Why a business degree is valuable to start your own business
January 22, 2020
While household names like Dhirubhai Ambani, Ritesh Agarwal, Bhavin Turakhia, Azhar Iqubal, and Kunal never went to business school, that doesn’t mean you should follow their path.
It is worth noting that the generation graduating now, known as Gen Z, wants to start their business someday. They are easily influenced, motivated and inspired to start a business right after college.
But for budding entrepreneurs, having a business degree comes with some perks.
From figuring out the market for your product idea to gathering capital to market it outside and meet people to spread awareness is a long process. And if you are starting a business without a business degree, then you will need to work harder and smarter and put in more work and research than a student who has gained a business degree.
In our digital age, to start your own business is actually achievable, and an MBA will help lay the foundation in a few irreplaceable ways –
Network. Network. Network.
Networking effectively can have a strong positive influence on your career and your business.
Business school isn’t only about acquiring the domain knowledge you need to succeed in your field but building your network in business school is also extremely imperative since it could provide you many key opportunities. Learning with likeminded people is an invaluable experience. And these experiences, peers, and faculty will be the ones to help you achieve your goals down the road of your own business.
In addition, you also learn how to build your network whenever you get the opportunity. And without a doubt, the art of networking skill is very essential for your entrepreneurial success.
Technical smartness to match up the real-world skills
The business landscape is rapidly evolving, and the formal education you receive in business school will enable you to make smart decisions even when dealing with a certain degree of uncertainty.
During your time in business school, you learn accounting, finance, human resource management, marketing techniques, and business practices. Above all, you self-develop yourself during this course as they teach you to network, communicate properly, work ethics and the art of how to promote yourself in front of different sets of people.
While one could argue that you can learn these skills through the real-world application (and that’s certainly true to some extent), a business degree gives you a solid foundation on which to build this future knowledge. When you’re starting a business, you’re putting a lot on the line. Having a base of knowledge from business school will help ensure that your endeavor has the best chance possible of reaching its full potential.
Fail Fast, Fail Often
We’ve all heard the phrase “fail fast,” especially if we’re familiar with the agile approach. As counter-intuitive as it might sound, iterating fast failures achieve the desired result faster than perfecting the solution.
One of the reasons to apply for a business degree is for you to understand what your talents are or what your gifted skills are. During your time in a business school, you are made to push out of your comfort zone and think extraordinarily.
The more you find out about yourself, the more you find where your interests lie and what road map you need to create to achieve your career goals.
Many undergraduate and graduate-level business programs aim to allow entrepreneurs to encounter failure when their livelihood isn’t on the line. For us at TSCFM, our UK MBA program is about more than teaching students the soft skills they need.
We wanted to show current students what it meant to be an entrepreneur, and part of that was letting them fail in a safe environment. Failure is something every entrepreneur experiences when starting his or her journey, but these small failures rarely make headlines. Consequently, our society has adopted the mistaken idea that the most successful entrepreneurs have yet to take a wrong turn.
If you are thinking of starting a business and lack few skills, earning a business degree will help you with your future success.