Profit Now or Profit Later
Those who have recently graduated from college or in the process of completing their degrees, specifically those who are majoring in business, find it hard to choose between two contrasting options: to stay in school and get a MBA - Master's of Business Administration - or go out into the real world and start a business. To make an informed decision on this matter, there are four factors that one needs to consider: money, time, estimated return on investment and the current market condition. Those people who choose to get a masters degree do so under very stressful situations. They usually work part-time while studying, earning just enough to sustain full-time classes. These students oftentimes use their own savings, borrow money from family members or friends, and sometimes go into debt issues because of unpaid student loans. After a couple of years studying in a business school, they already possess a significant degree of education that they can use as an advantage over those who did not pursue a MBA. However, they cannot deny the fact that they are also far behind when it comes the actual world of entrepreneurship.
Business Owners and the MBA program
It can be very beneficial if you decide to get a MBA program while running an already existing business. Everything you will learn from your classes can be directly applied to the business you are managing. Buying a business and running it personally will help you develop new business skills and hone those that you already have. Having a MBA degree will surely show you how to improve your weaknesses in business management. Attending a business school is also a good opportunity for you to meet new people and make lifelong professional relationships that will give you an advantage in running an existing small business. A MBA will surely give you strong credibility within local communities. Financially, you can also benefit from a master's degree. Bankers are more than willing to approve loans to business owners who have MBAs. A good MBA program will also help you think like an executive, as the things you'll learn from classes will guide you in business issues and expansion strategies.
Becoming a Successful Business Owner
You should know that buying a business is a costly process. You need to spend a considerable amount of money if you want to buy a business or purchase a franchise. In either option, you need to get financing assistance for the purchase price, the inventory cost, marketing and advertising expenses, and the property or equipment lease payments. The money you will spend on continuing with your MBA can also be good capital for buying a business. Your money will be returned immediately in the form of sales income. Among the simplest ways to buy a business is to go for an established franchise. This move is safer because all planning has already been done by the parent company, and the business methods and processes were also tried and tested in the market. Everything you'll need is at your fingertips. The franchisor will guide you on the operations of the business, showing you the strategies to make the most out of your franchise. There is also a good chance that the people you will deal with at the franchisor level have already earned their MBAs.
Doing it the Right Way
Here is a guide on how to buy a business and get a MBA:
• Use your savings from college to buy a business. You may opt for an existing business or franchise because it is safer and profits come in faster.
• Learn from the experts in the industry, and save up as much as you can.
• Once the business is running smoothly and annual sales are remarkably growing, you can go back to school as a part-time student and pursue a MBA.
• Earn more profits!
The good news is that small business opportunities these days include offers to help business owners get MBAs. Also, a recent write-up in a popular business publication stated that becoming a MBA consultant or coach is a highly profitable business venture that aspiring entrepreneurs should definitely consider.
The questions now are... How many business owners in your community have MBAs? Did they earn them before or after they decided to buy a business?