For our US readers
Gaining an MBA can be great for a business owner for a whole range of reasons. For one thing, it will give you greater credibility with your peers and potential clients, investors, and partners. It will also provide you with some good networking possibilities. The most important benefit, however, is what you can learn. An MBA isn’t a degree you get just for the letters after your name – it is a program of study that can turn you into a more well-rounded business person. You’ll get a chance to fill in any gaps in your knowledge about areas of business you have had to learn as an entrepreneur, for instance, marketing, HR or budget management, and learn how to apply what you learn to real-world scenarios.
Doing an MBA if you want to become an entrepreneur or are planning to launch a new startup in the future is, then, a great idea. However, is it still a good idea if you are already in business? Can you balance managing your company with studying?
Choose An Online MBA You Can Do Part Time
If you are to get an MBA while running an existing business, the only way this can really be manageable (unless your business is either very small or is the kind of business that doesn’t require too much day to day hands-on management – such as some blog-type businesses) is to choose an online MBA. Some great universities offer this, such as Washington State University.
Benefits of Online Study For Business Owners
It is kind of obvious why you’d only want to study part-time if you are spending most of your day running a business, but there are further advantages to doing your MBA with someone like Washington State University Online. For one thing, you won’t be wasting any time commuting to your campus, and for another, you don’t have to worry about the timing of your lectures interfering with your business. With WSU online, your materials are all accessible online, so you can choose where and when you watch lectures, talk to tutors, and study.
Is It The Right Time?
Even with part-time online degree courses, you still may find it hard to study for your MBA and run your business if your business is in a heavy activity phase. It may be best to wait until after a major expansion, for instance. Of course, you may not know what will come up in your business during the time you are studying, but choose a fairly stable period to start so you can at least get used to studying during a time when nothing too unusual is requiring your attention. You will then need to be flexible – you can slow down your study rate if your business needs you more at any time, as long as you resolve to get straight back into it when things are more settled.
With some smart planning and the right type of degree course, it is not only possible but highly advantageous to start your MBA, even if you are already running your business.