No they certainly do not need to get one in order to succeed, although this could come in handy depending on the line of business the concerned young entrepreneur has chosen. Since earning an MBA for an entrepreneur who for example is in the financial industry will be well worth it compared to someone who is an artist or a scientist. Indeed, today there are countless examples of entrepreneurs who have succeeded without having an MBA with many more still to come. Regarding this, the Bill Gates of this world readily come to mind as well as the more recent Mark Zuckerberg.
The right thing to do
Having an MBA more often than not will be more useful to people seeking employment with a company rather than a start-up entrepreneur. This is the case when you consider the number of MBA graduates that business schools churn out that eventually start their own businesses. The fact is that most people who attend (without necessarily completing it) end up working for some company and never starting their own businesses. With the number even increasing when you consider those that eventually complete the program.
But why is this so? Well, one of the reasons for this is due to the way MBA programs are run. You see people with MBA degrees are not taught how to hunt, but how they can be fed. Indeed, you will graduate with a collection of communication skills, a good network among others, but will not be taught how to persuade skeptical investors, bootstrapping and so on; skills that startup business owners require. It is for this reason that many people have opined that entrepreneurship cannot be taught. Okay, but can it be nurtured?
Rather consider getting a master’s degree in entrepreneurship
Yes, granted many MBA programs in fact some of the best acknowledge the fact that they cannot create entrepreneurs, but simply nurture them. In other words, people with already existing innate entrepreneurial ability are polished up and provided with tools that will help them in performing better in the world of business by attending an MBA program. This is why there are at least some business schools that today have started running or considering running a master in entrepreneurship.
This comes due to the growing interest in entrepreneurship as more and more people are considering this a better option to joining the labor market. Therefore, any startup entrepreneur that is considering getting an MBA with a focus on entrepreneurship should consider this better option. It will expose the students of this program to the skills set that they will require in being able to take on the turbulent, but potentially lucrative world of business.
One benefit that you will get from attending business school for a master in entrepreneurship is that you will be able to learn from the program as well as learn from other budding entrepreneurs. Since more entrepreneurs or future entrepreneurs are likely to enroll for this, rather than an MBA program. Also, this program will give attendees the opportunity of having a broad knowledge of what is needed to succeed as an entrepreneur as opposed to some specific aspects.
In summary, although young entrepreneurs do not need to acquire an MBA or even a master in entrepreneurship for that matter to succeed, having either of them comes with its benefits. Also, although formal education is good and even important young entrepreneurs will need to learn and make mistakes along the way as they enter into the business world. The reality is that the ever-changing world of business needs to be adapted to so what one learns in b-school needs to be further worked upon.
Author Bio: This guest post was contributed by Jason Phillips on behalf of Ivy MBA Consulting. He has been writing articles and content on a variety of topics across the web and is hoping to share his enthusiasm and knowledge on the subject. His leisure includes skiing and horse-riding.