A recent article on BBC Business News online examined the importance of having an MBA when starting a business. For anyone desperate to know the answer, I’m sorry to tell you the article didn’t provide one! It quoted people who think you need one, and others who think you don’t: and an absurd comment from someone (unsurprisingly with an MBA,) that “Any organisation that's really gotten anywhere has MBA talent.” I’m sure Sir Richard Branson and Sir Charles Dunstone, among others, will be relieved to know where they have been going wrong!
Aside from sparking a bit of a debate, the question is somewhat pointless. Having an MBA can be helpful if you are starting your own business: it provides you with knowledge and skills, some of which may be applicable to business situations that are encountered. But the same is true of many other qualifications, and as thousands of individuals have demonstrated, you don’t necessarily need any of them to be successful with your own business venture.
So what do you need if you are going to join the ranks of small business owners? Here are a few suggestions:
Courage: Many people dream about owning their own business. Relatively few convert the dream to reality.
Conviction: You have to really believe in your business proposition. If you aren’t totally convinced, how will you persuade others?
Work ethic: Being your own boss does bring flexibility, but any successful business owner will tell you there are times when you have to work harder than you ever did as an employee!
Determination: There will undoubtedly be challenges along the way, but the owner is the person responsible for finding the solutions.
Structure: Energy and passion may get you through the early stages, but before long a bit of organisation is necessary. A basic plan and simple accounts, to be able to check that the business can continue to trade and provide for dependants are the essentials.
Support: Being the boss is a lonely position! Nobody else has the same passion and commitment for the business, and there will be problems that it is not appropriate to discuss with other people in the company. A trusted external confidant who can act as a sounding board and provide advice and a sense of perspective can be very valuable.
In other words, it’s much more about the individual than the qualifications. But if you happen to have an MBA too – perfect!
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