One in 10 business school alumni are entrepreneurs today, according to the GMAC Alumni Perspectives Survey 2018. These alumni chose entrepreneurship in order to be their own bosses, to pursue greater income opportunities, and to work flexible hours in order to balance work and family.
Entrepreneurship brings many rewards because entrepreneurs are skilled professionals who had the opportunity to refine their ideas and the training to wear many business management hats.
Yet, if you are an aspiring entrepreneur, you may be weighing the rewards of developing a solid framework of business skills against the time and resources you will need to invest in an MBA program. If you do not have a brilliant idea and a comprehensive business plan just yet, here is the case for earning your MBA so that you can soon flourish as an entrepreneur:
Develop Business Fundamentals
While MBA graduates typically pursue careers in niche areas like account management, business development, finance, marketing, operations and sales management, an entrepreneur must develop proficiency in all these fields. Developing a full range of business proficiencies cannot be accomplished within the confines of one profession and position, but this is precisely the mission of an MBA program.
Solidify a Business Plan
Nearly every thriving business begins with a solid business plan. As a Baylor online MBA student, you will learn the skills you need to construct a solid business plan and implement it with minimal outsourcing — so that you save capital and maintain control. You will learn how to structure your business and secure partnerships, financing, employees and future investment capital.
Through lectures and coursework, you will learn to develop a go-to-market strategy and make accurate financial projections. Most importantly, you will have the expertise of Baylor University's Hankamer School of Business professors to nurture these skills until you have the confidence and the capabilities to become a viable entrepreneur.
Test Ideas in a Risk-Free Setting
In science, hypotheses are tested in a lab. The MBA online environment provides a safe place to learn, apply and test concepts and ideas through case studies and frameworks. In the MBA "lab," you will learn proper methodologies for conducting thorough business research and informational interviews without the risk of financial loss.
Though your nature as an aspiring entrepreneur is to take risks and create, nurturing ideas into a sustainable business requires scrutiny and input from peers, professors and experienced professionals.
An MBA program is a pressure-free incubator for fledgling entrepreneurs. One of the reasons startups often fail is that there is too much pressure and too little time and capital to put the pieces of a business together when bills need to be paid.
Demonstrate Proficiencies to Potential Business Partners
Large companies have structured business approaches and take no risks when it comes to operational errors, incompliances and poor planning. Your MBA from the Hankamer School of Business demonstrates to potential partners and customers that you are organized, knowledgeable and ready to execute on your business plan. As your company grows, your MBA and the connections you make will help to attract top talent.
Network Through Peers, Faculty and Business Professionals
Due to a long history of incubating successful entrepreneurs, Baylor attracts like-minded aspiring entrepreneurs to its on-campus and online MBA programs. Throughout your studies, you will have the opportunity to collaborate with peers from different backgrounds and to form relationships, alliances and even partnerships. The professors, entrepreneurs and executives you work with can become valuable connections and a business support structure.
Graduate Into the Powerful Baylor Business Network
The nationally recognized Baylor Business Network is an ongoing source of support that will be there for you throughout your entrepreneurial journey.
More than 35,000 business alumni members are connected online through social media and local networks across Texas and the United States. These networks in cities including Dallas, Houston, Austin, Fort Worth, San Antonio and New York City host premier speakers and provide networking opportunities that attract alumni from around the country.
Across America, successful startups and established businesses have been built from the ground up by Baylor MBA graduates using the resources of our unique professional network.
Just about every discipline you master and every skill you gain in an MBA program will be instrumental in your entrepreneurial success. Choose the right program and benefit from a lifetime of support, from the moment you log in to your first course to the day you retire.
Learn more about the Baylor online MBA program.
Sources:Entrepreneur: Will an MBA Help You in Your Business?
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