If you like to be your own boss and have a business idea that you can’t wait to share with the world, it’s important that you possess the right skills, qualifications and knowledge before going any further. Some of the most successful entrepreneurs of today haven’t got to where they are now without hard work, grit, and determination.
To be taken seriously in the business world and cement your status, you should consider going back into education and earning an MBA (Master of Business Administration) degree. However, deciding which program to pick can be challenging. To help make the decision process easier, here are some of the best MBA concentrations that can accelerate your career and help you launch a successful brand.
MBA in General Management
Regarded as the most traditional MBA concentration, an MBA in general management gives you a broad business summary, primarily focusing on marketing, finance, leadership, and human resources. The main aim of an MBA in general management is to teach students and professionals how to manage the general day to day operations of a business.
This concentration is specifically tailored towards entrepreneurs who have limited prior knowledge of the business sector. The normal duration of an MBA in general management tends to be two years. You can use this concentration to enhance your credentials and equip you with the key knowledge and skills needed to run your own operation. Many entrepreneurs who embark on this program go into management and consultant roles.
MBA in Corporate Strategy
An MBA in corporate strategy is designed to help entrepreneurs discover how businesses create value, create a successful business portfolio, and engage with other companies to achieve goals. This concentration teaches entrepreneurs how to make solid management decisions that boost their company’s performance. There are various factors that you will learn on what influences a company’s success or failure.
An MBA in corporate strategy cultivates problem-solving skills, meaning you will learn how to work through obstacles and challenges and know how to work well under pressure. Understanding business strategy is vital for success. So, regardless of what business job you attain, you will be challenged to accomplish ambitious goals, which can be hard to do if you don’t have a strategic approach in place. There are various routes you can go down with this concentration, like a senior strategy manager, management consultant, and finance manager.
MBA in Corporate Finance
An MBA in corporate finance prepares entrepreneurs for roles in financial services, risk management, or for corporate finance roles in other firms. If you plan to operate your own enterprise, it’s vital that you have a sound knowledge of the financial side of things. If you choose this concentration, you will learn about investment and portfolio management, corporate financial management and forecasting.
There are various skills that you will attain during this program, such as oral and written communication, and understanding how to solve complex business problems. An MBA in finance prepares you to enter a wild field of exciting careers in the business sector, such as a budget analyst, financial advisor, and investment analyst. For entrepreneurs who want to set up their own company, studying for an MBA in finance will help you develop the financial and business skills needed to run a startup, make contacts and form strong relationships with instructors and classmates, as well as develop sound financial and business management strategies.
MBA in International Management
For entrepreneurs who want to think of the bigger picture, studying for an MBA in international management will train you to lead globally and put your company on a worldwide scale. An MBA in international management will prepare you for a trade, management or general business role that can be performed on a global level. These concentrations tend to offer internship opportunities that can be a great way to learn industry knowledge and experience through established companies.
Whether your aim is to take your business over to Canada, or you plan to operate in other continents, an MBA in international management can teach you invaluable business characteristics. Some of the common fields that students go into after completing this concentration include project management, product management and marketing management. If this course sounds right for you, you can click here to find out more about why you should pick an MBA concentration.
MBA in Entrepreneurship
Finally, the MBA in entrepreneurship is specifically designed for individuals who are solely focused on launching and operating a startup. If you don’t have experience in running a company, going it alone without the right credentials in place can set you up for failure (rather than success). This concentration teaches you invaluable traits and knowledge on how to build a company from the ground up, as well as developing new initiatives within an existing business.
During your MBA in entrepreneurship, you will learn valuable knowledge from business professionals who have specialized experience in their chosen disciplines. You will also gain a unique insight into how to evaluate risk and capitalize on business opportunities. An MBA in entrepreneurship prepares entrepreneurs to manage investments and operate their own enterprise, including nonprofits and limited liability corporations. You will have the chance to make strong connections with angel investors during your course who can serve as key contacts when it comes to launching your own brand.
Regardless of what MBA concentration you pick, make sure that you read into course specifications and entry requirements before making your final decision. An MBA program can teach you the A-Z of the business sector and help you develop key skills that will boost your confidence and self-esteem. With 50% of startups failing in their first year, the last thing you want is to fall into this statistic. If you have the confidence to go it alone and run your own company, any of the MBA concentrations listed above will enhance your resume, impress clients and stakeholders and show that you’re willing to do what it takes to push your career forward.