Will Getting an Online MBA Make me a Better Entrepreneur?
The value of MBAs to entrepreneurs has been questioned a lot over the last decade, but you won’t find too many people who will devalue them today. We’re now learning how important it is to have a solid business background and business owners who lack formal education are starting to realise how handicapped they are.
Owners with a formal background were much better at adapting to disruption, were already familiar with agile and remote project management, and already had diversified supply chains, which gave them a strong competitive edge.
If you’re feeling like you’re falling behind because of your lack of skills, know that it’s never too late to get an MBA. And getting it online would allow you to get your formation while still running your business. Let’s take a look at a few reasons why all entrepreneurs should consider going for an online MBA.
You’ll Be Able to Wear Multiple Hats at Once
One of the biggest benefits of getting an MBA as a business owner is that you won’t be as dependent on other people’s expertise. You’ll be able to do things like manage human resources, training, accounting, and do some legal work as well.
You’ll have fewer issues with compliance and won’t be as vulnerable to lawsuits. Entrepreneurs who aren’t well-rounded often have difficulty understanding the legal risks they’re exposing themselves to or make compliance mistakes without realising it, but that’s not something you’ll have to worry about once you have your MBA.
You also won’t have to worry about building a marketing team. Even if you do decide to hire outside help, you’ll have a better understanding of what they’re doing and will be able to provide your insight. Having an MBA will allow you to understand and be personally involved in every part of running a business.
You’ll Learn from Others
Another benefit of online MBAs is that you’ll have the chance to learn from other professionals and business owners. Some of them will have gone through a bachelor’s and may be able to help you with some issues you might be dealing with currently with your business. You’ll also be able to get in contact with people in fields like law or engineering. Not only will they be able to give you advice, but they could also help you build a diversified network as well.
Your teachers could also help you a great deal. They could become counsellors to you, or even mentors. Some students have also been able to form business partnerships with teachers or other students. Many people go for the MBA mainly for contacts, and online MBAs give the same opportunities, so consider the option if you want to broaden your network.
You’ll Get Taken More Seriously
Credibility is much more important than many people imagine in business. Your clients may not necessarily care if you have a degree or not, but potential partners and financiers definitely will.
If you’re a budding business owner looking for venture capital or financing, not having a business background will be detrimental to you. Banks and other financial institutions will think twice before lending money and will put more obstacles in your way. You also won’t be able to get access to as much capital or get the best terms.
When it comes to venture capitalists, they will be much less inclined to work with someone who doesn’t have a formal business education, even if they’ve been able to run their business successfully for many years. And, if they decide to finance you, they will probably ask for majority control.
A lot of business owners fear giving up control and it’s understandable, but lack of capital could mean the end for your business. If you don’t want to be faced with this kind of conundrum and want to have bargaining power wherever you go, consider getting your MBA online.
Get Your Credentials While Running Your Business
Getting your MBA traditionally while running a business can be either difficult or impossible. Especially when you have an irregular schedule. This is why getting an online MBA makes so much sense for a business owner.
You could decide to follow classes part-time or full-time. You could go for a program that will allow you to follow classes on your own time too.
You should be careful with these programs, however. One of the issues with asynchronous classes is that you won’t be able to interact with students and teaching staff in real-time. This will make a huge difference in your learning experience and could affect your chances of success. So, if your schedule is an issue, we would suggest that you look at part-time options and consider getting your classes on the weekend.
You don’t have to rush the process as your goal is to become a better business owner, not entering the workforce as fast as possible. You’ll be able to apply some of the things you’ll learn as you go, so it doesn’t matter if it takes you a few more years to complete your program.
There’s also nothing stopping you from jumping modules on your own if you feel like you’re ready for them. You won’t be able to earn credit, but you’ll still be able to learn what you need to and integrate new skills.
You’ll get the Same Level of Education as Everyone Else
Don’t assume that online MBAs are of lesser quality than traditional ones. You could go for an online MBA like the one Aston University offers and get your education from one of the highest-ranked universities in the country.
You’ll have the same skills as any other graduate and could even get an edge since using remote communication and collaboration tools will become second nature to you. Don’t underestimate the quality of online MBAs and look for one that is dispensed by a well-respected school.
Now that you know a bit more about the benefits of online MBAs for business owners, we strongly suggest that you start researching a few programs today. You’d be surprised at how powerful they could make you as a business owner and how much more competitive they could make you.