If you like the idea of running your own business and being your own boss, it’s important that you gain the necessary skills and credentials beforehand. Unfortunately, 50% of startups fail within their first year, and the common cause is usually business owners not being equipped to handle their operation.
Before you turn your dreams into a successful and profitable business venture, you should consider obtaining an MBA (Master of Business Administration) first, which can teach you invaluable skills and the core aspects of how to run a lucrative company. There are numerous factors to take into account before making your final decision, so here are 10 top tips on how to choose an MBA program that’s right for you.
Type of Program
First and foremost, it’s important that you understand that there are a variety of MBA programs to choose from. Whether it’s entrepreneurship, finance, business management or economics, examining the different concentrations and weighing them up against your own personal objectives and goals will ensure that you pick one that you will excel in.
The three MBA concentrations that stand out to employers are entrepreneurship, leadership, and finance. An MBA in entrepreneurship includes studies on concept development, ideation, and market introduction, whereas a finance MBA concentration focuses on areas of a business-like accounting and portfolio management. A leadership MBA concentration covers the foundations of leading a company and learning how to motivate and inspire others to succeed.
Length of Program
Once you have researched the different MBA concentrations, the next step is to look at the length of the program. There are full-time MBA and part-time MBA programs to pick from. Each has its pros and cons. If you’re able to dedicate all your time and commitment to your course, a full-time MBA may be best suited to you and will be quicker to complete.
A part-time MBA may be more beneficial if you lead a hectic schedule and can’t find the time to commit to full-time learning. Many students need to hold down full-time employment alongside their course, so studying for a part-time MBA will allow you more flexibility with your studies. You can click here to find out other things you should look for in an MBA course.
Location
If you decide to study for your MBA at a land-based facility, it’s vital that you do not underestimate the importance of where it’s located. For those that live in a big city, you may have a business school nearby which is easy to travel to. There are some students who don’t live within close proximity and may decide to relocate for their studies.
Naturally, the best opportunities and business schools are in major cities, so if you can afford to do so, you may benefit from moving from your current location and finding accommodation close to where you study for your MBA degree.
Size
To get the most out of your MBA degree, the size of your class is more important than you may think. From start to finish, you will want to have teachers and professors who invest their time, resources, and energy into helping you flourish academically. If you are in a small class, this can create a tighter knit community and more leadership opportunities, not to mention the ability to have one on one conversations with your course leader.
Larger class sizes, however, may present more networking opportunities, although you may not get the attention and focus you want from professors. If you struggle to concentrate around others, being in a large class may not be the best option for you. There are advantages and disadvantages regarding both class sizes, so you will need to weigh up which type is right for you.
Cost
The last thing you want is to study for your MBA degree and be saddled with tons of debt at the end. If you decide to study at a land-based business school, there are numerous costs that you need to take into account alongside tuition fees. Whether it’s living expenses, housing, or travel expenses, the costs can soon add up, so you will need to work out your finances, which can help you decide whether you have the funds available for your course.
Depending on the MBA program and business school you pick, the cost of your course will vary, so it’s vital that you look into fees before signing up. There are some students who apply for loans to get them through their MBA, so should you go down this route, you will need to compare your loan payments with your potential post-graduation earnings.
Career Support Services
When selecting an MBA program, it’s important that you get the most out of your course. While you may have experienced and attentive professors who are with you every step of the way, it’s important that you pick a business school that has excellent career support services. While some students flourish from beginning to end, there are others who face challenges and obstacles along the way. If you need a helping hand and guidance throughout your course, having a career support service team who can support you is crucial.
When faced with modules, coursework and deadlines, the whole process can be overwhelming for many, so having people who you can speak to when times get tough can make all the difference and help keep you on track with your MBA.
Research the Alumni Network
Throughout your MBA program, there are many networking opportunities that you can take advantage of, which will set you up for success once you have finished. Whether you want to find a business partner for your startup or climb the career ladder in an existing business, when picking an MBA, you’re also choosing the potential network you will be part of.
The top business schools in the country will have details on past alumni who once studied for their MBA and have gone on to bigger and better things. If you’re an entrepreneur, it’s only natural that you will want to follow in former students’ footsteps and be successful, so picking a business school that has a strong alumni network is key.
Review the Curriculum
Understandably, the academic side of things is the most important consideration when picking an MBA program. Once you have found the right MBA program, it should provide you with the training and knowledge needed to propel your career forward. Even if you’ve decided on your MBA concentration, it’s important that you review the curriculum and look into the different modules you will study so you can get a better idea of whether it’s right for you.
Any MBA program should teach you invaluable skills such as knowing how to network, understanding time management and learning how to communicate effectively. The business world is a cutthroat industry, so you will need to be confident in your abilities and know how to work well under pressure. Once you have examined the curriculum of your MBA, this will give you a head start on what to expect before beginning the course.
Campus or Online
While there are many students who prefer to study for their MBA in person, an increasing number of students are looking into online courses that provide additional flexibility and freedom. If you like the idea of working from the comfort of your own home, an online MBA allows you to do just that. What’s more, you won’t have to worry about the rush hour commute to get to your class on time.
There are many other advantages of online learning, such as being able to study at your own pace and having access to course materials 24/7. There are pros and cons of campus and online learning, so only you can make the final decision on what environment works best for you. If you do go down the route of online learning, there will be a level of self-discipline that you will need to understand in order to achieve the grades you want.
Ranking and Accreditation
It’s vital that you pick a reputable MBA provider who can help you stand out from the crowd when applying for business roles. Many employers seek out candidates who graduate from the top business schools in the country, so if you want to be taken seriously and have more career opportunities, you should take time to compare your business school’s MBA programs to others in the area and country which can help you see where the school ranks in the list.
Obtaining an MBA can equip you with the skills and tools needed to succeed in the business world. Whether your aim is to go it alone and run your own operation, or you would like to go into a management role, many employers favor candidates who have an MBA on their resume.
Before making your final decision, all the tips and factors above need to be considered first, helping you to find an MBA course that’s specifically tailored to your needs to ensure you get the most out of the degree.