Placing one’s entrepreneurial dream on hold is a big – and painful — choice. Having read Part 1 of this blog series, you’re now aware of 4 key reasons to do so. So, you’re now considering whether a business school education makes sense for you. While your mind is open to the possibility, here are 4 additional reasons why pursuing an MBA could be a very wise decision for your entrepreneurial future:
5. Supercharge your professional network.
Do you currently have access to senior leaders and decision makers in your future industry? Do you already have relationships with key contacts and influencers in the cities and countries you intend to target? If your answer to both questions is “no” then you should say “yes” to an MBA education. The esteemed faculty and vast global alumni network become highly responsive, lifelong resources for those entrepreneurs who attended their school.
6. Add a big-name corporate credential before you launch.
Your entrepreneurial venture may be more likely to succeed if you first gain a few years of corporate experience. The better known and more respected the employer is, the more valuable this chapter of your professional development will be for you as a budding entrepreneur. The recruiting opportunities at top business schools are unrivaled. Representatives from the leading companies in almost every industry line up to interview, evaluate and hire MBA students for summer internships and full-time jobs. This in an arena for opportunities unlike any other.
7. Meet and bond with potential partners, allies and customers.
The caliber of your potential MBA classmates will astound you. Chances are excellent that you’ll discover peers who understand and share your vision and would love nothing more than to join forces with you to help make it happen. Other fellow students will have different goals but could facilitate your future success through collaborations, endorsements and introductions. And you’ll get to engage with them through alumni meetings and class reunions for the rest of your life.
8. Test and refine your business model in a no-risk laboratory.
Even if you’re convinced that your entrepreneurial concept is a sure winner, there are ways that you can improve and refine it. So why wait until you’re actually in the marketplace to validate, elevate or expand your idea? Business schools offer an array of incubators, accelerators, competitions, conferences, etc., where you can test drive and improve your strategies and tactics at zero cost and with zero risk. And you’re sure to discover immediate alternatives to your current plan if it should prove unviable.
What’s the basis for our observations and advice on this topic? Over the past 21 years, The MBA Exchange has advised thousands of professionals contemplating an entrepreneurial career. In fact, our consulting team includes dozens of MBA grads who have launched startups after earning a b-school diploma. We also have experienced MBA career services professionals who understand the wants and needs of eager entrepreneurs.
Entrepreneurs must make decisions under time pressure despite having limited information. What’s your decision? Does a top MBA education make sense for you? Your answer will help determine your future success, so give this important question all of the consideration that it deserves.
If you’re still in doubt about whether attending business school should be the next step in your path to entrepreneurship, we suggest that you get a free, expert evaluation of your MBA candidacy. This feedback will help you determine if this education is an option for you. At the very least, you’ll get feedback on your strengths and weaknesses that will add to your self-awareness before you launch your business.
