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Benefits of Going Back to Business School to Support Your Entrepreneurial Dreams - Lewis Robinson - Blog

Benefits of Going Back to Business School to Support Your Entrepreneurial Dreams

With stories of entrepreneurs dropping out of college or high school to pursue the development of their great big idea being pervasive throughout society, you may be asking yourself if getting a college degree is really necessary. The process of becoming an entrepreneur seems pretty straightforward from the outside: come up with an idea, pitch the idea to secure investments, and after following through with your business plan, you become a success. The reality of entrepreneurship is much different: almost half of new businesses fail within their first five years across all industries. The statistics are even grimmer after the first ten years: about 70% fail. But, why? Well, the creation of a business plan that will succeed can be a lot harder than it seems. Even with a great idea, as an entrepreneur, you might need to have the business knowledge backing up that idea to make sure that no matter what happens, whether it's a recession, production delays, or bad publicity, you have backup plans and business instinct to know how to react. So where do you find this knowledge and support? A great option for many is going back to school to get an MBA.

Utilize Academic Preparation 

So you have an idea that you think will make you rich, but what next? Getting your MBA can give you the insight necessary to know what the next best step is for your company. You may be thinking that you don't have the capital for your idea, so how would you pay for school? Well, student loans are an investment in yourself and your ideas. While getting an MBA is not a requirement, it can offer some benefits that could ensure the success of your big idea. Running a company includes marketing, accounting, and daily operations that are not always intuitive, and going back to school can point you to the right materials to learn all about this. In business classes, you also review real-life cases that can provide even more insight into the realities of running your own business. You even have the benefit of learning from other businesses' mistakes, so you do not have to make them yourself to learn the lesson. And it is not all about time in the classroom, programs also offer you pragmatic experiences as well. 

Find Mentors

Finding mentors through internships and classes can have a lasting effect on how successful you are as an entrepreneur. These mentors offer you free advice from their many years of experience that can be integral in creating a successful business plan. Gaining an MBA allows you access to an environment of collaboration that is promoted by skilled faculty and staff. Most programs also offer guidance programs where you establish a personalized relationship with a faculty member who is there to give you guidance even after graduation. 

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Analyze and Test Your Ideas

While in school, there are many opportunities to get your idea reviewed by peers and professors. There are even competitions available that, if won, can even provide money as well as recognition for your idea. Even if you don't win, getting feedback can be extremely beneficial when creating something that survives. 

Build a Network

Not only do you have access to mentors in a business program, but you also meet peers and alumni and build a network of like-minded individuals that can assist you in building your company and career. Not only classmates but academic organizations like clubs can offer you a space to meet and mingle with your peers to create relationships that can potentially pay off down the line. Making connections during your MBA program could lead to your new co founder or inventory specialist. 

While returning to school may seem like a daunting task, the benefits can lead to the long-term success of your company. Preparing yourself to become an entrepreneur is just as important as coming up with a great idea because having the knowledge of how to run, manage, finance, and market a business could save your business one day. 

Publish Date: September 2, 2021 12:30 PM

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