As today’s job market continues to decentralize, relying more and more on the innovations of technology, the oft relied-upon pillars of a business career are beginning to change.
It’s not uncommon to see owners of businesses with nontraditional backgrounds. This is especially true in the tech world. And with the amount of money floating around in the tech world, prospective business students might be wondering if there’s any point to going to a four-year university, getting a degree, doing graduate work, taking internships, and working your way up the corporate ladder. Why not skip all that and start your own company?
While a traditional business background isn’t a mandatory requirement anymore, there are still plenty of reasons that the skills and knowledge you gain with an MBA degree benefit your long-term career and are relevant in today’s competitive workforce.
Don’t Spend Your Early Years Making Mistakes
There’s a sharp learning curve early in your career. Although it seems like you can seemingly start a business from anywhere doing anything, the fundamentals of running a successful business are the same as they were 100 years ago.
It’s the same principle whether you’re running a lemonade stand in your neighborhood, or you’re Jeff Bezos running Amazon: make more money in revenue than you spend.
An MBA degree gives you a solid foundation to build your business the right way from the start, instead of having to learn the hard way by making mistakes.
Navigate the Legal Aspects of Running or Owning a Business
Truth be told, running or starting a business comes with a lot of legal baggage. In order to register your business, you have to determine what type of designation you want, like an LLC, Partnership, Corporation, and more. Then there are taxes.
There are different tax timelines for each of those designations, so having the foundation that you get in MBA programs will help you quickly and easily navigate those waters. Improper business setups and negligence on tax payments can result in huge tax penalties and legal issues that will hamper your success.
Get Ready for the Big Time
If you have lofty goals of running a multi-million dollar business, or working at an executive level with today’s Fortune 500 companies, an MBA degree will only help you. At the executive level, companies are looking for candidates that have real world experience and also a strong foundation in the fundamentals of business for VP and executive positions.
These roles require leadership experience and the ability to manage people, company culture, salaries, responsibilities, and – sometimes – investors. An MBA degree gives you the foundation to properly run a business and skills to work in a role that has such responsibilities.
A Balance of Analytic and Interpersonal Skills
The MBA curriculum at NGU is a balance of analytic and interpersonal courses. This is designed to give students the skills and knowledge they need to overcome any obstacles or and competitive challenges that the business world throws at them.
There will always be room for someone with a bonafide background in business. So yes, an MBA still matters in today’s world. No matter how much the means of making money changes, there will always be a need for MBA program graduates.