Many who build their own small business from the ground up fail, but the chances of success are significantly higher for entrepreneurial spirits with an Executive MBA degree and a background in business. Whether or not an EMBA degree is really worth the time and money that's being spent by professional students have been a widespread debate for the last decade, if not longer.
While there are monetary rewards for earning a business degree that most focus on, those who aren't looking to earn a salary should focus on how the competencies and strategies that will be covered throughout the course of 18 months can help them succeed in business. Opening a new business can be terrifying and exciting at the same time. This article will delve into how an EMBA program can equip those who are starting up succeed.
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A Network of Professional Students and Alumni
Statistics released by the Small Business Association show that about one-third of small businesses will fail within the first 2 years. Even worse is that these trends show that half of the remaining businesses will fail within 5 years. Out of those that survive, it's fair to assume that they are started by not just motivated entrepreneurs, but experienced and prepared individuals with a network of people to lean on.
Not everyone has to commit to paying six-figure price tags to get this network, but one of the biggest advantages that Executive MBA graduates have is that they have an extensive professional network to turn to while they are students and then even beyond that when they fall into the alumni category. The network that's built in the short time that students attend school is often considered the most valuable aspect of earning the degree because they can connect entrepreneurs with talent, industry competitors and more.
Knowledge of Strategy and Startups
A business-minded person might have all of the ideas in the world without any clue on key functions that can't be avoided when building from the ground up. Earning an EMBA degree will help students learn the key concepts they could have overlooked while they were developing an idea and business plan. The competencies covered also tie into strategy, which helps entrepreneurs make informed decisions that can prolong the life of their business rather than shorten it.
Learning About Different Cultures and Attitudes
The business world is becoming increasingly global no matter the size of the establishment. This is why it's crucial for business owners to surround themselves with business owners from different cultures and different walks of life. EMBA programs attract a huge demographic of students.
While core and specialty curriculum helps students develop knowledge, being surrounded by these other cultures gives invaluable information to entrepreneurs who want to be a part of a global community. Not only does this help with changing personal attitudes that could hinder success, it also helps with communications and marketing to a wider spread audience.
The cost of an MBA degree that focuses on scheduling conflicts that can arise for professionals can high. Many programs today cost more than $100,000. Students with plans on escaping corporate life to start their own small business should use their resources wisely, study for an Executive MBA degree while they are on the corporate ladder, and then utilize what they have gained to start a business.