The success stories of entrepreneurs like Steve Jobs and Mark Zuckerberg make some entrepreneurs think that they do not need an MBA. These two, and other entrepreneurs, have built successful businesses without an MBA. However, thousands of entrepreneurs have had to go to business school to succeed in business. Online entrepreneurs are no exception. The lessons taught in business school apply to both online and offline ventures. Here are more reasons why online entrepreneurs should register for an MBA.
1. Learning New Skills and Innovation
An online MBA degree does not increase your comfort when taking risks. Entrepreneurs are natural risk takers. However, the MBA equips you with the skills required to manage a successful venture. The skills are particularly important for online entrepreneurs who are less likely to hire permanent employees. Most of these entrepreneurs outsource tasks to other online employees. If you run an online business, you will need financial management, accounting, human resource, technical, and communication skills like other entrepreneurs.
The skills are taught in depth in business school. You will not need to hire professionals to run your business. You may have the natural abilities and some of the skills required to run a business. However, the lessons taught will hone your skills and abilities. Another important lesson taught in business school is innovation, which is necessary for your business to survive in a highly dynamic environment.
2. Building a Strong Entrepreneurial Network
Your network influences your net worth. An MBA class is the best environment to build new connections with like-minded people. Even when studying online, you have an opportunity to interact with other entrepreneurs in different fields. Your classmates may be the partners you need to grow your business to the next level. In addition, your professors have accumulated entrepreneurial knowledge for years. Some of them may be running successful ventures already.
Your professors and classmates can become your mentors in your field. The benefit of having mentors is that you avoid learning from mistakes. You learn from their mistakes. You will build your business faster and at lower risk with the guidance of your mentors.
3. Learning How to Start, Grow, and Sustain a Business
One of the reasons why online entrepreneurs are reluctant to enrol in an MBA program is their passion. A deep passion for your product or service is important but not enough to build a successful business. Many are quick to launch their businesses because the idea sounds exciting and urgent. Unfortunately, many fail because they do not know how to grow their venture from the initial stage.
You do not need to close down your business to learn how to run it well. Register for an online MBA program and learn while still running the business. You will acquire knowledge on how to sustain a high level of profitability even with drastic changes in the market.
The need for an MBA for all entrepreneurs cannot be over-emphasized. Most entrepreneurs have the natural leadership traits required in the business environment. However, they still need other skills including accounting, people management, effective communication, and risk evaluation among others. An MBA equips entrepreneurs with these and other skills that enable them to build successful businesses.