Often, entrepreneurs have a more difficult time than necessary not because they lack the intelligence to run a successful business, but because they lack basic foundational knowledge that modern business frameworks require them to have. Pursuing an MBA not only provides future business owners this background knowledge, but ensures they know how to manipulate and apply it in a practical setting.
No Network, No Momentum
[pullquote]”Let’s face it. In the world of business — and the world in general — who you know trumps what you know and how well you know it almost ten times out of ten.”[/pullquote]Let’s face it. In the world of business — and the world in general — who you know trumps what you know and how well you know it almost ten times out of ten. Even if you can learn the foundational material on your own, and even if you need no help to solve every case study you come across with perfect acumen, you still cannot start a business without support, customers, and people to help you hone your plans going forward.
As unfortunate as it very well may be, even revolutionary ideas don’t come with a way into the market. Neither do they come with funding or advisors. And while it may be possible to secure these things on your own, doing so requires more money than most entrepreneurs have to spend, and more effort than they probably have the time to put in.
Business students, simply by virtue of being around established business-people and peers with similar ambitions, develop a network of such resources almost without trying. Many MBA students start their own businesses right off the bat these days. Far fewer independent entrepreneurs can say the same.
Before You Jump From a Plane, Check Your Chute
Finally, consider the lucrative career options available to MBA grads whose startups either stagnate or go belly-up. It’s a fact that success is almost invariably preceded by failure, and taking the time to get an MBA helps mitigate the damage those setbacks can do.
In addition, time spent in the world of established companies helps expand one’s network and knowledge of how strong companies function. For many aspiring entrepreneurs, this little boost is just what their independent business plans needed to get off the ground.
This article has been edited and condensed.
Simon Crompton is a freelance journalist and entrepreneur, who spends the majority of his time blogging about business startups and consulting on web development. He has launched multiple online companies. He is also a dedicated follower of fashion, and has written for the Financial Times and GQ. Connect with @PermanentStle on Twitter.
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