have the resources and the right circumstances, but you do not necessarily wait to complete your MBA to start a business. You can start both in parallel!