I'm an Entrepreneur-Do I Really Need to Attend Business School?
Entrepreneurship is pretty straightforward, right? You come up with an awesome idea, locate some investors, and鈥攁fter some behind-the-scenes sweat equity鈥攂ecome an inspiration to others as you smile and rake in the dough. Does that sum it up?
Should Entrepreneurs Go To College?
Primetime TV shows like Shark Tank and critically-acclaimed films like The Social Network that portray the seemingly overnight successes of college dropouts or regular Joes have led us to believe that starting a business is a walk in the park.
This leads many to believe that if you have a good idea, you鈥檙e well on your way to entrepreneurial success. For anyone who鈥檚 started a company, is that really all it takes?
The Truth About Entrepreneurship
Is launching and growing a successful business really as simple as it looks on TV? According to , across all industries, nearly half of new businesses fail within the first five years. Approximately 70 percent fail within the first 10 years, which means that an overwhelming majority of 鈥済reat ideas鈥 don鈥檛 lead to lasting success. Why?
Business experts at examined the issue closely to determine why these businesses failed. They isolated seven reasons鈥攁ll of which pertained to poor entrepreneurial decision-making and lack of general business knowledge. Had these small business owners possessed better mentorship, more knowledge of what it takes to run, market, manage, and finance a business, they may have been in the group of entrepreneurs who found long-term success.
Why Go To Business School?
When examining the anatomy of the successful entrepreneur, researchers found that , while 95.1 percent had earned at least a bachelor鈥檚 degree. These numbers contradict the idea that it doesn鈥檛 take higher education, namely business school, to succeed as an entrepreneur.
Media attention often lingers on cases like Mark Zuckerberg and Steve Jobs who led wildly successful companies without college degrees. We fail to notice the countless number of success stories of business school graduates, including Warren Buffet, who earned a Master of Science in Economics and has been outspoken on .
Is an MBA, or any advanced business schooling, worth it for entrepreneurs? B-school isn鈥檛 a requirement for success as an entrepreneur. However, it鈥檚 hard to deny the many benefits of receiving a business degree. Business school can provide the general and industry-specific knowledge that many entrepreneurs lack when they start their own businesses. Plus, it鈥檚 the perfect environment to test your ideas and build a network.
Top 4 Reasons to Go To Business School
1. Advanced Knowledge
While a great product or business idea is a start, you鈥檒l also need insight into various aspects of business, like operations, marketing, accounting鈥攎ost of which are covered in the core curriculum of most business programs. Plus, real-life case reviews help you learn vicariously by analyzing the mistakes and accomplishments of entrepreneurs who鈥檝e come before you. The best business schools for entrepreneurs also incorporate hands-on, practical experiences, so you can see what it鈥檚 like on the ground in some of the country鈥檚 leading corporations.
2. Idea Test-Driving
Before you make your mark on the world as an entrepreneur, business school can give you the necessary foundation to test-drive your ideas. Put your ideas to the test by submitting your business plan to competitions. See how your ideas measure up and get useful feedback to help you refine your business plan before putting it in front of investors.
3. Mentorship Opportunities
Note that there are many practical skills you develop while getting your business degree. However, one of the biggest benefits of a business degree is that while earning one, the environment is one that nurtures collaboration and creative thinking, facilitated by the expert faculty you鈥檒l work with. In addition to one-on-one guidance from an entrepreneur advisor or professor, you can also take advantage of special mentorship and entrepreneurship programs, like the six-month executive-in-residence program offered in the California School of Management and Leadership MBA program.
4. Access to Vast Network
Business school gives you access to a comprehensive network of peers and an alumni network that will last a lifetime! Many of the latter are leaders in the business world. You can also build your professional network by joining a business or industry-specific organizations. You never know, your future co-founder, chief financial officer, or primary investor might be just a few seats away.
Why Do I Want to Go to Business School
Having a great business idea is just the beginning. To find success as an entrepreneur, you also need general and industry-specific knowledge that enables you to effectively launch, market, and run your business. You can learn all that and more with an on-campus or online business degree from 樱花视频.
Contact the California School of Management and Leadership to find out which degree program is right for you.
