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- 1. The MBA program can provide students with practical experience
- 2. Business schools provide support for early-stage entrepreneurs
- 3. Schools offer financial support to aspiring entrepreneurs
- 4. Mentorship and guidance can be provided by campus experts
- 5. The support continues even after graduation
Is an MBA degree necessary to become an entrepreneur? This question is highly discussed and debated in business circles. A group of people believes owning your business takes guts, and entrepreneurial thinking runs in your veins. While others think it can be learned, and the most appropriate place to get this training is in top business schools.
Which side is right? No one has a definite answer, but an entrepreneur’s success is not only dependent on a willingness to take risks, which comes naturally to some individuals. It also requires the ability to learn and practice business skills, which can be taught and practiced. A business school can provide students with a foundation for setting up and running lucrative businesses, but that is not all they offer.
A study conducted by a business school shows that 15% of its graduates launched their own companies, as indicated by the school’s Employment Report for 2018-2019. While 7% of the Harvard Business School Class of 2019 started their own companies. With these statistics, it is evident that many graduates from business schools have an entrepreneurial streak.
Here are some reasons why business schools are beneficial to aspiring entrepreneurs. So, without further ado, let us get straight to the topic.
1. The MBA program can provide students with practical experience
Business schools offer general MBA programs that teach students tools and frameworks for managing a company’s finances, streamlining operations, and training teams.
Several programs in this field also offer entrepreneurship specializations or, at the very least, have courses available on starting up a business.
The truth is that a winning idea does not automatically translate into success. It is guaranteed that no matter how clever your idea may be, you will fail if you don’t know how to lead a time, manage a business, read financial statements, or delegate tasks to the right people, which can be attained through an MBA degree.
2. Business schools provide support for early-stage entrepreneurs
The study programs offered by business schools provide students with the opportunity to not only come up with business ideas but also to implement them once they have developed them.
Writing a business plan may seem old-fashioned, but it can be useful for testing an idea’s strength. The opportunity to put your ideas to the test in a safe and supervised environment will give you a better idea of working around a business idea and tackling shortcomings to attain success as an entrepreneur.
In addition, many universities and colleges offer venture capital labs and several other resources to help those interested in launching a business.
3. Schools offer financial support to aspiring entrepreneurs
Even if a business school does not offer financial assistance, it provides access to people who will. On the other hand, some schools invest in student businesses that they believe in.
There are many ways to connect with investors, including through business competitions, student clubs, and networking channels.
Among the top reasons new businesses fail are the inability to obtain funds and the lack of cash at crucial points, which can be less of a problem if you are studying in a business school.
4. Mentorship and guidance can be provided by campus experts
A significant advantage of enrolling in business school is networking with former students, academics, and businesspeople, which can help you greatly while setting up your business in the initial days. These people provide their outlook on topics such as entrepreneurship during school meetings.
In addition, it is valuable to have access to a professor who has experience starting a business or a senior colleague who is about to start one. These people are the best yardstick to test your ideas; you can discuss your business plan in detail with them and can get feedback. This is something people outside of business schools are rarely able to access.
Additionally, a business school can be a helpful place to find business partners and mentors.
5. The support continues even after graduation
Upon graduating from a business school, you become an alum member. Along with a sense of shared admiration, you’ll be able to talk to other alums about opportunities and seek advice.
Some schools also allow graduates to continue using their programs’ resources as they move from being a student to being full-time business owners after they’ve graduated from their programs. Despite this, most professors and mentors you meet on campus are generally willing to stay involved. This is as long as you establish a healthy working relationship and properly maintain contact with them.
Business schools can be invaluable to young entrepreneurs as they instill business skills in them, such as decision-making, leadership skills, etc. Aspiring entrepreneurs can turn their bright ideas into reality with the skills they acquire from getting a degree from any business school. The most important thing they offer is mentorship and a community you can rely on long after graduating.