Delegate, Focus, and GROW Your Business

Does MBA = Make (Your) Business Advance?

MBA road sign

Inheriting the family business, whether it’s a group of franchised hotels or a hotdog cart, requires passion, ambition and dedication. You can be the next generation to take it up a notch and restore it to its former glory — by acquiring a shiny new MBA.

Advanced Business Skills

Your grandparents probably started the business with a few dollars and a few dreams — and it flourished. Three generations later, the economic landscape and business world are vastly different. Could an MBA help the business thrive?

Prasad Thammineni, the founder of OfficeDrop, a cloud-based document management program for small businesses, claims that he learned most of his business skills and established his network while obtaining an MBA. During an interview with FoxBusiness.com, he revealed that he had started four companies prior to getting his MBA, and none of them had the success of OfficeDrop. From risk management to effectively managing a large group of employees, he gained advanced business skills during his studies.

Where’s the apprehension? Should you stay consistent with the original goals or objectives of the family business? Is social media where you should focus? Should re-branding be the solution? While researching the viability of those ideas, an MBA can serve as an essential small-business tool.

Earning Potential

Keep in mind your earning potential with an MBA as well. According to the Journal of Education for Business, as quoted by Forbes, part-time MBA graduates make an average of 41 percent more after earning their degree than they did before starting their degree. Five years after graduation, they earn an additional 56 percent.

Business Trends & Enhanced Experiences

In a pro-MBA argument on Entreprenuer.com, Thomas Robertson of the Wharton School explained that MBA programs work hard to keep up with the current business world. A high-quality and relevant education is the goal for institutions. He also added that most students who enter these programs have at least five years of business experience. As an academic bonus, students experience opportunities for bouncing ideas off of other business-minded professionals. Learning from shared experiences, ideas, and even mistakes can help determine what may or may not work for businesses.

MBA Application

As a child of a family business, you probably understood bookkeeping reports before you learned to tie your shoes. In fact, you knew business so well that you probably chose to attend college for English, Archeology or Biology. Sure, MBA programs accept applicants who already have a BA in business administration, but many programs will accept applicants who have never even taken a business course, reports Alliant.edu.

Many schools actually prefer students who have diverse backgrounds and degrees paired with hands-on business experience. During the program application process, focus on your essay. Use the essay as an opportunity to explain how your extensive experience sets you apart from the rest.

Once accepted, expect the nature of your course load to vary. Business studies range from international economics and managerial accounting to business ethics. Learn how to run your business more profitably, and make it soar in this global economy.

Author’s Bio

Mercedes Jefferson : Mercedes studied business in school and loves the outdoors. She hopes to combine the two someday and start her own environmental empire.

Posted on August 14th, 2013 by Rachel Braam, Office Manager

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