For some, entrepreneurship has been a lifelong dream. Ever since they were a young child, this set of individuals have wanted nothing more than to own and operate their own company. A few have even taken this passion one step further, testing their entrepreneurial skills by running lemonade stands, selling products to classmates, or engaging in countless other youth-based businesses designed to help them earn a few bucks before they even hit adolescence.
Then there are the entrepreneurs who never intended or never thought to start their own businesses, but soon find themselves directed toward this path because they’ve developed an idea or designed a product the world just cannot live without. Almost by default then, they are destined to become a future business owner.
Regardless of which type of situation applies to you, earning a Master of Business Administration (MBA) can help provide the tools and skills necessary to make your upcoming business a story of success. In fact, here are five ways an MBA degree can help you create, build, and grow a business that is strong enough to withstand the test of time.
#1: Business Legalities
When you’re in business for yourself, there are many laws you absolutely must follow. Some are local and determined by your town, city, or county. Others are created by your state or even the federal government.
Find yourself on the wrong side of them and this not only puts your business at risk, but it can also be detrimental to your family as well. Whether you’re facing a lawsuit that sucks up all of your financial resources to fight, or you’re potentially in trouble with the law, risking your personal freedom as well, these situations can really take their toll on you, your spouse, and your children because the stress and tension often transfers to the home.
Knowing how to set up your business within the confines of the law can help limit many of these legal issues, keeping you, your family, and your business as harm-free as possible. Choosing the right type of setup—sole proprietorship, limited liability company (LLC), or corporation, for instance—the one most advantageous to you legally, can offer some of these protections as well.
This is where an MBA comes in. By taking classes such as Saint Leo’s course, The Legal Environment of Business, you’ll learn how various laws impact your business. You’ll also be able to identify when you’re in over your head and should consult a legal professional for his or her best advice.
#2: Understanding Trends
Creating a successful business requires knowing what types of trends are afoot. This includes looking at both trends within your industry and trends with regard to consumers in general.
MBA classes can help you learn how to identify and analyze these trends. They also teach you the skills and tools necessary to work with the information you glean so it benefits your business as a whole.
#3: Organizational Setup Options
Another way earning an MBA can help with your new business startup is by getting you to think, in advance, about the numerous ways you can structure your company. This is valuable not only for legal reasons, but also to ensure that all areas of business ownership are covered.
This includes making sure human resources, research and development, and all of the other areas are addressed within your company’s organizational chart. After all, deciding this at the beginning of the business ownership process is much easier than trying to change your company’s structure after you’ve already worked to establish yourself.
#4: Management & Leadership Success
It’s often said that a business is only as strong as its leader. And where can you learn how to develop stronger leadership skills? In MBA classes, of course!
For instance, Saint Leo offers Professional Development, Global Business Management, and several other courses designed to help students build and hone the skills necessary to effectively lead a business of any size. This better positions them as leaders in their industries and in the world at large.
#5: Marketing Avenues
You can have the best product or service in the world, but if you don’t market it appropriately, it won’t matter because no one will know you exist. This is critical in today’s day and age because more and more companies are vying for their potential customers’ attention and time.
Thus, knowing what types of marketing avenues exist and which ones to apply in certain situations can help you grow your new startup. Being well-versed in marketing options can also spark your creativity, making it easier to come up with campaigns designed to get the best results.
Earning an MBA can give you the skills and tools you need to build, run, and grow a successful company. Now all you have to do is sign up for courses and you’ll be one step closer to being the entrepreneur you’re destined to be.