How To Start Your Venture After MBA

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MBA

In case you are thinking of starting a new venture, you may think of the possibility of making it without the need for an MBA degree. 

It is possible and has been demonstrated by several successful billionaires including Bill Gates, Mark Zuckerberg, and Steve Jobs. 

However, it certainly reduces your chances of making it in today’s world. This is due to several reasons which need a detailed discussion. 

In reality, for every successful businessman who did not complete an MBA degree, there are several more who did so and became immensely successful. Examples include Warren Buffett, Nike co-founder Phil Knight, and former eBay CEO Meg Whitman.

Remember that an MBA does not teach you how to feel more comfortable with your risky decisions or make you more passionate about pursuing an idea. 

Neither does it imbibes creativity required to come up with new ideas for projects. These are essential qualities of an entrepreneur which cannot be taught or trained in. Instead, the MBA will teach you how to convert a good idea into a good business. 

There are a few reasons why you require an MBA degree:

Business Schools Are Great Training Grounds For Entrepreneurs

MBA programs are excellent in terms of preparing students for the business ventures they might want to launch themselves. It offers great exposure and improves various aspects essential for an entrepreneur.

The Right Environment For Business Studies

Business schools easily recreate the environment required to test and mold your ambitious and creative ideas. This is done in a way that the fear of pressure and failure is overcome through practice. 

These platforms may make some of them fail, but it works in their favor. These unsuccessful attempts are essential to their entrepreneurial venture. It allows them to improvise and come up with a new solution. This readies them for the future in the real world when there would be much more at stake. 

There would be mentors and teachers guiding you all along as you search for great ideas for your venture. You will get a taste of all sides of entrepreneurial experience. You will learn how it feels to convey your vision as you attempt to execute it. Furthermore, it will give you more clarity on whether it really is the one thing meant for you.

Emphasis On Teamwork

Business schools offer the right environment for your team— Entrepreneurship requires good teamwork. These are great platforms to establish some strong relationships and a healthy network of classmates who will give support in at least one domain of your business. Besides, your professors could be the ones you look up to for advice. 

B-school will teach you the way to run a company and not just how to start it. Many entrepreneurs may have started their ventures but failed to remain in the market because they lacked the knowledge required to keep them there. These are included in education at business schools.

The ability to translate the ideas into business determines your success. Remember that an entrepreneur should have a piece of knowledge about almost everything. This includes the accounting know-how to the knowledge about products and services. Above all, your ability to step in as a leader makes the difference in a successful venture.

What The Statistics Say

Studies suggest that globally, about 5% of MBAs begin their own companies straight out of the graduate schools. However, this percentage grows to 24.4 within a three years duration, according to the study published by Financial Times. 

It was also revealed that the MBA improves the rate of success of starting a venture by 18%. Furthermore, it was found that around 84% of businesses initiated by MBA graduates were still functional after 3 years. So it is clear that the success rate of MBA graduates is much higher.

 

Starting Your Own Business After MBA

Once you have completed your MBA, you have the knowledge and the ideas to start a business. The only thing you need to develop is courage and capital for the venture. No matter how small you start, make sure you put in all your efforts with self-determination. 

There are several home business ideas that MBA graduates can start with. These are discussed below:

Business Classes

There are several individuals who might have great ideas but may lack the adequate knowledge required to start a business. These people may not know much about, business optimization, product development, business planning, staffing or accounting. 

You can compile a convenient curriculum for them using your knowledge of the business field. Some of the students might be pursuing a masters in business administration from online institutions. For them, your venture would be really helpful. Online MBA programs are challenging and your venture as a tutor could be a great one 

E-Commerce

E-commerce comprises of all the businesses held over the electronic networks like the internet. It is one of the most competitive fields nowadays and the MBA degree comes in handy for success in the same. 

By using the knowledge and skills gained during your degree in MBA, you would be able to implement successful methods that would definitely help you succeed in your venture.

Financial Advisor

Majority of the common population is still clueless about foreign exchange markets, interest rates, taxes, and investments. 

There might be successful people in their respective fields of study, but they need appropriate financial advice to ensure the right financial decisions and investments. 

These skills are imparted in an MBA degree and it can be put to proper use by becoming a financial advisor. It is a good idea to start if you are confident about handing out advice on finances, as this might later blossom into a better and successful venture.

Blog Writer

Business is a booming sector on the internet. Therefore, people regularly visit useful articles and blogs on the internet. In case you have sufficient knowledge and skills to present them in a useful way, you can start a blog by yourself.

If your website is well received, it could be expanded to a full-fledged business. The skills that you learned in your MBA will definitely come in handy for this purpose.

Corporate Training

Business is a sector that sees daily transformations and fierce competition. There is a constant need to keep the employees of the corporate sector educated about the latest trends. 

Organizations are constantly training their employees and staff to keep them informed and ready to face the every day challenges posed by their respective industry. 

You can use the skills and knowledge you grasped from your MBA training for this purpose. This will require you to prove your oratory skills and also need you to be an influential speaker.

Management Consultant

When you decide to take up this post, you become the coach and advisor of the manager. Managers require a second opinion as their decisions might involve a certain amount of risk. 

This is why consultants are needed. They provide a different perspective from someone who has been there and has deep industry knowledge. 

Management consultants are invited to hold talks, conferences with managing staff, and to visit corporate offices and enterprises to give lectures. They are in high demand and as their experience grows, they will be much sought after individuals in their respective field. This is also a great way to pursue a venture after your MBA.

External Funding

Businesses require investments regardless of the size in order to run smoothly. In case you are starting your own company, your knowledge and skills will not get you over the line of success. 

However, having the right amount of investment will surely do. For this, you may have to pitch to investors. If you have completed the MBA, you would have learned the business plan that can be used t attract the right external funding. 

Further, you will also remember to manage the resources properly so that the existing investors do not leave your venture halfway.

Knowing How To Hire

Human resource is an essential part of any business. Hence, it is important to recruit the right personnel for the venture you are planning to start. You could use your knowledge and skills acquired to choose the right fit for your firm.

Building A Network

Relationships and contacts are vital for the success of a business. This involves creating connections with your classmates, professors, and many more. Further, you can get help from your friends and family too. 

This is important as you would be able to operate freely from one place if you have the right contacts in the right place. You would be able to carry out your needs smoothly. 

If you have done MBA in Marketing, you should be know the importance of marketing yourself and your business in the industry. The very same contacts which you have built will help you to spread a word about your business. This is free marketing, isn’t it?

 

Conclusion

Overall, MBA graduates are the best suited to begin a venture on their own due to the knowledge, experience, and exposure at their disposal. If they can use these resources smartly and creatively, you would be able to succeed in whichever field of business you decide to function. 

Acquire the right connections, use your imagination and go forth with courage and determination and you will be surely reaching entrepreneurial success.

MBA

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