Entrepreneurs are on the rise in South Africa.
In fact, small business owners in South Africa are showing great entrepreneurial spirit and grit, with 39.9% having between three and five businesses.
Their vast knowledge and significant skill set allow them to succeed much faster. Skills that can be taught with an MBA.
REGENT offers a Master of Business Administration degree that equips students with the entrepreneurial abilities they need to create and grow their businesses.
In this article, we will discuss an MBA, whether this degree is required to become an entrepreneur, and the benefits of getting your master’s degree in business administration.
What is an MBA?
A master of business administration (MBA) is a postgraduate degree providing practical and theoretical business management training.
The goal of an MBA is to help students gain a better understanding of business management functions.
MBA degrees can have several specialisations, including marketing, finance, accounting, and relationship management. This allows students to focus on several aspects of the business to help organisations grow.
Depending on the institution and unique course requirements, these programmes may be offered full-time, part-time, or online.
Is an MBA required if you want to become an entrepreneur?
You do not require an MBA to become an entrepreneur. Entrepreneurship as a career path has no strict educational requirements. Many successful entrepreneurs have launched and grown their businesses without an MBA degree or formal education.
However, an MBA can give you a significant advantage since it teaches you how to manage a business successfully. With it, you will have gained knowledge and skills that entrepreneurs without an MBA do not have or have acquired over years of trial and error.
In many ways, an MBA is a “shortcut” to achieving entrepreneurial success since you will already have the skills necessary to thrive in your business.
Pursuing an MBA depends on your goals, preferences, and circumstances. But let us look at some of the main benefits of attaining an MBA to help you decide.
7 benefits of an MBA degree
Here are the seven most considerable benefits of studying for an MBA if you want to become a successful entrepreneur.
1. Comprehensive knowledge of business functions
An MBA provides a deep understanding of various business functions, including finances, marketing, strategy, and management, and an in-depth overview of business operations.
This knowledge equips you with the tools and skills to handle the complicated challenges of entrepreneurship. It enables you to make better decisions and run every aspect of your business — from marketing to relationship management and strategy.
2. Networking
One of the most significant advantages of getting an MBA is the extensive network you build throughout your studies.
You will get to engage with your professors, a diverse group of classmates, and graduates — many of whom are already successful entrepreneurs and have connections.
These connections could open doors to future collaborations, partnerships, or investment opportunities. Having this network can be an instrumental advantage to your entrepreneurial journey.
3. Entrepreneurship course
Some master’s courses, such as REGENT Business School’s MBA, offer specialised entrepreneurship modules that further educate students on entrepreneurs’ unique challenges and opportunities. In these electives, you will learn how to:
- Create effective business plans
- Secure financing
- Implement legal and regulatory frameworks
- Assess risks and navigate challenges
These courses help students build their entrepreneurial mindset and skill set.
4. Critical thinking skills
An MBA teaches students critical thinking abilities — helping them solve problems quickly and effectively. These skills enable them to learn how to dissect, analyse, and solve real-world business challenges.
Critical thinking skills are crucial to entrepreneurs constantly facing unforeseen obstacles and needing to adapt their methods. This drastically increases your business’s resilience and chance of long-term success.
Discover what other skills you learn from an MBA and how to highlight them on your resume.
5. Leadership abilities
Effective leadership is at the core of successful entrepreneurship. You must be an excellent leader to manage your business and its operations.
MBA programmes significantly focus on developing the leadership and management skills of students. These programmes help you become a better leader, manager, motivator, and decision-maker.
As a result, you will gain insights into team dynamics and what it takes to manage employees. You will also learn to inspire your workers and teams so your business can achieve optimal productivity.
6. Credibility
An MBA can enhance your credibility and serve as proof of your business expertise and a testament to your commitment to professional development.
When you search for investors, professional partners, or clients, an MBA on your resume will instil confidence in your stakeholders and open up many business opportunities that would have otherwise never existed.
7. Global perspectives
In an increasingly connected world with international businesses connected through technology, entrepreneurs must understand the workings of global markets and cultural differences.
MBA courses often cover international perspectives and expose you to the workings of running a business globally. This knowledge can be precious if you expand your business internationally.
How do I apply for an MBA
If you have decided that you need this programme to improve your chances of success in your entrepreneurial journey, look at REGENT’s Master of Business Administration degree to learn more about MBA requirements.
This course is perfect if you want to create and grow a business or multiple businesses with a strong network and the necessary leadership skills.