While walking into your MBA admissions consulting meeting, many of you might be wondering if this degree will prove useful at all, especially if you have plans to start your own business in the future.
Well, if you want to enter the corporate sector, the MBA degree will add a feather to your cap. However, there is no such necessity to have an MBA degree if you want to kickstart your own startup. Anyone with any degree can start their own business in the future.
Having said that, an MBA student will have a slightly better time dealing with the pitfalls of the business world, in the beginning, owing to the fact that they are trained to handle these situations. An MBA student acquires a deep and acute understanding of marketing and management tactics- something that provides them with the added edge in business.
When does the MBA actually come in handy?
Once your business has taken off, you will be faced with situations where you will be confused about what to do next. This can be with regard to the management of finances, administration, or even time. With an MBA degree in your pocket, you will be able to strategize business decisions better.
In case your startup caters to a particular niche audience, you should get an MBA in that particular sector. For example, if you are running a boutique, an MBA degree in the realm of fashion management will prove useful for you. This is simply because a niche MBA will give you a much-detailed idea about how to approach certain decisions in the industry. Also, you will have to do an internship during the final years of your MBA, and this will give you the exposure and experience you will need to start your own business after graduation.
An MBA will help sharpen your executive skills
As the CEO of your startup, you will be at the helm of a lot of management and executive responsibilities. It can be a daunting task, especially if you haven’t done it before or have no idea how to go about it. An MBA degree can come in handy in this case. While pursuing the degree, you will learn all about making executive decisions. You will be able to sharpen your skill set even further when you finish your internship. Thus, an MBA degree will put you in the right frame of mind to run a business.
Of course, there is no legal compulsion- you can run a startup just fine without an MBA degree. However, it should not be claimed that the degree itself is of no use. Someone who has an MBA degree will find it much easier to make business decisions. They will be able to understand aspects like accounting, auditing, marketing and business administration better than someone who does not have the degree. Therefore, while it is not absolutely necessary to have the degree, it will definitely help if you have one.