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How an MBA Degree can be a career accelerator

Gone are the days when aspirants who couldn’t crack IIMs or top…

Do entrepreneurs need an MBA?

It is indeed a nerve-wracking million-dollar question that rules the minds of…

Do entrepreneurs need an MBA?

It is indeed a nerve-wracking million-dollar question that rules the minds of aspirants who are on the journey of entrepreneurship. Many experts have already thrown light on this and concluded that it all depends from person to person. Probably the one with all the resources and skills needs just a management degree to expand his or her family business, or it could be someone who doesn’t care about an MBA degree but actually requires knowledge and strategies to run a business.  An MBA degree is not necessary to become a good entrepreneur, but it explicitly renders great support when it comes to starting a venture or making tough decisions. This blog would certainly unveil the relevant answers to this question.

Outline of an MBA program

MBA or Management of Business Administration is basically the study of business planning, strategy, marketing and finance. These are the required parameters if you are on track to start a new business. Understanding the market strategies and gaining knowledge and skills related to the business are much needed, and MBA would certainly be a great support. The specializations that you may choose as per the nature of the business include Human Resources, finance, operations and marketing.

Significance of an MBA in the life of an entrepreneur

An MBA degree is the key that unlocks many doors of opportunities for an entrepreneur. Planning to work as an entrepreneur is an easy task, but real challenges come in its execution. Lots of difficulties may hinder your path, and if you are well aware of the tricks and strategies to overcome them, you will surely rise as a leader in your start-up. Management course teaches you multiple skills that are required to effectively run any business. Let’s discourse about the same in detail –

Leadership skills

The role of an entrepreneur is no less than a leader. He takes the onus of managing the whole business and thus has a leading position. Now, such skills cannot be taught in school or college. Many students find a glimpse of leadership qualities in them, but they need to polish them to do justice to their role within a business.

Out-of-the-box thinking

There must be a proper flow of ideas when you have to start something new. It’s not that you got an idea and started working on its planning and execution, and in the end, you failed. You need to have a bunch of creative ideas to turn them into a good business plan. Apart from planning and execution, there are a plethora of other parameters that need to be checked to make it a proper business idea. Be open-minded and carry a will to adopt new ideas and also be ready to deal with criticism. During the MBA program, mentors provide training to give wings to your ideas and turn them into a start-up business plan.

Planning and management skills

Devising a business idea is just a beginning of a big bang theory. The real world of challenges is behind it. Half of the business mechanics work on the basis of planning and management. MBA gives you proper guidance on these two pillars of business. In fact, it has a large part in the curriculum. Though entrepreneurs can learn such skills through experience and mistakes, well-organized learning can never happen without an MBA.

Potential to carry out extensive research

Entrepreneurs have to gain excellence in the research and development field as the maximum conversion of business ideas happens thereafter. For instance, you need to start a hardware business This requires deep research on the IT hardware market of India, the type of equipment you need to put on board, current sales, suppliers and manufacturers, competitors and so on.

Time management abilities

Time management is of utmost importance if you are about to run a business. MBA helps you to be focussed on your studies as well as extra-curriculum. Apart from this, you also need to invest time in several other activities and events like seminars, workshops, company visits etc. This promotes the skill of time management among graduates.

Communication skills

Though it looks weird, it’s actually the fact that bad communication skills can also become a hindrance in the journey of an entrepreneur. MBA graduates know how to put their thoughts forward in an effective manner. This is a much-needed skill in business as you have to interact with multiple people to share your ideas, convince the clients and land finance-related deals. Now you need to introspect yourself and ask Do I need an MBA to be a good entrepreneur? This course actually motivates an individual to be a stalwart in whatever field one opts for. However, it is important to pursue the course from a well-reputed university like GLA in Mathura. It has a brilliant set-up and great faculty. The management department is above par owing to its excellence in many parameters like infrastructure, resources, teaching faculty, labs, library, etc.

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8 ways an MBA degree supports your career growth

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