Do Entrepreneurs Need an MBA? Pros and Cons of Doing MBA

As is the norm with most people belonging to the strata of youngsters wondering what they shall be doing in the future, a huge chunk of folks wrapping up or yet to wrap up their graduation pursuits would be wondering if an MBA is worth all the hoopla and if yes, should it be Online MBA, Part time MBA or Exective MBA. In recent years, with the job market ever-evolving and the industry requiring a new range of skills, the value of an MBA has risen considerably and students have been joining in hordes with stars in their eyes.

As a result of the hype built around getting an MBA, a lot of colleges and universities have started to offer MBA courses. However, it is perhaps imperative that one remains slightly skeptical as to what getting the degree might entail, as no degree really guarantees a prosperous career path. Regardless, an MBA does have inherent value and as it is with any pursuit, you’d be picking up a bunch of useful skills that’ll aid you in getting a job and perhaps something even greater.

Let us take weigh over the pros and cons of doing an MBA so that one can make a more judicious call as to whether the pursuit is worthwhile and will add value to their CV. We shall parse through the pros of getting an MBA first.

1. It shall enable you to inherit a fine range of skills

There’s a lot to take in from an MBA course. In particular, there are tons of management skills that can be picked up from the course. Let us list down a few of these skills:

  • Manufacture, advertise and sell your products
  • Keeping the company’s finances healthy
  • Maintain the company’s positive image
  • Gather and interpret industry data
  • Hire the right people and keep them motivated
  • Create hierarchies that help the company thrive
  • Making the tough calls at the right time

Considering the fact that most people who opt for an MBA tend to be young professionals, it can prove to be highly beneficial for someone to do an MBA as it not only helps one acquire the added stripes needed to have an edge over other professionals occupying the same sphere but would also enable one to dabble in the art of management, something that is considered an essential cog in the growth of an employee. Management is synonymous with leadership, a quality valued and rewarded in any organization one shall become a part of in the future. 

2. You can start your own business/company

At some point, almost every other person dreams of being an entrepreneur or businessman. Being an entrepreneur is as much about the application as it is about the idea, the former of which an MBA can enable through the skill sets one can acquire from the course. Business is all about management, so it could prove to be quite essential to know what management entails.

Now that we’ve deliberated upon the pros of getting an MBA, let us quickly parse through the cons.

1. MBA isn’t the novelty it used to be

An MBA doesn’t hold the same value it did in the years prior, due to saturation of the field with people. If you go to an interview and boast about having an MBA, the interviewer would most likely give you a long hard stare cause almost every Tom, Dick and Harry has an MBA to boast about. It will come down to what skills you picked up as part of the course and then during the time you were going through your academic journey.

2. Jack of all trades, master of none

MBA doesn’t focus on specific skills. For instance, leadership involves proficiency in soft skills. However, the course doesn’t quite focus on soft skills enough to develop it into a specialization, as a skill that will truly stand out.

So, now you know both sides of the coin. Which side of it would you fancy?

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What do entrepreneurs do?

Entrepreneurs produce products or services and launch their ideas in the world. They aim at earning profit in return. Entrepreneurs begin their businesses by developing and designing their ideas. They hope to sell it. They start from scratch and build a business right from the ground. All this may sound exciting but is also daunting. Hence, entrepreneurship can be risky but at the same time highly rewarding. That’s because it benefits multiple facets like economic wealth, overall growth, and innovation. Entrepreneurs may even choose to add to an existing business.

How can an MBA help entrepreneurship?

A B-school offers a valuable skill-set and certification for sure. But at the same time, one of the most valuable things it offers is the chance to meet many new talented people. They could be your batch-mates, professors, and industry experts. You can learn tremendously from them. You can acquire guidance, direction, and crucial information from them. Making critical connections are highly useful when you are out in the real world launching your business. A B-school provides you with that significant networking opportunity aiding you in scaling your business.

Which MBA skills can I use as an entrepreneur?

An entrepreneur wears many hats. An MBA trains you with many skills that are required as an entrepreneur. Entrepreneurship is more than selling your product or service. You need to know how to hire people, work with a lawyer, communicate with the media, and engage with customers. You need effective communication skills, strong leadership skills, decision-making skills, marketing skills, time management, and pressure handling skills. MBA training can help entrepreneurs get ahead in business by teaching them to apply knowledge and skills in different types of situations. An MBA will sharpen your existing skills and introduce you to new skills.

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