Interested in Launching A Business As an MBA? Read This

Many students pursue an MBA in hopes of launching their own business after graduation.

While an MBA isn’t a requirement to start your own business, experts say, it can be helpful in giving the necessary tools to make your idea a reality.

“An MBA program can’t teach you to feel more comfortable with taking risks or to be more passionate about your idea, and it won’t give you a constant thirst for new projects – those are some of the innate qualities a successful entrepreneur has,” Stacy Blackman, of Stacy Blackman Consulting, writes for US News. “However, an MBA program can teach you how to turn a good idea into a good business.”

But how exactly can aspiring MBA entrepreneurs use their time in b-school to their best advantage?

Justin Sheehan, of MBA Crystal Ball, recently offered a few tips on how MBA entrepreneur hopefuls can use their education to successfully launch a business post-grad.

CONNECTING WITH POTENTIAL CUSTOMERS

Part of the appeal of an MBA is the community and connections it provides. Experts say talking to potential customers is, oftentimes, more important than a business idea itself.

“Many aspiring entrepreneurs get bogged down with the idea of building a comprehensive business model and even a product, before actually taking any steps forward,” Sheehan writes. “However, there is no use for building a beautiful product, platform or service if there is no need for it. MBAs can often be guilty of this. Don’t get caught in this trap.”

Sheehan stresses that MBA entrepreneurs should reach out and talk with potential customers about their idea prior to figuring out how to build a product.

“80% of startups fail because there is no market need, so speaking with actual customers is key,” Sheehan writes. “Doing this before you graduate will put you in good shape before you finish your studies.”

LONG-TERM VISION VS. SHORT-TERM GOALS

Sheehan discusses the importance of having both a long-term vision and a few short-term goals during your time in b-school.

“From interviewing potential customers, you should have a clearer idea of your product or service, your potential customers and the needs your product/service is fulfilling,” he writes. “With all this in mind you need to develop your long-term personal vision for your business.”

Once you’ve set a long-term vision for your business, it’ll be helpful, he says, to break it down into short-term goals.

“At this stage, think about what it means, for you, if you were to do begin tomorrow. To actually start. This will pull you down out of the clouds, to dig deep into the details,” Sheehan writes. “Working through this stage is necessary, as it will force you to think of all the pieces in the puzzle.”

LEVERAGING YOUR STRENGTHS

Sheehan says MBAs can use their personal strengths to their advantage when trying to launch their business.

“You may be a people person or an introvert, all about the details or a big-picture person, a finance wiz or marketing guru,” he writes. “Either way, it’s doesn’t matter to being successful. What does matter is that you are leveraging your strengths. Spend too much time and energy in your areas of weakness and you will run out of steam.”

Part of leveraging your strengths successfully, however, is knowing your weaknesses and when to reach out for help.

“In the beginning stage, the business will likely be just you, so focus on what you are good at and get the help you need for the other areas,” Sheehan writes.

Sources: MBA Crystal Ball, US News

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