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Friday, January 21, 2022

MBA In a Box: How to Start a Company from Scratch

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The idea of starting your own company from scratch can be exciting or scary. It’s a process that every entrepreneur looks forward to. However, it could be traumatizing if you get demotivating start-up stories from family, friends, and social media.

It’s is okay to understand that success is not promised in the field of entrepreneurship. Before starting a company from scratch it’s advisable to build the necessary knowledge, skills, and expertise in the field you are interested in.

In the world of social media, the are different ways in which entrepreneurs can get business knowledge from different platforms. However, there are more impactful methods of gaining expertise such a getting an MBA from business school.

What is an MBA? Why do you need it and how is it going to affect your company? This article will discuss the benefits of an MBA to your entrepreneurial life.

What is MBA?

An MBA is a Masters of Business Administration that focuses on leadership and managerial skills. By getting an MBA, you get the needed expertise to start your company or accelerate your career. Additionally, the practical part of an MBA gives a better understanding of the general management functions of the business.

To get an MBA degree you will be required to be a bachelor degree holder and sometimes need four years of work experience. Even though there is a huge financial requirement needed to get an MBA, it all pays off in career growth opportunities and business understanding.

Why Do I Need MBA?

The benefits of an MBA range from typically career advancement and higher salary aspects. However, this is not the only benefit why you should consider taking an MBA program.

If you are an aspiring entrepreneur an MBA program will have the following benefits for your company.

  1. Understanding your career path

With knowledge from an MBA program, you will be able to decide which part to take in business. This is because you will have the knowledge to solve complex business problems and make conclusive decisions. It is likely for MBA students to change their initial career paths to different directions after completing business understanding.

  • Increased Business Passion and Collaboration

An MBA is the best way to grow your business passion. You are likely to meet classmates who share common interests which grow connections. This way it is likely to grow interests because of the shared goals to grow in business administration. Additionally, working in teams grows holistic teams that can benefit you in the future after starting your company.

  • A holistic Business Education

Attending an MBA program might seem like wasting precious time that should be used doing important things. However, it might be the most beneficial time of your business career. When pursuing an MBA many institutions offer a broad-based program that consists of different business administration courses. Mostly, the core components of the program consist of different parts such as marketing, administration, decision making, etc.

  • Better Knowledge on business functions

MBAs are the best ways to learn the best way to commercialize your ideas. From an MBA you get the knowledge to run a business in general and also understand a broad range of business concepts. It is also a good way to get the best experience practically before starting your own company.

How to start a company from scratch

Starting a company from scratch might seem impossible mostly if you have been in the employment field for years. However, an MBA can help you transition from employment roles to business roles. It will also give you a framework for all your start-up ideas.

From the core subjects of an MBA, you are likely to learn supply chain management, cost analysis, business strategy, and marketing. This will help you establish a successful company when combined with the following steps.

  1. Develop a Good Business Idea

The best way to develop a business idea is to pay attention to your interests during your MBA. Once you have known your business interests, it is easier to create a great business idea. For a company to be successful, it should be accompanied by a business idea and an official registration.

  • Know Your Finances

One of the core parts of an MBA program in accounting. This way you gain diverse knowledge of finances and know how to manage the before and after starting your company.

  • Setup the company

Today there are many ways to create a company without investment. You can register a company for free, buy a ready-made company, or even rent-a-company to test your business idea.

  • Build your Business

In order for a business owner to grow their business, they must have invested a considerably high amount of time and money into the venture. In addition to this, you may need to adopt a proper marketing strategy. This means that you may want to consider setting up a website, social media accounts and investing in physical methods of marketing.

  • Protect your business

After you have established your business well It will be wise to consider finding a way to keep your finances as a business owner intact and safe. In any case, starting a business is hard work thus protecting it becomes paramount after you have established it, you can do this by getting the right business insurance. Some covers of business insurance include:

  • Data breach coverage-This helps through covering the cost of recovery should your private data or the customers private data is lost or stolen.
  • Professional liability coverage-This protects you from lawsuits over negligence or errors in the services your business provides.
  • Commercial Property insurance-This assists in the payments for damages to your building, equipment and inventory.

How do you acquire the same business acumen as MBA graduates?

Firstly, understanding the inner workings of a business is crucial before anything, one must first familiarize themselves with their niche or industry. Some of the most important and key steps to developing a business acumen akin to that of MBA graduates are as follows:

  • Find a mentor

Seek out and identify someone experienced and admirable in your niche or business and use them as a resource. Ask them about how they managed to develop their sense of business. It would be wise to get someone who has an MBA and learn their ways.

Read: Do I Need A Business Mentor?

  • Listen to your customers

Be keen on what your customers are saying about your company and the services It provides. This gives a clear window to view your performance through thus enabling the growth of your skills.

  • Ability to focus

This will enable you to be able to fully concentrate on only matters that bring on growth to your business this means that it will build on your skills and your business’s performance.

  • Gain an affinity for problem solving

This simply means applying the knowledge you have to solve business-related problems. You do this by collecting relevant info about a situation and searching for possible solutions.

An MBA Is a highly versatile tool that you can use for the development of your business though it is not mandatory. Its benefits have a wide range of appeal depending on what someone may be looking to grow in their business.

However, if not in a position to get an MBA you can get the needed knowledge from mentors, customer feedback, and learning to solve complex company problems.

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