Does Getting an MBA Make You a Better Entrepreneur?

Master of Business Administration (MBA) is a degree sought by many students to get their entrepreneurial journey started. There is no doubt that obtaining an MBA degree can provide you with valuable entrepreneurial skills and knowledge. Moreover, it gives you an edge over other students in developing business skills. It provides valuable insights into the business industry and offers relevant industry experience through internships and projects.

However, you must take into account that earning an MBA is not the only way to gain this knowledge, a person can acquire this information by other means. But an MBA surely is the easiest and most systematic method to do so. To get the maximum benefit and ROI from an MBA programme, you must consider pursuing it from top B-Schools like NMIMS, and Symbiosis.

Today, we will discuss the advantages and disadvantages of getting an MBA and whether or not it will help you become the world's best entrepreneur.

Advantages of Pursuing an MBA

1. Business Knowledge and Skills: The primary purpose of an MBA degree is to gain valuable business knowledge and develop entrepreneurial skills. The MBA programme will familiarise you with various subjects such as Accounting, Finance, Marketing, Operations, Strategy and Leadership. These subjects will broaden your business prospects and build a solid foundation in business. Moreover, it will assist you in taking crucial business decisions wisely & precisely.
2. Networking: The next advantage of getting an MBA degree is to allow you to grow your network by bringing opportunities to interact with other entrepreneurs. It will also help you to connect with alumni of your business school, learn from their experience and even get job referrals. Additionally, it will allow you to meet with talented entrepreneurs, investors, mentors and potential customers.
3. Credibility: The MBA degree adds a lot of credibility to your candidature. It shows that you have comprehensive business knowledge and know your way around the industry. Moreover, it also indicates that you have the requisite skills to start a business. It, thus, gives assurance to investors, customers, and business officials. They will be keen to invest in your talent & skills which will, in turn, fetch them a good fortune.

Disadvantages of Pursuing an MBA

Cost: One of the most significant challenges while pursuing an MBA is the cost attached to it. MBA in India is quite expensive and does not guarantee that you will become the best entrepreneur. Entrepreneurship requires skills, knowledge, experience and a lot of patience. The tuition fee, cost of books, and living expenses are very high, which may create a financial burden for you or your family. Most students opt for education loans to get an MBA degree which pressurises them to get a job immediately after their MBA and thus, bury their entrepreneurial dreams.

Time: While an MBA may seem to be a necessary evil but it can cost you a lot of time. You need to spare two years of your life to get an MBA degree. Two years is a huge time, especially if you are planning to take a break from your career in order to pursue an MBA. Moreover, if you don't start your entrepreneurial journey early, you already fall behind others. Thus, by opting for an MBA, you will need to wait for two more years to start your entrepreneurial journey. This can be a significant setback if you want to grow your business quickly.

Lack of Practical Experience: The aim of getting an MBA degree is not just gaining theoretical knowledge but also to gain hands-on experience of the business world. However, not every MBA degree guarantees this first-hand experience. In fact, only a few top institutions in the country provide valuable experience along with classroom learning. The experiential learning opportunities include internships, industry visits, projects, seminars, case studies, etc. But most institutions do not offer practical experience to students. You might get a degree without real-world experience, lack of business culture, or business knowledge. To become a successful entrepreneur, you must learn through trial and error, even after obtaining an MBA.

Does Getting an MBA Make You a Better Entrepreneur?

Now that you know the pros & cons of getting an MBA degree, it is up to you to decide whether it will make you a better entrepreneur or not.

Here, we have listed a few points that can help you make this decision:

1. Contrary to popular belief, an MBA is not a silver bullet that will magically turn you into a successful entrepreneur overnight. You might be able to gain the necessary knowledge and skills during your academic journey. But you will still require tremendous dedication, passion and hard work to become an entrepreneur.
2. Besides knowledge and skills, MBA can provide you with valuable networking opportunities. You will have exposure to a robust set of successful people who have a strong impact in the business world. Your alumni network can benefit you by providing you with necessary direction and connections. You can also take their help and learn from their experience. They can also guide you and teach you the values required to be a successful entrepreneur.
3. However, you must ensure that you have a proper budget and time to complete your MBA degree. Choose a good business school that can offer you the necessary practical exposure and help you hone entrepreneurial skills. For some, these commitments may not be worth building an empire. But with proper knowledge, skills, creativity, dedication and exposure, you can be the best entrepreneur the world has ever seen.

Takeaway

If you believe combining MBA knowledge with your business skills can help you become a strong entrepreneur, go for it. Otherwise, gain relevant industry experience, and start your entrepreneurial journey. There is no one way to embark on a business journey. All you need to do is to get started.