Business functions have dynamically changed with globalization becoming the new normal. Who would’ve thought sushi-burritos would become a thing?
Who could predict the development of applications that can translate and instantly speak numerous languages or the dominant effect cryptocurrencies have on stock markets?
Irrespective of entrepreneurs’ lines of business, education plays a pivotal role in shaping their careers and opening pathways to new opportunities.
With a solid academic background, business enthusiasts meet like-minded people who can potentially be their business partners, employees or even investors.
Today, millennials dread the idea of a 9-5 job and instead opt for new business ventures. In 2020, there was a sharp 33% increase in startups joining the entrepreneurial realm.
With more people turning their business aspirations into reality, it becomes necessary to address if business schools (B-Schools) can be the way for would-be entrepreneurs to venture into this competitive industry.
Dr. Vikas Nand Kumar Batheja, Co-Founder & Director, Capital University College, explores three imperative reasons why to choose a B-school education to ignite one’s entrepreneurial career.
Enhance communication skills
Over the years, running a business requires entrepreneurs to have impeccable communication skills. From writing convincing pitches to using fantastic presentation skills, entrepreneurs are expected to have a good command of their work and language.
With effective communication strategies, enterprises can better serve their clients and keep their own employees engaged and satisfied. Plenty of research seconds this notion. According to data circulated by The Society for Human Resource Management (SHRM), small businesses experience an average loss of over $420,000 due to poor communication.
The research further revealed that a total of 400 large corporations could foresee a loss of over $62 million annually, due to several communication issues.
Hence, it becomes crucial to find avenues for business aspirants to develop or improve their communication. This is where an MBA and other qualifications from business schools come in handy. When studying business, along with working with students from different backgrounds, graduate students are also challenged to handle numerous projects. This may give rise to conflicting opinions that enable students to handle difficult situations which can be important learning lessons.
Strong foundation and frameworks
B-school students learn about the basics of business management, including operations management, finance, accounting, and marketing. While previously entrepreneurship was an overall concept taught through such programs, today, MBAs allow students to delve into these subjects as a form of specializations, giving them plenty of knowledge and opportunities. Moreover, such programs allow students to vet their business ideas, seek guidance and find investors through their vast networks. Today, most programs also focus on training individuals to be better leaders and team players, which are important characteristics to shape the leaders of future organizations.
A backup plan
According to recent research, startups fail at least 75% of the time, thus earning an MBA or a management degree could be a strong backup plan. Graduates with valuable degrees find themselves placed in leading multi-national companies with competitive packages. Some entrepreneurs choose to get some experience before venturing into their own business. This way, they get an idea of the market and better plan their business which can potentially lower the chances of failing.
On the flip side, if things don’t work out well when they launch, entrepreneurs can use degrees to gain employment. Also, such an academic qualification can legitimize their intentions and recognize their skills to successfully run a business. It lets investors know about your strong foundations and how serious, passionate and skilled you are. This also translates to your growing network around you. This means that a B-school qualification gives graduates options to shape their professions, be it as entrepreneurs or otherwise.
Choosing to become an entrepreneur can be a tough choice, financially as well as emotionally. While there are plenty of entrepreneurs who have made a lasting impression in the business industry, it is important to weigh your options, analyze the market and have multiple contingency plans that will better prepare you for the road you choose.