How An MBA Helps Entrepreneurs Succeed
An entrepreneur is someone motivated to take risks and make their own success, but on their journey, they need all the tools they can find. An education in business administration is one more resource an entrepreneur can apply to their vision, and sidestep a great deal of mistakes along the way.
Although MBA programs have their critics in the world of entrepreneurs, many successful businesspeople have also begun to encourage younger innovators to go to school before they launch their ideas. In the Harvard Business Review, scrap metal mogul Stephen Greer makes the case that he lost a lot of money and opportunities making mistakes he never would have had he earned an MBA himself.
One of the mistakes many entrepreneurs make when they begin is thinking that all they need is a great idea, but success also requires business knowledge. An MBA provides graduates with a well-rounded skill set in all the core fundamentals of business, including accounting, marketing, strategic management, organizational behaviour, financial management, business analytics, economics, and operation management. Integrated Core Study, part of the MBA program at the Lazaridis School of Business & Economics, teaches all eight pillars of business in a holistic curriculum. The Integrated Core Exercise requires students to analyze real world business challenges and make strategic recommendations applying knowledge of all eight core courses. A broad knowledge of business theory is an essential asset for anyone who wants to launch their own business so that they can quickly analyze transactions and opportunities that will help their venture thrive.
In addition to the comprehensive business education offered by their Integrated Core, the Lazaridis School of Business & Economics has also launched a project (the Lazaridis Institute for the Management of Technology Enterprises) designed to empower startup tech companies and support them with business resources they need to scale. The institute’s mandate is to connect emerging Canadian startups with C-level executives who have successfully scaled enterprises before.
Lazaridis MBA students also benefit from two entrepreneurship hubs, LaunchPad and the Kitchener-based Communitech Hub. Here students and alumni are given space and resources – including working alongside other leading startups in the region — to launch their businesses. If you want to launch your own business, you should consider the Lazaridis MBA program in Canada, because it offers a specialization in Innovation and Entrepreneurship as well as innovative resources like LaunchPad and Communitech that can help you bring your ideas to the marketplace.
Forbes compares an MBA program to a sandbox for launching a business, where students can experiment, network with other ambitious and talented students, and learn from leading professors. Anyone who is serious about starting their own business should reach for every resource available to them; an MBA can provide a richer, more diverse personal network, a chance to make mistakes and recover quickly, and opportunities to take advantage of innovation hubs where hundreds of successful startups began. From Trulia to OKCupid, some of the most successful startups of the 21st century emerged from MBA programs. An education in business administration is a must-have for aspiring entrepreneurs who want their venture to become a success.