The pursuit of an MBA degree is often seen as a pathway to success in the business world. It provides graduates with a comprehensive understanding of business operations, strategic planning, and analytical thinking.
All of these skills are extremely useful for entrepreneurs.
REGENT offers an MBA that equips students with key skills and knowledge to identify opportunities, develop business plans, and manage the growth of a new enterprise.
This article discusses what an MBA is and whether you need it as an existing or aspiring entrepreneur. We also examine the MBA types and the steps to pursue this degree.
What is an MBA?
A Master of Business Administration (MBA) is an internationally recognised postgraduate qualification providing theoretical and practical business or investment management training.
MBA programmes aim to develop a founder or managerial position by helping students develop entrepreneurial mindsets and the capabilities to take on a leadership role.
The curriculum of an MBA program typically consists of various core business topics such as accounting, finance, marketing, human resources, and operations.
Furthermore, students can customise their learning through electives to specialise in a particular field, such as international business or accounting.
Different types of MBAs are offered to accommodate diverse student needs:
- Full-time MBA
- Part-time MBA
- Executive MBA
- Online MBA
- Global MBA
Entry requirements vary between institutions but commonly include the following:
- An appropriate honours degree, relevant postgraduate studies diploma, or a professional bachelor’s degree at NQF level 8.
- In addition to this, the applicant must also be 25 years of age or older and have at least three years of working experience.
Applicants undergo a strict application process, showcasing their suitability for business school.
Ultimately, the MBA will equip professionals with the skills to lead organisations, drive innovation, and become successful entrepreneurs.
Core curriculum and specialisations
An MBA programme typically offers a core curriculum to provide students with a solid foundation in business management.
Core modules cover essential disciplines such as:
- Accounting
- Economics
- Finance
- Marketing
- Operations management
These modules are crucial for future entrepreneurs to understand the financial and operational factors involved in running a business.
Leadership and innovation are also central to entrepreneurship education. Furthermore, these courses also equip students with strategic thinking and leadership abilities to prepare them for the challenges of starting and growing a business.
Specialisations within MBA programmes allow students to focus on areas of particular interest or industries they are passionate about.
For example, a project management specialisation might include advanced risk management courses, which is essential for entrepreneurs looking to manage complex projects efficiently.
Core curriculum:
- Strategic and Change Management
- Accounting and Finance
- Leadership and Human Capital Development
- Governance and Sustainability
- Managerial Economics
- Strategic Marketing
- Information and Knowledge Management
- Operations and Supply Chain Management
- Global Political Economy
- Research and Statistical Methods
- Entrepreneurship
Specialisations:
- Public Sector Management
- Healthcare Management
- Islamic Finance and Banking
- Educational Management
- Project Management
- Fintech Disruptions in Financial Services
Learn more details about REGENT’s MBA here.
Why should one get an MBA as an entrepreneur?
While entrepreneurs don’t need to obtain an MBA, the vast advantages offered by an MBA make it a valuable asset.
The MBA curriculum is designed to provide a comprehensive overview of business operations, covering essential areas such as finance, marketing, economics, operations management, and project management. Thus, it offers the following benefits:
- Learn how to run a business: Through core accounting and managerial economics modules, business entrepreneurs gain deep financial insights, which are crucial for running a successful enterprise.
- Enhance leadership abilities: An MBA programme can also significantly enhance business leadership and innovation skills, which are essential for business growth and development.
- Learn about international business: Through various classes, entrepreneurs learn to navigate the complex world of global commerce and are exposed to the latest technology trends, helping them to stay competitive.
- Better decision-making abilities: Exposure to research methodologies arms entrepreneurs with the competency to make informed decisions based on data analysis.
- Networking opportunities: An MBA provides networking opportunities that allow entrepreneurs to connect with like-minded individuals, fostering relationships that can create future business opportunities or invaluable mentorships.
Career prospects and outcomes
MBA graduates often experience enhanced career opportunities from entrepreneurship to high-level corporate roles. These include, but are not limited to, the following:
Entrepreneurial ventures and start-ups
Many individuals pursue an MBA with a keen interest in entrepreneurship. Upon completion, these graduates are better equipped to start new ventures, often utilising their product design, marketing, and management knowledge to build successful businesses.
Graduates may also seek venture capital or financing with more credibility by presenting well-structured business plans honed by their education.
Corporate employment and consulting opportunities
For those leaning towards corporate employment, an MBA opens doors to corporate entrepreneurship and consulting positions.
Since MBAs are designed to provide students with comprehensive leadership and management capabilities, this empowers graduates to navigate complex business environments effectively.
The roles they get within businesses often have competitive salaries due to the value MBAs bring to operations and business management. Studies show that obtaining an MBA leads to higher earnings, increased employability, and a positive return on investment.
How do I get an MBA?
To get a Masters of Business Administration degree, you can follow these steps:
- The process starts with researching various MBA programmes to find one that suits your career goals and interests, especially in entrepreneurship.
- The next step is to meet the admissions criteria, which usually involves holding an undergraduate degree and potential work experience.
- Then, you can apply for an MBA at selected institutions. Application materials generally include transcripts, test scores, letters of recommendation, a curriculum vitae (CV), and personal statements. Some institutions may also require an interview process.
Study an MBA with REGENT Business School
If an MBA sounds like the ideal solution to advance your entrepreneurial journey or career, then the next step is to decide where you would like to apply.
Look at REGENT Business School’s Master of Business Administration Course to see whether it fits your goals and interests. You can also fill out the study inquiry form to speak to a consultant.
