If you’re a small business owner, it’s likely you’ll have come across the MBA, also known as a Master of Business Administration qualification. For a lot of small business owners, the question of whether they should take on an MBA is a big one. Is it right for you and your business?
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Education is Key
There’s a lot to be said about having the right knowledge for the job, and an MBA does give you access to a lot of knowledge. Especially if you’re only in the beginning stages of your small business, learning the steps it takes to make a business successful is key to avoiding common mistakes and starting your business on the wrong foot.
Generally, the data tends to suggest that having some form of post-secondary qualification gives you huge advantages when it comes to working in a business. For example, according to the information published by Aston University on MBA-careers, the majority of people losing their jobs to automation tends to be those with no post-secondary education. As a small business owner, this means learning the skills necessary to stay relevant in a world that is constantly changing. An MBA is vital in giving you those skills and helping you progress in a technology-based world.
Informed on Current Research
Another benefit of having an MBA for small business owners is that it keeps you updated on current research. Information on business and methods for driving progress are constantly changing, and it’s important to review the most current data and research when making decisions on how your business should move forward.
As long as you’re sourcing your MBA from a trusted source such as a university, you should find that MBAs are informed by the most up to date research. This means you’re learning information from the best possible sources, giving you plenty of guidance and advice on what works in the modern world. Even data from ten years ago can be incredibly different, especially considering the advancements made in technology and marketing, and so having access to the most relevant advice and information is vital for making decisions about your business. You also get exposure to different lines of thought and ideas, helping you to gain valuable exposure to other businesses, evaluate your own path and determine what’s best for your small business.
Build Connections
As a smaller business owner, having connections is essential to building a strong foundation, as well as potentially building your consumer base. An MBA is a great way to meet fellow small business owners who are likely in a similar position to yourself. This gives you the opportunity to build connections with those business owners, who you can share advice and guidance with, as well as collaborate to help encourage each other’s businesses.
It also means you can connect with those in different positions, including those who run larger businesses. They may even be at a point in their business that is further ahead than you, or a point that you’d like to achieve as you progress in your own business. This gives you a valuable platform to seek guidance and advice from people with the experience and knowledge of what you’re going through who can then share their thoughts and ideas. It also gives you the opportunity to voice your own ideas and receive feedback in an understanding forum. Building connections is incredibly valuable, and you’ll be able to find plenty of likeminded people on a course like an MBA.
Establish Credibility
Another benefit of an MBA is that it can give you credibility. An MBA is a serious qualification that takes time, effort, and hard work. It also gives you some valuable knowledge and experience that you can’t gain elsewhere. It’s a great way to prove that you’re dedicated to putting yourself out there and committed to your work, as well as showing off that you have expert knowledge that puts you above other competitors.
This is great for several reasons. Firstly, it’s a great thing to advertise to your customers – showing them that you’re someone with serious qualifications gives them faith that you know what you’re doing and that you can do it well. However, it also shows that you’re competent to potential investors or other business owners who may want to partner with you. If your business has employees, having them complete an MBA is also a great way to uphold the standard of your business and establish that credibility strongly. Whether you’re looking to bolster your name or your business’s name, or even giving your staff extra support and knowledge to help keep standards high in your business, an MBA is a fantastic way to establish high credibility in your business.
Gain Confidence
One of the most valuable things an MBA can offer small business owners however is confidence. It takes a lot to start and run any business, and there are a lot of things you might feel unsure about. Whether you’re a new small business owner learning the ropes, or you’re an experienced small business owner who’s well aware that, at any point, an unexpected challenge can arise, doing an MBA can help give you the confidence to take these in your stride and use them for the progress of your business.
This is partly because, the more knowledge you have, the more ability you’ll have to deal with adverse situations. You’ll also feel more confident that the steps you’re taking to take your business to the next level are the right ones, and that taking those risks will bring you to the front of the competition. You’ll also feel much more confident with the extra support you’ll gain through your MBA, both from experienced business owners and those in a similar situation to you.
Overall, doing an MBA is a great way to give you more confidence, knowledge, support, and credibility in your small business. It’s well worth the investment of time and money to give you that extra push to success.
