Local Business Owners Share How an MBA Helped Them Succeed
Most business owners and entrepreneurs consider and MBA important in today’s age. But will this qualification offer local business owners an advantage, or would it be better to set up a business rather than spending time on the theoretical process?
Back in 2012, the startup V7 was facing a problem as it was growing too fast. Mr. Bara, the owner of the agency, says he didn’t know how to manage the growth, leading to subsequent losses.
So he decided to call an MBA graduate, asking him to take an objective look at his business. The MBA consultant was easily able to tell where the company was facing losses, and how they could utilize their resources to better improve his business.
If you are a budding entrepreneur, or a small business owner giving a thought to the MBA program, here is what you need to know regarding the benefits of this course.
- You will better understand the process of business management
After pursuing an MBA program, you are better able to understand the important concepts of business planning. A typical business-oriented course covers in-depth information about the subject, helping you to differentiate between various winning strategies.
Apart from managing the business, you will also learn to keep track of marketing, accounting, human resources, and sales within your business.
- You can take your business to a global level
With the cut-throat competition in the marketplace, international expansion is a must for every local business. An MBA program will equip you with the tools, techniques and practical guidance that are required to take your business to a global level.
- You get more networking opportunities
When pursuing an MBA course, you will meet many like-minded people who will help you to create valuable connections with other entrepreneurs. The conversations you share with fellow Alumni will lead to connections that will help you in the growth of your business.
- You learn about the parameters of running a business
MBA programs educate you about different alternatives to run a business. With in-depth case studies and success stories, you will gain insight into the minds of leaders, helping you take lessons from their successes and failures.
- You can write a proper business plan
A precisely written business plan can assist in the process of gaining investors. After earning an MBA degree, you will easily be able to construct a plan with a detailed synopsis for your business.
You can easily start up with a local business if you are good at building websites, marketing, or selling, but you will lose control when it comes to managing people, sales, and accounting. Pursuing an MBA program will not only provide you with knowledge about every business tactics, but marketing strategies, bookkeeping, managing operation and taxes too.