The entrepreneurial spirit takes many different shapes and forms. Whether you’re an aspiring company founder with a revolutionary idea itching to launch your very own start-up, or whether you just want to bring a dose of leadership chutzpah and think-outside-the-box brilliance to your existing organisation, the bottom line is that you’re an innovator at heart.
But like all astute innovators and business leaders, you know that a good idea and guts aren’t quite enough. To really get to grips with growing a business, developing innovations, or starting your own company, you need a little guidance, a bucket of inspiration, and, of course, business smarts. Can an MBA at one of the top business schools in the world really give you the skills and experience you need to feed your budding entrepreneurial spirit? The short answer is yes (provided you choose the correct MBA program, that is).
So, why do MBA graduates often go on to skillfully grow existing organisations or start lucrative, prosperous businesses of their own? Below, we unpack the various ways in which the right MBA can prepare you to become a better business leader.
Entrepreneurship specialisations are specifically designed to give you the skills you need to start your own company.
If it’s entrepreneurial skills you’re after, it makes sense to choose an MBA program that offers a entrepreneurship and innovation major. These specialised MBA programs are unique in that they include a focus on creative business skills like design thinking and ideation. Not only will the MBA help you develop the ability to come up with innovative products and solutions, it will also show you how to profitably manage these innovations. You’ll have the opportunity to explore and understand various business models, including modern digital business models.
MBA programs teach you teamwork and leadership skills.
Why do MBA programs include so many group projects? Whether you’re starting your own business or working within a bigger organisation, you won’t succeed unless you understand the importance of teamwork and leadership. The top business schools in the world understand this, which is why collaboration and group work are such a big feature of any good MBA program. Even better, MBAs with an international focus force you to collaborate with people from a wide range of backgrounds, thereby giving you the kind of cultural sensitivity that enables you to do business with anyone, anywhere. If you want to take your business global one day – and why wouldn’t you? – take advantage of the diversity of an international MBA student body.
Your MBA network will serve you throughout your career as an entrepreneur and innovator.
The excellent network you build during your MBA program will continue to benefit you for years to come. Between your classmates, the wider alumni network, your lecturers, and the various connections you’ll make on company visits and field trips, you’ll form a wide support network of driven, like-minded individuals. MBA graduates find investors, employees, business partners, and mentors within their network, making it an invaluable resource for the budding entrepreneur or innovator.
The MBA provides a safe place for experimentation.
Why do an MBA if you’re not going to push the boundaries and experiment with new ideas and unorthodox business models? Another reason why MBAs produce confident, skilled innovators is because the course creates a space where it’s okay – beneficial, even – to try new things, even if it means risking failure. Trial and error is an inevitable part of any entrepreneur’s journey, so the sooner you learn to see your mistakes and ‘failures’ as learning opportunities, the better.
Company visits provide valuable insights into the inner workings of successful organisations.
Field trips and company visits allow MBA candidates to forge connections with prosperous companies and the school’s strategic partners. They’re also a great opportunity to pick the brains of key personnel and to find out how the gears turn in global corporations.
Whether or not an MBA will help you become a better business leader and innovator depends in large part on which MBA you decide to pursue. As mentioned earlier, finding an MBA that specialises in entrepreneurship and innovation at one of the top business schools in the world is a good place to start.
Need help selecting the right MBA for you? Download our guide, How to find the perfect MBA, for advice on choosing the right program.