There are a lot of ways to improve your skillsets as an entrepreneur. One of your best options is to get a degree in a field of business. Two of the most popular business degree programs are the Master’s in Business Administration and Master’s in Business Management. They can both be great programs to help you succeed in the world of business.
Benefits of a graduate school education to build the foundations of business education to thrive as an entrepreneur
Few things are more exciting than starting your own business. Unfortunately, running a business is also very difficult. You are going to have a difficult time being successful if you don’t have a firm grasp of the fundamentals of entrepreneurship.
Did you know that only 50% of businesses survive for at least five years? On the surface, this sounds like a dismal statistic.
The good news is that your success is not all due to chance. You have a much higher probability of succeeding if you are educated about the fundamentals of running a business.
There are a lot of ways that entrepreneurs can learn how to run a business. One of the best ways is to get a graduate degree in image of business discipline.
Most people that get graduate degrees in business received a Master’s in Business Administration (MBA). This is actually the most commonly awarded graduate degree of any field. The GMAC website reports that 100,000 people receive this prized degree every year. Another 250,000 are enrolled every year.
However, there are other degrees that are worth pursuing as well. You can also get a Master’s in Business Management too.
Which of these degrees is best? The answer is going to depend on what competencies you feel you need to develop the most to excel as a business owner. Here is an overview of the difference between business administration and business management.
What to consider before getting a Master’s in Business Administration as an entrepreneur
More entrepreneurs receive MBAs than any other graduate degree. Although it is not always the best for every business owner, it is easy to see the broad appeal.
The biggest benefit of getting an MBA is the breadth of competencies that are covered. The curriculum will include everything from accounting and finance to marketing and management. You will also need to take classes in business law, economics and organizational behavior.
Many MBA programs offer specializations to their students. You can choose to specialize in a variety of things, including finance, marketing, technology management, entrepreneurship and accounting. Some schools offer even more specialized programs, such as the MBA in Wine Management at Sonoma State University.
The MBA program can be a good overview for aspiring entrepreneurs with a little background in business. They will be exposed to all of the fundamentals that they will need to succeed. This can be especially good for business owners that don’t have any background in finance, since poor cash flow management is the cause of 82% of business failures.
What you need consider before getting a Master’s Degree in Business Management
The Master’s degree in business management program is more specialized than a typical MBA program. This program focuses more on the day-to-day aspects of running a business. You will get a better foundation for managing employees than you would in an MBA program, since you will spend the entire two or three years of your program on that.
This can be a good degree for business owners that have an understanding of other basic functions of running a business. They may find that the marketing course work in a traditional MBA program might not be as useful in their given field. They may also have a basic understanding of finance, so they may not need that to succeed in business. A lot of the financial courses in a traditional business school program are useful for business owners, but others focus on asset valuation and other topics that might not be necessary.
If you mostly need a background in management, then a Master’s in business management might be the field for you. You can learn a lot of useful information in this program.