Anybody can start a successful business; higher education isn’t a prerequisite for that. However, higher education can give you certain advantages that could potentially influence you to succeed in business. Consider the following four ways that a Master of Business Administration (MBA) degree could help you as a small-business owner to enjoy greater success:
1. Learn how to manage your employees
Managing other people is one of the supreme challenges you will face as a small-business owner. Fortunately, it is possible to learn practical management skills that work.
Many business owners learn these skills by endlessly struggling with the trial and error method. The downside is that it’s an expensive way to learn; this is because employee turnover is extremely costly, and management errors lead to highly dissatisfied employees.
The easiest way to learn to effectively manage others is to obtain an MBA degree, because a major portion of the curriculum is focused on teaching viable management skills.
2. Get insights on how to solve common business problems
Businesses all face strategic challenges, and very few of those challenges are totally new ones. Most of them are exactly the same challenges that every other business faces:
- Cashflow is usually an issue, and many businesses suffer from being undercapitalised.
- It’s almost always a challenge for businesses to find new customers.
- There’s cutthroat competition for the consumer’s attention.
- It’s hard to find trustworthy employees that have been properly trained to do the work that needs to be done.
Successful businesses have all overcome these problems – and discussion of the solutions to these common business problems makes up another crucial part of the MBA curriculum.
3. Build a stronger network of influential business people
Of all the valuable takeaways from an MBA course, your expanded business network is likely to be the most important. You will make the acquaintance of many other future business leaders during the time you’re in class. It’s important to be proactive about keeping in touch with the people you meet while you’re studying, because your classmates might turn out to be some of your best connections for future business relations.
4. Gain skills to fall back on in case your business doesn’t work out
The brutal truth is that most Australian small businesses are in danger of suffering failure within the first three years. Significant numbers of entrepreneurs who succeeded in the long term have first endured business failures.
It’s realistic to anticipate that there might be times when you will have to work for someone else to get yourself through the downturns. There are guaranteed to be times when things won’t go as planned with your business, and there is no shame in that.
If you ever end up having to work for someone else, you might as well get a really fantastic job – which you will more than likely be qualified for once you’ve obtained an MBA degree. The list of potential jobs for MBA graduates is a truly impressive one.
These aren’t the only ways an MBA degree can help a small-business owner to succeed. Beyond the benefits listed above, an MBA can also provide graduates with prestige, personal growth, international experience and a wealth of other motivations for earning the degree. However, the four reasons mentioned above are some of the most convincing arguments in favour of earning an MBA if you’re a small-business owner.