For many future entrepreneurs, getting a Master of Business Administration (MBA) is seen as something essential. However, with the most prestigious MBA from a prestigious B-school in USA will cost more than $1 lakh. However, many future entrepreneurs have a doubt whether this celebrated qualification can give a wide range of business skills and whether this qualification will provide them better advantage when they set up their own business for the first time. Many of them have a doubt whether this qualification or straightly getting into the business and learning on-the-job can be the ideal option? Let us find the answer here:
A popular company, whose business owner was not an MBA graduate has stated that he was not able to manage when his company began to grow at a faster pace. Only the guidance of an MBA graduate helped him to manage the situation in an effective manner. This is mainly because of the better clarity the course provides to the future business owners. An MBA graduate can identify the area in which a company is losing and how to manage the same in an effective manner that too with better time management ability. The business owner mentioned earlier stated that he was able to gain better clarity with the help of a management consultant and was able to provide better attention to the future of his business. These things would not have otherwise happened, he added.
Even though, some experts are of the opinion that an MBA can be a viable option for future entrepreneurs, they are of the opinion that the cost can be a serious barrier. They further add that an individual should not have any debt when he is in the early stages of starting his business. This is why it is recommended that expending heavy on studies and getting into debt during this period itself will make an individual to face financial troubles in the initial stages of business, which can be highly frustrating. So, it is recommended that rather than getting into the debt issue for taking MBA, it is better to take up some internship programs before starting the business.
When the above-mentioned suggestion is given by some experienced entrepreneurs, most of the other entrepreneurs are of the opinion that MBA course can be of great help in learning the fundamentals needed for setting up a business in an effective manner. Better knowledge is stated as an important advantage, future entrepreneurs can gain from an MBA programme.
Some successful entrepreneurs are of the opinion that their experience helped them gain better value as against their MBA. They are of the opinion that rather than an MBA program, getting some sort of internship programs before starting business can be the viable option.
So, the conclusion is that MBA is a valuable course for future entrepreneurs. But, they will have to consider their financial stand as well before getting into such a course. Of course, they can look for educational loan, but they will be at debt when they start business, which will be frustrating. So, decision has to be different as per the situation of individuals.