The exact details of what makes an entrepreneur better or not have been debated for several decades. Are you born with business acumen, or do you need to develop it with formal education and experience?
The debate has shifted to how relevant formal education is to become a successful businessperson—i.e., whether it’s worth tacking a fancy MBA title onto the back of your name. And more recently, due to MBA programs being offered purely online, how does it gear a graduate for future entrepreneurial success?
Today, we’re taking a stance to promote online MBAs. We’re going to talk about how an online MBA prepares you for the world of entrepreneurship.
There Is No Traditional vs. Online MBA Debate
One common issue people argue about is whether or not an online MBA degree is inferior to a traditional one.
The fact of the matter is that some B-schools don’t differentiate their MBA curriculums based on whether or not a program is offered offline. This means that you would receive the same level of education online as you would from the same school that has onsite MBA programs.
Adds Credibility to Your Name
As a future businessperson, your main job will be to establish working relationships with clients, suppliers, potential investors, and banks. If you’re new to the business world, you may be forced through an intensive vetting process to check for your credentials.
However, with an MBA title after your name, there is a greater chance that third parties may be more trusting in you and your business. Your MBA signifies that you are well-rehearsed in business, even if you are trying to land your first job as a solopreneur.
Learn Alongside and with Like-Minded Peers
They say that business school is just two or four years of networking, which is 100% true. While you can receive formal education by attending online classes led by renowned professors, you also get the chance to mingle with fellow students who strive to become the next successful business person in their city or country.
Business school is about establishing lifelong relationships with the right people, whether they are your classmates, professors, or indirect connections. And if you establish the connections, you have a greater chance of becoming successful in the business world.
Maintain Your Business and Earn a Degree
Striving for a degree while attending classroom lectures puts a strain on your schedule. You cannot possibly be in two places at the same time, meaning that traditional learning would force you to prioritize your business or your academic life with very little room for overlap.
However, this isn’t the same case with schools like Nexford MBA. Some schools let you learn at your own pace and even choose between part-time or full-time learning. This lets you run your business while working toward an MBA.
Become a Jack of All Trades
As the leader of a business, you won’t just manage external relationships. You will also have to understand all of the goings-on within the four walls of your business.
From select online MBA programs, you will gain a skin-deep understanding of the following topics:
Budgeting
Leadership
Planning
Finances
Marketing
Communications
Presently, you probably have different people focusing on human resources, cash flow, and marketing. An MBA gears you to understand every business sub-topic, so you’ll always be in the loop regarding the business side of your company.
That’s not to say that you will instantly become a marketing or accounting master, but at the very least, your input will bear meaning when offering it to the experts working in your company. Even if you don’t have people working under you, you will have a basic understanding of how to manage each aspect of your business.
Expand Your Worldview
Attending a B-school is an attractive prospect to students from all around the world. Opening up an avenue for online classes means there is a greater chance that your classmates will not come from your country of origin, forcing you and your professors to look at the world of business through an international lens.
Thinking about how to take to scale your company to the global level is in the mind of every entrepreneur. When attending an online MBA program, you’ll be in a unique position to learn about how business works in different countries, how to communicate with foreign peers, and breaking out of the herd and toxic groupthink by looking at things from another’s perspective.
Final Thoughts
While an MBA is not a definitive requirement to become an entrepreneur, having an online MBA degree can make you and your business stand out from the crowd. The benefits that an online MBA offers to entrepreneurs cannot be understated. An online MBA degree offers the same benefits as a traditional degree but with added benefits of time flexibility and gaining a diversified worldview.
