Want To Be An Entrepreneur? Read This.

If you’re dreaming of becoming an entrepreneur, you may want to consider applying for an MBA.

Andrew Lancaster, Director of Unicurve and contributor for Entrepreneur, recently discussed why an MBA can help build the skills you need to make it as an entrepreneur.

“I believe that timing really determines whether you should invest in an MBA program,” Lancaster writes. “If you don’t have a genius, winning idea just yet, studying for an MBA degree could be exactly what you need to create a platform for success.”

TIMING IS EVERYTHING

Lancaster argues that, for entrepreneurs, timing is critical.

And two years in an MBA program, he points out, could mean valuable time lost.

“You might otherwise be developing your business venture, and gaining knowledge and insight into your chosen industry,” he writes. “Speed to market can also be make-or-break in terms of having a viable investment. If you already have a promising startup or a brilliant idea for one, it’s probably not the moment to start a degree. The opportunity cost is too great.”

However, he argues, if you don’t have an obvious path to success, an MBA could be the right move.

“Then, an MBA offers high returns while imposing only limited costs on your time,” he writes. “You can use your studies to build the skills you need for an entrepreneurial career.”

BUILDING A SKILLSET

According to a Harvard Business Review survey, the top five skills entrepreneurs should know include: creating a team, leadership, product management, team management, and selling.

An MBA, Lancaster argues, can offer aspiring entrepreneurs a safe zone to learn these skills.

“By doing an MBA, you can have a decent skill set in place before you launch your startup,” he writes. “This could turn out to be much less painful than launching prematurely and learning the hard way: through trial and error.”

Launching a business is tough. And, Lancaster says, entrepreneurs often need to manage a lot of responsibilities at once.

“Typically, you are managing a small, lean, evolving enterprise,” he writes. “Hiring a specialist for each task is something you may dream about but probably must hold off doing until revenue grows.”

Personal growth and having a strong skillset are both things an MBA can have.

“On-the-job training as an entrepreneur only works if your personal abilities, and the strength of your ideas, are enough to overcome the inevitable mistakes,” Lancaster adds.

Sources: Entrepreneur, Harvard Business Review