So here we go—how can an MBA help you and your start-up goals?
1. Co-founders
Looking for a partner? There are a lot of people who either come to business school with the itch to “create something” or develop it after many classes focused on how to find white space in an industry or how to create value for different parts of a value chain. Your MBA classmates bring with them a diverse skill set, so when you put all of those different perspectives in one room, the ideas tend to flow. This means that if you’re looking for a partner, your classmates could provide an excellent option. And it isn’t bad to know that your co-founder will also be sitting in classes thinking through how those topics and ideas could enhance your business idea!
2. Strategic “Testers”
MBA students are critical. If you ask your fellow classmates to test out a new product you’re designing or simply opine on your business idea, they won’t just respond with raw emotion or preference. MBA students are trained to look at decisions from multiple angles. Even if they like your idea, they’ll be the first ones to try and point out potential flaws or downfall areas. Don’t be offended—this is what you want when you’re starting out!
3. People to Challenge You
You don’t want the first person who really challenges your idea to be that big, coveted customer you were hoping to secure in order to launch your new company. Professors, classmates, alumni, and speakers on campus will confidentially give you opinions that at face value may seem severe (“This is going to change the industry!” or “This will never work because … “).
4. Access to Potential Supporters
Every business school wants that rock star alum who created a disruptive solution and changed the world. So they provide you with many, many outlets for finding that idea and not only creating a great business plan but also raising money. Most MBA programs offer an entrepreneurship class (or entire track) that walks you through creating a business plan for your idea. Then, many plans from those classes go on to participate in case competitions or present at different events with the prize being money to help you get going and sometimes even mentorship from successful business leaders. But more than the money, seeing all of the ideas and meeting all of the people focused on the same sector provided invaluable learning for those who participated. MBA programs LOVE to run or engage their students in these types of events.
So keep in mind that in order to demonstrate that you’re serious, the MBA admissions committee will want to understand not only the general direction of your ideas, but they’ll also want to understand “why” you’re focused on starting your own company and how you, in particular, could be the next big thing. You don’t have describe your business plan in full—in fact they expect that you’ll still have some work to do there—but be intentional about explaining what drives you and what you’re passionate about so that they can see the burning desire of an entrepreneur between the lines.
3. You Make Lifelong Contacts
Don’t be shy when you enroll in an MBA class. Remember that each person in that classroom is a current or future business leader, an expert in his or her field, or an up-and-coming social entrepreneur. Make as many contacts as you can. Reach out to others, engage a frank and relevant conversation, and make connections that could turn out to be lifelong contacts. You never know: You could parlay these personal linkups into future business or social partnerships.
5. You Can Hire The Right Talent When Needed
At some point, your business will need an influx of talent, the right talent, to grow and make money. A master’s degree provides you the framework needed to identify who you really need to hire, why you need, how to allocate staff resources properly, and how much to pay them. This goes back to the points we discussed earlier, when we said an MBA helps you understand management concepts but also shows you various ways of running your business.
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