The Benefits And Challenges of Starting A Business While Pursuing An MBA

Starting a business in India’s current entrepreneurial landscape holds immense potential. As per a report by the Global Entrepreneurship Monitor, India has the third-largest startup ecosystem globally, with over 60,000 startups. Now is the ideal time to venture out into the business world.

MBA is one of the top courses Indian students opt for, especially those with an entrepreneurial inclination. B-schools in India offer a wide variety of specialisations, helping budding entrepreneurs explore their passion in the industry of their choice. Some even choose to start their own business while pursuing an MBA solely for the benefits of an MBA in building a solid entrepreneurial foundation.

Although starting your own business while pursuing an MBA is commendable, it can take time to strike a balance between your work and academics.

In this article, we’ll look at the benefits and challenges of starting your business venture while pursuing an MBA.

Advantages of starting entrepreneurship while pursuing an MBA

Being your boss without having anyone interfere can be rewarding. If you are someone who wants to start your own business and pursue an MBA degree, here are some advantages of entrepreneurship while pursuing an MBA.

Networking and forming business connections

When you join an MBA course, you connect with industry experts at seminars and conferences. These individuals have experience in their relevant fields and can offer valuable insights about your business. You can establish relationships with other entrepreneurs, business owners, investors and vendors to create opportunities for growth and collaboration. Most importantly, networking will hone your professional and interpersonal skills, and you will learn the nitty-gritty of navigating diverse work environments.

Applying MBA knowledge to your business

An MBA course imparts management skills, finance and marketing knowledge, and more. These lessons are invaluable if you are a new entrepreneur who has just started a business. You can take your classroom teachings and apply them to your business.
From strategic planning and financial management to operations, marketing and sales, an MBA will impart the fundamentals of business knowledge you can apply in different business areas.

Learning business strategies

At its most basic form, an MBA course is about business and the strategies involved in it. This course ensures that the candidates gain sound theoretical knowledge of the latest methods used in the entrepreneurial landscape. Your business can grow if you can make practical use of these methods. As a budding entrepreneur, you will reach new heights, and your company will become more profitable.

Challenges of beginning a business while doing an MBA

Pursuing an MBA while starting a business can be daunting, as it involves handling multiple responsibilities. Let’s look at some of them:

Time management

A business, however small, takes a lot of time to set up. You have to invest time in managing it, which becomes difficult when pursuing an MBA course side-by-side. As an entrepreneur, you must always be aware of what is happening in your company. You must devote time to classes, especially if pursuing an offline MBA. Some classes may extend beyond the stipulated time, and you will juggle classes and business commitments. Thus, time management qualifies as one of the definitive challenges for an MBA student with a business to run.

Financial constraints

MBA courses are expensive in most B-schools in India. The course fees are very high in the popular institutes due to experienced faculty, consulting projects, and workshops. On the other hand, starting a new business can take some time to become profitable.

Those pursuing MBA and running a business simultaneously often depend on their business income to fund MBA studies. But financing your MBA course is challenging if you are not making significant profits from your business.

Balancing priorities

Pursuing an MBA and starting a business are demanding tasks requiring much attention and effort. Balancing priorities can be a challenge, and it is essential to prioritise tasks and manage time effectively to ensure progress in both ventures. Balancing the demands of coursework, business and personal life can be overwhelming. Many MBA programmes have a fixed schedule of classes and assignments that must be completed, making it difficult to plan business-related activities. Balancing priorities can add pressure to perform well in business and school, which can be challenging. The burnout that results from juggling both can be exhausting.

What is MBA in Entrepreneurship?

An MBA in Entrepreneurship is a postgraduate degree programme providing students with the knowledge and skills to launch and operate a successful business venture. The programme equips students with a solid foundation in business fundamentals and includes specialised coursework in entrepreneurship. Let’s take a look at a typical MBA in Entrepreneurship syllabus. Core Syllabus:

• Finance
• Economics
• Management
• Marketing
• Leadership
• Operations Management

The special focus can include topics such as the following:

• Creating a new startup
• New business feasibility
• Product design
• Sustaining a business
• Managing a new startup
• Entrepreneurial strategies
• Legal structure of a startup
• Social innovation

Why go for an MBA in Entrepreneurship?

Have you ever contemplated, “Is MBA necessary to be successful in business?” You’re not alone. Starting a business involves a lot of uncertainties and risks, which can be intimidating for someone who lacks experience in entrepreneurship. First-time entrepreneurs also face the fear of the unknown. Budding entrepreneurs often find themselves at a career crossroads when deciding whether to pursue an MBA. An MBA in Entrepreneurship can benefit individuals interested in starting their businesses. Here are some reasons why one should consider pursuing an MBA in Entrepreneurship: Opportunities to build a strong team: A B-school can offer a better environment to build a team, which is essential for entrepreneurial success. Hands-on experience: An MBA in Entrepreneurship provides opportunities to receive hands-on learning experience. These experiences often go hand-in-hand with the coursework and require students to work with peers. This allows students to improve their leadership skills and gain practical business experience. Exposure to various business aspects: An MBA in Entrepreneurship covers various aspects of business, such as finance, marketing, operations, and management. This is important for entrepreneurs who must manage different aspects of their business and have a well-rounded understanding of how businesses operate. Strong networking: Pursuing an MBA in Entrepreneurship provides an opportunity to connect with other entrepreneurs, investors, and business leaders. This can help develop a strong network of contacts, which is valuable for entrepreneurs looking for business partners or funding.

This can help develop a strong network of contacts, which is valuable for entrepreneurs looking for business partners or funding.

Conclusion

Getting an MBA while starting a business can be a thrilling experience. Applying coursework knowledge to real-world business practices will strengthen your entrepreneurial foundation and hone your business skills. You can enrol in the online MBA in Entrepreneurship programme at Amity to acquire the entrepreneurial skills you need to start and manage your own business. The 100% online programme ends with a degree from a recognised U.S. university without the need to travel or get a visa.