Why B-School Is Worth It

Oprah Winfrey. Steve Jobs. Richard Branson.

What do all these people have in common? They paved their own path without going to business school.

Yet, Rhett Power, head coach at Power Coaching and Consulting, says he likes to think of them as exceptions to the rule.

In an article for Inc., Power argues that b-school is exceptionally helpful for aspiring entrepreneurs in four main ways.

Networking Skills

In b-school, it’s not really what you learn that’s crucial, but who you meet.

“Learning with a like-minded group of entrepreneurial individuals is an invaluable experience, and these peers and professors will frequently be the ones who can help you achieve your goals down the road when you’re running a business,” Power writes.

Failing Safely

Power says part of being an entrepreneur is failing. B-school provides an environment for entrepreneurs to fail without having to lose a fortune.

“Failure is something every entrepreneur experiences when starting his or her journey, but these small failures rarely make headlines,” he writes. “Consequently, our society has adopted the mistaken idea that the most successful entrepreneurs have yet to take a wrong turn.”

Technical Skills

B-school offers you the necessary foundation to bring your ideas to life.

“You’ll learn how to handle risk assessment, conduct a cost-benefit analysis, and employ management best practices that will help you become a more effective leader,” Power writes.

According to Investopedia, skills such as financial forecasting, big data analysis, and brand storytelling are all top in-demand skills employers look for in MBA grads.

Having that technical skill base of knowledge can give you a head start once you’re in the real world, Power argues.

“When you’re starting a business, you’re putting a lot on the line,” he writes. “Having a base of knowledge from business school will help ensure that your endeavor has the best chance possible of reaching its full potential.”

Making Money

Perhaps one of the most obvious aspects of gaining your MBA is the money.

But it’s not just the paychecks, Power argues.

“Before you start your own venture, you can gain important skills and credibility from working for someone else, resources that will increase in value when you decide to go it alone,” he writes.

Sources: Inc., Investopedia