For some reason, a lot of entrepreneurs seem to think that MBAs have become obsolete. Because of a few success stories of business owners who were able to take their small business and turn it into a huge success without any formation, they completely ignore the thousands who failed because they lacked the business acumen it takes to succeed. In this article, we’re going to give you a few compelling reasons why every entrepreneur should still consider enrolling in an MBA program.

You’ll Understand the Importance of Soft Skills – and be Able to Integrate them

Most MBA programs will cover the basics of management and finance. However, most will also integrate some soft skills,  such as persuasion skills, negotiation techniques, and so on. Also, you’ll have a deeper understanding of human resources and management and will have the chance to improve your communication skills as well, all things that are essential if you want to take your business to the next level.

You can Study for an Online MBA while Running your Business

There was a time when it was nearly impossible for entrepreneurs to pursue an MBA on the side and have the chance of succeeding. But with online MBA programs, business owners can study in their own time and at their own pace. And, getting a masters in business administration online is perfect for business owners since they don’t have to worry about their formation being respected. Most online programs are just as complete as any other MBA and you’ll have the chance to pick up the same skills as some of the people running Fortune 500 companies, the only difference is that you’ll do it while earning at the same time.

Get Feedback and Advice on Business Plans

Most MBA programs will usually have some sort of competition where students will devise business plans and put them up against each other. This offers a great opportunity for students to evaluate their business models and identify any holes. You’ll also have to create a pitch for your company and practice it, so you can tweak your method before going before investors.

Practice is one of the best ways to learn. Having the ability to understand what makes a business model viable is an essential skill when starting a business. Some people naively assume that they’ll be able to just know if a business makes sense, but MBAs have data and a better understanding of things such as acquisition costs, overhead charges, margins, etc., giving them a clear edge in this area.

Conclusion

As you can see, MBAs are still very valuable for any entrepreneur. They give you a better understanding of business models and also teach soft skills that you can only learn through an academic setting. Not only that, but they allow you to save money on actually hiring an MBA, which allows you to have full control over your business. This makes a masters of business administration a great investment for an entrepreneur.

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George Meszaros is the editor and co-founder of Success Harbor where entrepreneurs learn about building successful companies. Success Harbor is dedicated to document the entrepreneurial journey through interviews, original research, and unique content. George Meszaros is also co-founder of Webene, a web design and digital marketing agency.