Mba For Small Business Owners – If you are currently running or have ever wanted to start your own business, but do not have a business background, you may be wondering if you can benefit from an MBA education. If money is no object, the answer should be yes. But with education soaring in the stratosphere, a business degree isn’t always an entrepreneur’s best bet.
In the United States, according to the Small Business Administration, small businesses make up 99.7% of firms, of which three-quarters are sole proprietorships or partnerships that employ only business owners, and more than half are home-based. are Some small businesses grow and become medium or large companies, while most of them die (about 50% in the first 5 years). Many small businesses are designed to stay small, so-called “lifestyle businesses,” whose primary purpose is to provide steady income, not to be the Uber of the future.
Mba For Small Business Owners
With such uncertain obstacles and disparate incentives, it’s no wonder that when faced with the choice between investing in the business itself or dropping $100K on business education of unknown ROI, many small business owners avoids In some ways, this is just smart business. It’s a shame otherwise, because small business owners, family business managers, and those who plan to start a small business one day can certainly gain some valuable skills from a graduate business education.
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Access to large open online courses. For this population, as for many others, MOOC-based business education offers an attractive alternative to an expensive MBA degree.
Business education for small and family-owned businesses is of great personal interest to me, both as an international development professional and as an entrepreneur. Globally, small and family-owned businesses make up the majority of all organizations. In the Latin American and African economies where I have worked, much of the investment has not been cut, so new businesses are often created by bootstrapping or taking out bank loans. These entrepreneurs may not have the money to spend on a business degree, but they need to acquire business skills to succeed in their new venture. Additionally, I started a small business of my own as part of my unpaid MBA education. The experience was the final capstone of my business studies, and it drove home the importance of a business education that delivers value, regardless of the size of the enterprise.
These entrepreneurs may not have the money to spend on a business degree, but they need to acquire business skills to succeed in their new venture.
If you run a small business, or want to start one, you can get what you need with free and low-cost courses. Their key is to find the courses that are most practical and match your needs as an entrepreneur. Below are some of my favorite suggestions.
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This course will train you to look at your business with the critical eye of an operations manager, looking for opportunities to improve efficiency in each iteration of the process. From filing, to storage, to customer service, you’re bound to find many areas of your business that could benefit from a few changes to adopt some slow and efficient analytics.
Did you know that some of the most successful, fast-growing companies were founded without venture capital funding? This includes companies like Dell, Shutterstock, GoPro and many others. The perfect antidote to a culture increasingly obsessed with investment. You’ll learn at least five ways to finance your startup, all of which are less risky than looking for investment.
This comprehensive course is great for exposure to what happens at top business schools. Chris Aaron, a venture capitalist and former management consultant, teaches a highly focused, highly practical course. He covers all the important topics of B-school in a fluent manner. In the accounting department, for example, Aaron doesn’t focus on accounting theory or manual bookkeeping. Rather, he talks about the different types of accounting software and services that businesses of all sizes rely on. The finance section, one of the least understood topics in the business curriculum, is where you’ll find the real meat of this course. Good value for money, and readers of this blog can get 75% off the course by using this link.
And while we’re on the subject of finance, many would-be and current entrepreneurs can benefit from learning the basics of financial modeling in Excel. This can be intimidating, especially if you have no previous business experience, but don’t worry! Modeling is a method of identifying all the money coming into and going out of your business, making educated guesses about those flows, and mapping them over time. This course provides an accessible introduction to financial modeling using a simple business example, the lemonade stand.
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Many brick and mortar businesses are behind the digital marketing curve. Don’t have a digital marketing strategy? This course can help you get up to speed and think about digital audience engagement opportunities.
If you plan to run or start a business, what courses have you found valuable? Share your favorites in the comments!
Are you interested in starting an unpaid MBA? Enter your email to receive the first chapter of my book “Don’t pay for your MBA” If you are an entrepreneur, you probably already know that one of the main advantages of this career choice is that no previous tertiary qualification is required. not available. You are the boss, and you hired yourself. 🙂 Most professional careers require job applicants to have a bachelor’s or master’s degree.
However, as an entrepreneur building a startup, if you believe, pay attention to details and sell you can get off to a great start. However, learning is still part of what you do as a leader, and formalizing your learning is a winning recipe for being a successful small business owner.
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In this business blog post we’ve rounded up some of the main ways in which an MBA program can benefit your business.
The first step to becoming an entrepreneur is to understand how a business works. It requires a basic understanding of business management theory including marketing, finance, human resources, operations and sales. These topics are covered in detail in the MBA program, which allows students to learn about these important aspects of running a successful business.
Suppose you had little or no business experience before starting your company. In this case, studying for a program like this one will give you the knowledge you need in the areas of business planning fundamentals and the concepts necessary to develop a winning strategy. Of course, it is not impossible to realize this knowledge without going to college. However, an MBA will cover them in more depth.
In most cases, entrepreneurs today have to go to banks or other lenders to get financing for their ventures. Unless you’re lucky enough to have saved enough money to start your own company or get a loan from a generous family member or friend, chances are you’ll pitch your business idea to a bank or investor.
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However, the problem is that banks are picky and selective about who they lend to and your personal profile should influence them as well. Studying online for your executive MBA program can help convince lenders that you’re a low risk with such a strong skill set and breadth of business knowledge.
Finally, since nine out of ten startups will fail in their first year of business, it’s important to be realistic about your company and make sure you’re always prepared for the worst. . Of course, you don’t expect to fail.
Your hard work and dedication may pay off well, however, an MBA degree can give you the professional safety net you need if your business venture doesn’t go to plan.
If your business goals are not met soon and you find yourself in a difficult financial situation, having this qualification on your resume will open up many opportunities for you in industries such as management, finance and others. With MBA graduates in greater demand than ever, investing in this study program will pay off by providing you with high job security.
Why An Mba Could Be The Right Step For Small Business Owners
The most important benefit of getting an MBA degree is that it gives you the opportunity to learn about business management theory. This includes marketing, finance, human resources, operations, leadership and more. This will help you to understand how the business works and how they operate on a day-to-day basis. You will also learn how to apply this theory to your life and career.
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