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Trisha Mukherjee details six qualities MBA graduates take with them into the world that will ensure their success as entrepeneurs.
The way to get started is to quit talking and start doing.
Today we see a lot of budding entrepreneurs and start up gurus who are minting money and becoming legends in the business world. This is the generation of the risk takers. Most MBA graduates are choosing to go the entrepreneurial way. According to a recent survey of graduates from the world’s Top 100 ranked MBA programs, 22 percent of students who are pursuing full-time MBAs are also startup founders. Students are opting for high risk ventures rather than stable salary jobs.
B-Schools are also training their students with well-rounded Masters programs. Students have become more proactive and are taking charge of their lives. They are making sure that they make a mark in this world and are no longer obliged to follow the traditional 9-5 job criteria.
Here are six reasons I would identify as to why an MBA graduate can make it big in the entrepreneurial world.
- Managerial training: One of the fall-backs of any new business owner is their way of managing staff. One of the basic requirements of running a company is to be a good manager. An MBA teaches exactly how to do that. Students learn the nitty-gritty of planning and running a business. It also gives a perspective of life as a manager and the decisions they would have to make, such as handling employees and creating a balanced work environment.
- Experience: When a student is pursuing an MBA degree they are bound to gain industry experience through internships and/or work experience. This exposure helps them to understand how a company runs in real time. As an intern, they would be exposed to work pressures and would therefore understand the immense level of responsibility it takes to run a company. This knowledge plays a huge part when an MBA graduate decides to start their own company.
- Networking: During Business School, students would get to meet great entrepreneurs and company heads. Some may be visiting faculty, others may become casual acquaintances when they enter the world of business. The MBA allows a student to be a part of the elite league so that when they start their own business they have a network that becomes a helping hand to make their business successful.
- Understanding the market: This is the core criterion for any business owner. A young MBA graduate needs to understand and predict the market, their competitors and the strategies they need to come out on top.
- Soft skills: When it comes to the market and running a business, it is a student’s soft skills that prove to be their selling points. Analysing and predicting the market is necessary on paper, but in the real world – it is all about their personality, communication skills and people management skills. A good manager is one who gets the best from their department. Understanding key elements such as team building and creating a job environment that people love are extremely important. Body language and gestures say a lot about a person and in a business course, students are taught how to control them.
- Leadership qualities: When to lead and when to follow are two important aspects that every business student learns over the duration of their course. The qualities of a good leader become part of an MBA graduate’s life. When they start their own company, they will need to be a good leader; if they are not – success will not be long-lasting. A leader not only works to grow themselves, but also their employees and subordinates.