5 Ways an MBA Can Help Business Owners

As a business owner you're always looking for ways to improve your skills and become a more productive and innovative leader in your industry.

17:52 22 August 2016

One of the ways you can do that is by earning a degree, which will not only expose you to a range of subjects that will increase your proficiency as an entrepreneur, it'll also give you yet another credential to add to your resume. Perhaps the best degree for a business owner to pursue would be a masters in business administration (MBA). With that said, here are 5 ways an MBA can help any business owner:

1. Learning How to Replicate Successes

Any great businessman will tell you that the key to winning in any niche is learning how to reverse engineer and replicate the successes of your leading competition. As part of earning your online MBA degree from a distance learning university like NEU, you'll be shown how to identify and analyze the attributes of a successful company, which will lead to an enhanced ability to focus on efforts that will offer the most results.

2. Understanding Business Management Theory

As a business owner you should have a thorough understanding of every aspect of business management. This will help your company become more efficient and avoid the unnecessary hassles that are often associated with poor management practices. With an MBA you'll have a degree that proves you're well-versed in business management theory, which will not only be beneficial for your company but also your career - if you ever decide to start pursuing a managerial or CEO-level job, you'll have the know-how and degree to prove that you're eligible.

3. Being Introduced to Like-minded Individuals

If you attend a university in person, you'll be earning your degree alongside a lot of other business people and entrepreneurs. These connections can stick with you for life and will help to immediately boost your presence on professional social networking sites like LinkedIn. Even if you go the online route, you'll still have an opportunity to meet your classmates and network through the school's forums.

4. Knowing How to Hire an Ideal Candidate

Online MBA programs also teach you how to screen employees and choose the best candidate for the job based on tried and proven methods. This can save your business a tremendous amount of wasted payroll and prevent you from dealing with people who might only serve to keep your business from operating optimally.

5. Becoming a Master of Business Plan Writing

Finally, someone with an MBA will know how to draw up a business plan that is the epitome of professional. This is a great skill to have as a business owner, especially if you're trying to raise funds from investors or through crowdfunding sites. Being able to impress investors and prospects with a comprehensive, well-designed business plan is an essential step in launching a hugely successful startup.

Having a Backup Plan

 

In addition to doing all of the above to help you as a business owner, an MBA will also equip you with backup options in the event that you ever decide to re-renter the workforce rather than managing your own business.