Millions of graduates are produced every year by online MBA programs across the globe. The online program produces graduates with a well-rounded understanding of how businesses run. MBA students learn important subjects such as strategic human resource management, supply chain measurement, supplier and customer relations, marketing principles and strategies, and management information systems, just to name a few, to grow and successfully manage a business venture.
A study has revealed that pursuing an online MBA program can enhance your chances of starting a business by 18%. Another study shows that 84% of businesses started by graduates with an MBA degree were still running after 3 years. The success rate of businesses started by MBA graduates is 66% after a time period of around 3 years.
After an analysis of those companies which are "unicorn" (companies worth over 1 billion US Dollars and created in the past 10 years), it has been observed that at least 1 MBA graduate is appointed in the company's executive team to assist in building the company, and that at least one of the founding members of 33% of companies is an MBA graduate.
According to a study in 2014, it was revealed that 31% of MBA graduates operate businesses with a keen focus on multinational, and the total median revenue of this group was $815,251.5
How Online MBA Helps Entrepreneurs Achieve Success in Their Business
Through certain entrepreneurship programs, students learn important tactics of beginning a business and making a viable plan of the business. An online MBA program is designed and developed in a way to help students develop effective and practical qualities of leadership. These qualities are highly valuable during the initial stages of starting a business.
Leadership and management courses help students to understand topics such as managerial communication, employee motivation, conflict resolution, and strategic human resource planning. When merged, these highly valuable programs provide graduates a major edge over other entry-level entrepreneurs.
This is shown in the motives of various entrepreneurs who want to pursue an online MBA prior to beginning their business. According to a study, aspiring entrepreneurs opt to pursue this program for the reasons given below:
- To develop skills for handling their business
- To develop leadership skills
- To increase opportunities for entrepreneurship
- To increase the potential of earning
An online MBA program offers students a comprehensive look at different aspects of the practice of business, from human resources to marketing to management and finance. A wide-ranging and solid knowledge base is delivered to you through the program. Therefore, you are in a better position to start building your business.
A few highly successful entrepreneurs who began their business after pursuing MBA include Aneel Bhusri (co-founder, Workday), Mark Pincus (co-founder, Zynga), Jeremy Stoppelman (co-founder, Yelp), and Steven Hafner (co-founder, Kayak).
Pursuing an online MBA program doesn't give you a guarantee of success in your startup. But it does provide you the knowledge, skills and the tools required to transform a good idea into a successful venture. A strong support environment of an online MBA program is a must. It will offer you an 18–24 months window to grow and make mistakes. Without any sort of repercussions, no business can hope to survive in the realistic world.