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January 15, 2021

A Masters in Business Administration (MBA), as defined by Postgrad.com “is a postgraduate qualification awarded to students who have demonstrated high levels of knowledge and skill in business management.” There have been a lot of opinions regarding the need for an MBA, with some “self-made” entrepreneurs calling an absolute waste of time, while some Fortune 500 CEOs would swear by it.

These are some opinions from top business leaders regarding the need for entrepreneurs to undertake an MBA program.

 

I believe MBA programs do give future entrepreneurs valuable tools to help them mitigate risk and increase the probabilities of success. But even with those tools, only you know whether or not you have the heart to execute on the opportunities we all recognize to launch a compelling new business. That is when the real bullets start flying.

Stephen Greer Senior Advisor, Oaktree Capital and author of Starting from Scrap.

By doing an MBA, you can have a decent skill set in place before you launch your startup. This could turn out to be much less painful than launching prematurely and learning the hard way: through trial and error. On-the-job training as an entrepreneur only works if your personal abilities, and the strength of your ideas, are enough to overcome the inevitable mistakes.

Andrew Lancaster, Director of Unicurve (The Entrepreneur)


A lot of the professors were adjuncts, who had experiences from running businesses themselves, so you didn’t feel you were learning from academics so much as mentors,” he adds. But most important was being around like-minded entrepreneurs. “It was a community of people who wanted to build businesses.”

“The beauty of an MBA is that you had a business yourself as your very own case study,”

Joel Holland CEO of Harvest Hosts (on Financial Times)

For entrepreneurs, an MBA is much more than an expensive piece of paper. It is a sandbox in which you can play with your ideas, building them stronger or scrapping them as necessary. It is a playground where you can meet other professionals enthusiastic about business, who might contribute to your business in positive ways. Most literally, it is a classroom where you learn the theories of business and the strategies for success.

The Start-up Magazine


Conclusion: 

As an Entrepreneur, should you want an MBA? These successful businesspeople obviously think so. Entrepreneurship is an arduous and difficult journey. For the best hopes of success, the best option is to do an MBA to learn the necessary skills for already-established business successes.

Do not skip the MBA. It is vital to your journey to becoming a Better Entrepreneur.




Image Source: Freepik