MBA schools have grown manifold in numbers and are still continuing to grow. A robust MBA course helps its students think out of the box, do things smartly, gain skills necessary to lead towards success, and lastly, they know how to measure the success of startups. MBA programs prepare industry leaders by providing crucial guidance and support.
The directions and experiences from some highly motivated and intelligent people of the industry make high-spirited professionals who can lead through the toughest of business situations. A class of MBA brings together like-minded people and founders who bring value to each other’s thinking processes.
Education is important and vital as it facilitates informed choices with respect to new businesses. Many companies have faith in their MBA hires and they firmly believe that it has helped them to lead and grow their businesses through their ideas. MBA education cultivates abilities of financial projections and building compelling business plans.
Now that MBA students’ entrepreneurial pursuits are on the rise, we can see many startups have gained momentum and a great market share. Leading a startup business means having full control. Working with other entrepreneurs in a startup business can be more exciting than working for bigger corporates.
The business world has seen innumerable examples of young founders and business leaders who have taken up a business from scratch to new heights. Working with startups MBAs have full control over a concept and a free hand to lead the team to greatness and utilize their education, gained from MBA School.
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Types of MBA Programmes in India
There are many successful examples, where MBAs have commanded new businesses to new frontiers.
Some Examples:
- Richa Kar, the founder, and CEO of Zivame completed MBA from Narsee Monji Institute of Management Studies after doing Engineering from Birla Institute of Technology and Science, Pilani. Having worked for companies like SAP and Spencers, she decided to start Zivame.
Zivame is India’s top lingerie brand. Richa’s idea of being able to educate Indian women about intimate wear and the way she boldly carried the concept helped women break norms. Taking it ahead she has invested in a community that influenced women in many ways. From Zivames’s online-offline stores to the new launches everything is driven by her ideas and she firmly rose above all. - Sanjeev Bhikchandani graduated with BA (Hon) in Economics and decided to work for 3 years before he enrolled in IIM-A. He is the founder and Executive Vice Chairman of Info Edge. Info edge owns Naukri.com, Jeevansathi.com, and 99acres.com. Naukri.com is the biggest job portal in India.
He founded Info edge after working for Horlicks. In 2008 he bagged the Ernst and Young Entrepreneur of the Year award and today he is among India’s richest 100 people as per business insider magazine.
- Supam Maheshwari has done Mechanical Engineering from Delhi University and a Masters degree in Business Administration from IIMA. He first founded a startup Brainvisa Technologies, which is an online learning portal.
He then founded FirstCry, a baby products brand in 2010. FirstCry today stands as Asia’s largest online portal for kids, and moms. They started partnering with some enterprising professionals to open franchise stores. The franchises were given all the support and these stores are operationally very profitable.
How MBAs can help startup businesses
Let us have a look at how exactly the MBAs Can Help Entrepreneurs and new Business Owners
- MBAs know the Business Management Theories
Amongst so many benefits of MBA degrees, having theoretical intelligence and real-world connections makes the degree worth it. The important concepts that steer businesses and the underlying planning process is what differentiates a winning strategy. Although it may be true that this cannot be taught in a graduate school but the MBA curriculums give them in-depth knowledge and activate logical stimulation which would not have been possible otherwise.
The experienced lecturers and top leaders from various industries share some real-life examples and case studies giving some invaluable guidance and points to successful endeavors.
B-schools teach the science of how a company is run and expanded. It is advantageous to have learned some necessary lessons at business schools to transition an idea into a business. You learn not just the theories but pick up from others’ successes and mistakes too. Learning subjects like human resource management, business law, etc. will let you fend off complex workplace issues.
The lessons learned to make one familiar with the legal environments of business, which further lets them efficiently manage and make the best decisions. - More Ways Of Running A Business
There are several ways and ideas of running a business. With an MBA degree, you can clearly envision what different alternatives you can opt for and analyze all the pros and cons of each option. The students are enlightened with numerous case studies to give insight into how the leaders of large companies think. You learn how to imitate the successes and avoid the mistakes of the losing companies.
Business degrees are a great incubator for upcoming entrepreneurs. The students do not just learn how to launch new ideas but they also understand how to manage businesses. The MBA programs have during the last few years focused more on mushrooming entrepreneurship.
The teachers and mentors guide and help search for big ideas. The students gain practical experience in finding suitable collaborations to execute their visions.
With a fair knowledge of marketing strategy, understanding of customers and competitors, MBA students can price, promote their products and services up to the satisfaction of customers. - Extensive and Valuable Professional Network
Business schools are very competitive in nature. Your batch of MBAs will always have impressive backgrounds with good accomplishments. The relationships that are developed during this time will be very extensive and valuable professionally, as these students are here for a concrete goal. They are future leaders and experts. So you are at the center of a rich network that otherwise requires years to build and thrive through.
Secondly, the business school offers an atmosphere to build a good team. For successful business teamwork, relationships, and networks are inevitable. The classmates’, teachers’ advice and insights can weigh out complex business problems. There is a lifelong channel of talent connecting graduates with current MBA students. The experiences acquired from cross-campus initiatives and participation in real-world business through internships become a valuable asset. - Attract External Funding
Investors and banks base their decision to support a business in view of a good business plan. An MBA student will have the expertise to develop and write a strong business plan that is compelling and convincing to the stakeholders.
While sanctioning loans for business, banks also look at the experience and educational qualifications of the key parties involved in the business. The business degree assists you to subtract the wrong corners and attract potential investors. They can write a convincing business plan.
The success of a business depends upon how valuable is an idea or a product in the current market scenario. The MBAs know the ways to find an unmet market need and determine how viable the new concept can be. Some schools give their students the opportunity to submit their idea to investors during competitions.
Conclusion
The MBA degree program is a gateway to success. The students during the years of MBA education learn how to improve business operations, providing insight and tools to make money in the long term.
