The current pandemic showed to all of us the importance of having an entrepreneurial approach in order to face an increasingly complex, uncertain world. As months have passed we learned to view the uncertainty not as a problem to be solved, but rather as a reality to be embraced.
While an MBA program won’t teach you to be more passionate about your idea, and it won’t give you a constant thirst for new projects – those are some of the innate qualities a successful entrepreneur has.
However, an MBA program can teach you how to turn a good idea into a good business or project. If you think about growing your current business, making a career transition with a side project of your own or expand the business globally here are 5 ways an MBA can help.
1. Complex problem solving
Learn from real life case studies, frameworks, and proven models.
Case studies provide a learning experience where you put yourself in the shoes of a specific CEO or Business Owner and play out the results of various decisions in order to learn from them. Case studies help you learn how others have succeeded and help you build confidence in your problem-solving abilities.
2. Innovation and Change
You will interact and be exposed to colleagues who are contributing with different perspectives from their experience. Breakthrough innovation often happens at the intersection of industries. Outside thinking, perhaps from a related industry, brought into a new context can have a similar impact.
Earning your MBA provides a number of opportunities to apply new ideas or approaches from different areas to solve problems and drive innovation in your company or maybe to make a career transition.
3. Access to wider resources and networking
You will immediately feel the the positive impact of having access to local and international practitioners and experts on every major course, all throughout the MBA program. Having these types of resources on hand is incredibly valuable.
Perhaps one of the most powerful benefits of the MBA program is being exposed to the energy of your class colleagues, who inspire you to work and think harder on a regular basis.
Also, the network and brand of a good business school gives you easier access to acquiring some of the most important ingredients for any new company, including capital and talent.
4. Critical Thinking
Taking a break, having perspective, and giving yourself time to think of various aspects of your ideas or current projects is critical. To come up with big ideas, you need to step away from the day to day. The academic environment provides the opportunity to think big about solving big problems.
5. A safe place to test new ideas
Failure is an important part of every entrepreneur’s journey. While at school, you will benefit from an ideal environment to test ideas through your team projects or individual projects– and get feedback about ways to improve or even fail with less-harsh consequences. Over time, this type of learning will help you hone your decision-making capabilities and build confidence.