One of the most common career dreams for many is to start-up something of their own and this vision is often accompanied by the need to do an MBA. In my opinion, where students go wrong is not understanding how the MBA can help you. In this blog, I will share my experience and explain how an MBA will assist you in your journey, using the example of a “typical” MBA candidate.
Let’s assume that you want to start-up your business in 5-10 years after your MBA. However, you don’t really have an idea or maybe have an idea that is half-baked. The fundamental question is for you to have an idea that solves a need and that someone is willing to “pay” for that idea. Obviously, the bigger need it solves and more willingness someone has to pay for the idea, the bigger the business opportunity. So, if you are really serious about being an entrepreneur, your focus should be entirely to clarifying, drawing, redrawing, editing and fine tuning your idea. Don’t worry about how it can be implemented. Focus more on what problem it solves, how is it currently being solved now, how your approach is better and who are likely to pay for your idea.
Let’s now think about how an MBA can help you through this journey – to start with, an MBA gives you broader understanding of many business lenses – economics, finance, accounting, strategy, decision making, HR and organisation and so on. Not all of these will help you immediately but they will start providing you with a framework to think. When you are thinking about an idea, you need to be aware of competition, supply and demand, willingness to pay, cash flow and financial models. It doesn’t matter what you want to achieve, these ideas will definitely shape your thinking. What an MBA also provides is lots of case studies so you can learn what others have done or not done and the mistakes others have made. This is invaluable for you to work through your idea to optimize your productivity and minimize re-work and loss.
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