You have an idea for a new product that no one else makes, or perhaps you discovered a niche business with relatively little market representation. The world needs a clever business owner to solve this problem, and you are just the person to do it, right? You start putting your ideas down, but when you begin to investigate implementing them, people ask about your experience.
You have an idea and a plan. Is that not enough? Maybe, but maybe not. The question you need to ask yourself is whether taking a few years to earn an advanced business degree is right for you and your business model. Should you spend your money on a degree program? After all, that is capital you can invest in your business.
One option to consider is an online Master of Business Administration (MBA) degree. For example, the affordable and flexible online MBA with a Concentration in Entrepreneurship program from Southeastern Oklahoma State University targets the precise knowledge and skills you need to start a new venture. Additionally, core coursework covers foundational business subjects like marketing management, behavior management, data analysis, financial management and strategic management, providing you with business acumen to excel in the numerous operational roles entrepreneurs play.
Entrepreneur Business Education: Move Beyond Ideas and Secure Your Competitive Advantage
The first rule of business is to get more money coming in than going out, but has your business plan addressed the myriad ways to accomplish this? Have you created mission and vision statements for your business that establish and communicate your overarching purpose and goals? Are you even aware of all the permutations and complications of making and spending money? Most of us are pretty good at spending it, but earning an MBA in Entrepreneurship will teach you how to make money, too.
According to the most recent data from the National Center for Education Statistics, roughly one in every four master’s degrees conferred in the U.S. is a business degree. The MBA is the nation’s most popular graduate degree, for good reasons. If you plan on going into business for yourself, you should give yourself every competitive advantage you can, and earning a specialized MBA offers significant advantages.
Streamlining Experience, Skills and ROI With an Online MBA for Aspiring Entrepreneurs
Business operations, strategic planning, marketing and advertising, general accounting principles, financial planning and raising capital are all skills you develop in Southeastern’s MBA in Entrepreneurship program. Plus, the online MBA program model allows you to gather these skills and tools on your own schedule, wherever you are.
Further, you can continue working and building your business while completing studies online, avoiding the financial burden of many brick-and-mortar graduate programs. Attending scheduled classes on campus can mean cutting down your hours and losing out on income and career advancement opportunities. With online studies, you don’t have to take on these opportunity costs, helping you speed up your return on investment (ROI) in an MBA degree
One way to think of an online MBA program is as an accelerated path toward becoming an expert in business management, equipped with the skills and acumen to succeed. You may be able to develop this expertise over the course of five or ten years, but with Southeastern’s online MBA, you can get the skills you need in as few as 12 months. This rapid skill acquisition helps you avoid the mistakes inexperienced new business owners often make.
The MBA in Entrepreneurship: More Than a Business Degree
An MBA involves more than just learning accounting and financial models. It also teaches you how to think critically, make data-driven decisions, solve problems and manage a successful business, from operations to human resources.
What if your wild idea takes off and you have to hire employees and outsource the work to a third party just to keep up with demand? Who is going to manage the physical aspects of your production pipeline? Who is going to keep up with local, state and federal employment laws? Are your work areas compliant with safety regulations? Are you accounting for cash flow correctly?
Suddenly, your clever idea is now a full-fledged business that needs more than an idealist with a dream. It needs a smart and capable manager who knows how to source materials, pay labor, create packaging, craft clever advertising and manage supply chains. Your business needs to grow, and successful growth comes from being ahead of the curve, which is what an MBA in Entrepreneurship will help you accomplish.
Learn more about the Southeastern Oklahoma State University online MBA with a Concentration in Entrepreneurship program.