The rigorous one year MBA program is known to enhance students’ eligibility for higher paying jobs. However, this is not the only means to achieve success in your career.The current environment of the Indian economy and initiatives such as Startup India are favorable to the establishment of businesses. Coupled with the learning from your degree, setting up your own business will not seem like such a daunting task.
Here are five ways in which your MBA degree will prepare you to start your own business:
1. Testing strategy
The subject matter of an MBA course in India will help you gain an in-depth knowledge of management theories. This will enable you to write your own business plan, rather than being dependent on a specialist to do so. Lectures and case study discussions will help you understand different business strategies and formulate sound ones for your venture.
2. External funding
Businesses, whether small or large, need adequate investments to run smoothly. If you are setting up your own company, chances are that your own resources may not be enough.In this case, you will need to pitch your business idea to investors. An MBA program will teach you to formulate a convincing, substantiated business plan to attract external funding. You will also know how to manage operations such that investors do not change their mind about putting money into your company.
3. Learning how to hire
Entrepreneurship after MBA is easier because the curriculum equips you with the knowledge required for hiring. You will learn how to attract, hire and retain human resources.
4. Building a network
Building relationships with classmates is an important part of the MBA experience. These classmates could be potential partners or investors in your business.They could also help out with other aspects. For example, if you attended a program at one of the MBA colleges in Gurgaon, your classmates may help you reach out to suppliers and clients in nearby places such as Delhi and Noida. Asking them to evaluate your business plan may help you understand faults that you could not see.
5. Structured mentoring
Many MBA courses today provide a specialization in entrepreneurship. These help you meet experienced people from the industry, who may serve as mentors when you need business advice.An MBA degree will give you confidence and know-how to take your business global, as well as and make you an inspiring thought leader.
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