You have an idea for a new product that no one else seems to have made, or maybe, you have discovered a niche business that is woefully underrepresented in your market. 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 look into 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.
Moving Beyond Ideas
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? 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.
Right now, one in every four conferred master’s degrees is an MBA. It is the most popular graduate degree in the United States, and if you plan on going into business for yourself, you should give yourself every competitive advantage you can.
Business operations, strategic planning, marketing and advertising, general accounting principles, financial planning and raising capital are all skills of a business owner with an MBA in Entrepreneurship. An online MBA program allows you to gather all these skills and tools without the financial burden of many brick-and-mortar graduate programs. One way to think of an online MBA program is as an accelerated series of business exercises that will teach you many of the skills and shortcuts you could pick up on your own, but only over the course of five or ten years. There are many common mistakes new business owners make due to inexperience, and an online MBA program can help you avoid them.
More Than a Business Degree
An MBA involves more than just learning accounting and financial models. It also teaches you how to manage a successful business, from operations to human resources. What if your wild idea takes off and you have to hire employees and out-source 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 deal with the local, state and federal requirements in regards to employees? 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 afford you.
Learn more about the Southeastern Oklahoma State University online MBA in Entrepreneurship program.