Interested in becoming an entrepreneur? Here are 5 ways an MBA can help you achieve your entrepreneurial dreams
You don’t need to attend business school to be a successful entrepreneur, but there are some key reasons why studying for an MBA degree can make your entrepreneurial journey more effective and enjoyable.
Many business schools allow you to meet like-minded people who not only test your skills and inspire your startup efforts, but also make you feel part of a valued community. We provide a supportive environment.
5 ways an MBA can help you pursue entrepreneurship:
1. Some business schools offer dedicated entrepreneurship centers
Business schools that focus on fostering entrepreneurship are likely to have specialized services or centers for business students who are inclined to become entrepreneurs.
Located in coastal Virginia, the Strom College of Business at Old Dominion University (ODU) provides resources for entrepreneurial-minded students at the Strom Center for Entrepreneurship and Innovation.
ODU also supports local entrepreneurs with training and services through the Women’s Business Center, ODU Business Development Center, and Veterans Business Assistance Center located off-campus in downtown Norfolk.
“We have a lot of different options for people to find the best fit for them,” says Sharon Scannell, program manager at the Strome Center for Entrepreneurship and Innovation.
2. Military students have access to personalized advice on becoming an entrepreneur
Because ODU is located next to Naval Base Norfolk, the largest naval base in the world, many military or former military students attend military-oriented MBA programs at ODU’s Strom College of Business.
Military and former military students with an entrepreneurial spirit can request mentorship and startup services from VBOC, the Veterans Business Outreach Center.
“Determination is key when it comes to running a business, and those who have served in the military tend to already have this mindset deeply ingrained in them, understanding the value of teamwork and discipline,” says Sharon. say.
VBOC offers courses such as Boots to Business, a program designed for service members transitioning out of the military.
“This is an option for people who have left the military and are trying to decide what to do with their next step in life.
“This program is [military personnel] “I want them to know that starting a business is an option and there are resources from the government and from ODU in the form of VBOC,” Sharon explains.
3. Students learn about entrepreneurship at their own pace
The Strom Center for Entrepreneurship and Innovation teaches students how to start a business through a dojo-like model. In this approach, students develop their businesses at their own pace following a program based on Lean Startup methodology. The Lean Startup methodology provides a framework for maximizing business growth. Additionally, students will utilize the Business Model Canvas. This is a strategic visualization tool for building business models.
Students have milestones they can achieve at their own pace and can visit the Strom Center for Entrepreneurship and Innovation whenever they need support.
Working with a team of experts from the Strome Center for Entrepreneurship and Innovation, students will address topics such as customer discovery, marketing, licensing, cash flow and forecasting depending on the stage of their business venture creation.
In some exercises, students of all levels work together, while in others there are separate groups with different experience levels or focusing on independent activities.
“We take everyone on an individual basis in training because we all have different needs,” Sharon says.
“It seems like it would be more effective for us and for the students.”
The types of entrepreneurial projects undertaken by entrepreneurs in ODU’s School of Business include everything from resale businesses to arts and crafts, baked goods, graphic design, and marketing services.
Four. A diverse curriculum contributes to the formation of business ideas
A key benefit of becoming an entrepreneur in business school is the opportunity to test your ideas in a supportive environment while learning important business concepts that can be immediately applied to your new venture.
The 21-month ODU MBA program is a degree offered online, hybrid or in-person, allowing students to customize their studies to fit their interests.
Our flexible MBA program allows you to focus on specializations such as maritime and port management, supply chain management, business analytics, and project management.
You can also choose individual courses aimed at budding entrepreneurs, such as Business Planning for Entrepreneurs.
Having started a successful technology company herself, Sharon says that business school is a great opportunity for entrepreneurs to learn business fundamentals such as supply chain, organizational behavior, and accounting that will help them build a startup. I am.
5. Networking is the key to entrepreneurship
It’s hard to find a ready-made network as robust as the connections you made while studying in business school.
Students can work with other entrepreneurs at the Strome Center for Entrepreneurship and Innovation. This creates a strong sense of community for these individuals.
“ODU has a lot of services that help students find people who can give them the right advice. Many of our business school professors run their own businesses,” Sharon says.
ODU is ideally located in the Hampton Roads region, a vibrant hub for entrepreneurs and home to one of the most active groups of angel investors in the United States.
“If you want to work with other entrepreneurs in the area, whether that’s Virginia Beach, Newport News or Williamsburg, there are plenty of people you can connect with. There’s a lot of inspiring activity going on for entrepreneurs,” she says.
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