Plucky entrepreneurs will always seek ways to enhance their skills, expand their knowledge and stay ahead of the competition. Online MBA programs can be a flexible and effective educational pathway for entrepreneurs, whether they are individuals or part of small and medium-sized enterprises (SMEs). And here’s why.
One of the most significant advantages of Online MBA programs is their flexibility. Entrepreneurs often juggle multiple responsibilities, from managing day-to-day operations to strategizing for future growth.
Online MBAs allow them to study at their own pace and on their own schedule, making it easier to balance work, study and personal commitments. “The online structure allows students to maintain a presence in the market, so they can continue to build their networks and test their ideas in the real world,” says Craig Markovitz, distinguished service professor of entrepreneurship, at the Tepper School of Business.
“This unique combination allows students to combine academic theory with practice, to ensure they are creating meaningful solutions that solve customer problems,” he adds.
Moreover, Online MBA programs eliminate the need for physical presence, enabling entrepreneurs to access world-class education from anywhere in the world. This geographic independence is particularly beneficial for those running businesses in remote locations or constantly on the move, as many are in the post-pandemic world of hybrid work.
Cost-effectiveness
Compared to traditional on-campus programs, Online MBAs often come with lower tuition fees, too. This cost-effectiveness makes graduate business education more accessible to entrepreneurs who might be operating on tight budgets, given the current constraints on financing amid a challenging economic climate.
Without the need to relocate or commute, entrepreneurs can save on significant expenses, including housing, transportation and other living costs associated with attending an on-campus program.
“The ability to keep your full-time role and continue to earn a salary while exploring your entrepreneurial venture is immeasurable,” adds Meg Lukus, director of Online MBA programs at the Tepper School. “On average, it takes three-to-five years for a startup to become profitable, and the opportunity cost is often too high for individuals to give up their nine-to-five role.”
Beyond costs, one of the standout benefits of an Online MBA for entrepreneurs is the ability to immediately apply what they learn to their business. Concepts and strategies learned in class can be tested and implemented in real-time, providing immediate benefits and enhancing the learning experience.
Many Online MBA programs also offer specialized courses and electives that cater to the needs of entrepreneurs. From courses in innovation and entrepreneurship to digital marketing and financial management, company founders can tailor their learning to focus on areas most relevant to their business goals.
“Online MBA programs provide essential flexibility for entrepreneurs to pursue their education and their entrepreneurial passion at the same time,” notes Matt Hente, the director of the MBA@UNC program at UNC Kenan-Flagler Business School.
He adds: “They also can customize their curriculum needs, including completing an entrepreneurship concentration and other elective courses in entrepreneurship and strategy focus areas.” MBA@UNC students also have access to Launch Chapel Hill, a startup accelerator and entrepreneurship community based nearby.
Networking opportunities
Online MBA programs often attract a diverse cohort of students from around the world. This global network provides entrepreneurs with valuable connections and insights into international markets, trends and best practices.
What’s more, many online MBA programs are taught by experienced faculty and industry experts. Entrepreneurs can gain insights from these professionals, leveraging their knowledge and experience to solve real-world business challenges.
Indeed, Online MBA programs expose entrepreneurs to the latest business theories, practices and technologies. This exposure can inspire innovation and provide new perspectives on how to grow and sustain their business.
“An Online MBA can provide a secure environment for an entrepreneur to pilot and risk-assess a new idea,” says Rosellina Ferraro, associate dean at the University of Maryland’s Smith School of Business. The business school offers hands-on learning projects that often give students opportunities to test-drive new products or concepts.
“These types of experiences do not come from simply taking a business course or pursuing a non-degree certificate,” notes Ferraro.
All this can, ultimately, enhance an entrepreneur’s credibility with investors, partners and clients. It signals a commitment to professional development and a solid understanding of business principles.
And, the knowledge and skills gained through an Online MBA can boost an entrepreneur’s confidence in their ability to run and grow their business. This confidence can translate into more decisive leadership and better business outcomes.
Entrepreneurs seeking to elevate their business acumen and drive their ventures to new heights, may find an Online MBA to be a worthwhile investment.
