Do you have a nice idea that you can turn into a business? Yet you dont know how to start. Truth be told, all your apprehensions are right.
More than 90% of businesses that start end up closing within a year. Reasons are plenty. There is no one line formula for a successful business. Being passionate about something having a solid product/ solution isnt enough. You need to manage your employees, clients, finances and a lot more that isnt visible until you start an organization.
There are many success stories of leaders who had an amazing idea and it only bore fruits after they attended a great B-School. Steve Jobs Stay Hungry, Stay Foolish quote stays realistic, more so while you are at college. Because you are young and stupid, you tend to learn quickly from your mistakes and change your strategies.
MBA covers different dimensions of a business. Though you have a specialization, you still tend to learn different aspects of every domain. Entrepreneurs neednt be masters of something. They need to know a little bit of everything.
Its the most essential part of an MBA. Most of the successful start-ups today were started by MBA batch mates. The reason is pretty simple. You may have an idea but someone else can shed a light from a different perspective and solve the problem you have. You need multiple strong pillars to kick start a business. Thats what your fellow graduates are.
Apart from that, the alumni network of the said college. The guest lecturers and even some company managers might come handy in the future when they see the potential in you.
No success comes without the risks involved in it. But there is a thin line of difference between bravery and stupidity. MBA enhances your knowledge about the said risks in specific decisions and areas. In turn, it makes you watchful about steps.
Business is not about doing something very quickly for one month and then sluggishly dragging it in the future. No matter what your speed is, consistency is the key to a successful business. You have to come up with the ideas which are sustainable in the longer run, not something which benefits you or the organization in short-term.
A famous quote by Gandhi goes: Be the change you want to see in the world. But business is about adopting that change in your organization. Those who stick to their dogmas are bound to perish from the market. When you study case-studies during your post-graduation, you understand why some failed while others succeeded.
No point having a great solution, and not able to present it to a stakeholder or a client. Because if you cant sell it, it means nothing. Be it a service or a product. An MBA degree teaches you how you make your case convincing, how you present it so that your competitor falls short, how your solution worth more than what you are asking.
When you visit different companies for internships, different colleges for competitions, different vendors for your project, you learn the real-world problems and solutions to them. Thats why an MBA is a very practical course in this regard, where you have to go out and perform what you are being taught in the class.
Most of the newly found start-ups go kaput because of this major problem. They think that spending more money will gain them more business. Hiring more resources, purchasing assets for the company may be all good if you are considering all the financial aspects of your business. When you learn finance during your MBA, you understand its more than just taking and giving money.
This decides whether your business will thrive and continuously grow or get stuck to a limited resource count. Your interpersonal skills make you a better leader. They make people want to work for you. They make more clients to give more business to you. Basically, these skills separate the best from the rest.
All said and done, the MBA degree may not give you your business idea. But it sure will ignite that fire and provide you the necessary tools to perform your decisions. There are hundreds of books about MBA and Entrepreneurship. But no amount of theoretical knowledge can match that of a practical one, which you can only have at a competitive institute.
If you are interested in a career that is exciting and pays well, give us a call at 020-27475090 / 27478666, Mob: 9422009207 /09/10/12 or drop us an email at email@example.com / firstname.lastname@example.org to know how our MBA at ASMs IBMR can help you get your dream job.