Connect with us

Ongoing Learning

Why an MBA for an Entrepreneur?

Experience and education are good predictors of entrepreneurial success. Here’s how you can develop the knowledge and skills to launch your own successful new enterprise.

Greg Fisher

Published

on

WhyMBAEntrepreneur

The stories that we read in the media about entrepreneurs and entrepreneurship often highlight the exploits of young technologically savvy individuals who drop out of college to create billion dollar enterprises such as Microsoft, Google or Facebook. These stories create a picture about entrepreneurs as young, socially awkward rebels who write some breakthrough computer code which then becomes the foundation of a new company. Such stories make for interesting reading but they distort one’s impression of reality. The reality is that most people who start successful new businesses are in their late thirties or early forties, they have 5-10 years of experience in the industry in which they launch their venture and the more education they have, the higher their chance of success. This raises the question: why are experience and education good predictors of entrepreneurial success and how can one develop the knowledge and skills to launch a successful new enterprise?

Education Increases your odds of success

To be successful in launching a new enterprise one generally needs to be effective in three broad areas:

  • Innovation and creativity
  • General management
  • Experience in the area in which the business is going to operate

Innovation and creativity enables you to come up with exciting new ideas to make your products or service more valuable and to think of innovative ways to market and sell your offering. General management knowledge and skills enable you to structure the enterprise, hire the right people and to motivate them effectively to deliver what is required. Knowledge and skills in the area in which the business is operating provides insight into how things get done in the industry and where the gaps exist.

If you wish to be successful in launching a new enterprise, it is worth considering how you can increase your capacity in all three of these areas to maximise your chances of success. Although there are many ways of developing know-ledge and skills in these areas, investing in an MBA can speed up your learning and develop competence in the three key areas. An MBA is an intensive one- or two-year learning experience that exposes an individual to multiple business related topics. By being exposed to different theories describing how business works and having to solve many different management problems within business case studies, your perspective can be radically expanded and enhanced.

MBA Structure

A typical MBA is a one-year full-time or two-year part-time endeavour. During that time you take a core set of subjects that cover all the functional areas of business from finance to marketing, operations to human resources. Coupled with the functional topic areas are more integrated subjects like leadership and strategy. Over and above the core subjects, you will get to select a set of elective subjects that will allow you to develop or enhance skills in areas that are critical to a specific area of interest. The final piece of an MBA puzzle is a research report – an independent piece of research exploring a business related question that gets conducted toward the end of the MBA process.

Get the edge with the GIBS Entrepreneurship MBA

The Gordon Institute of Business

Science (GIBS) has now developed an MBA specifically for entrepreneurs. By taking the typical MBA curriculum and adapting it to make it specifically relevant for someone wishing to start a business, GIBS has created a targeted programme that will enable individuals to quickly and effectively develop the acumen required for starting a business. The GIBS Entrepreneurship MBA offers entrepreneurs the opportunity to build a skills base that will radically increase their chances of success. The specific features of the GIBS Entrepreneurship MBA that make it relevant for current and future entrepreneurs include:

  1. Targeted case studies. The majority of the case studies that are included in the GIBS Entrepreneurship MBA curriculum focus on problems faced by people who are launching and growing a business.
  2. Entrepreneurial faculty. The faculty that will deliver the various components of the GIBS Entrepreneurship MBA have been carefully selected for their deep appreciation and insight into the entrepreneurial process.
  3. Integrated business plan development process. Throughout the GIBS Entrepreneurship MBA the participants will work on developing an integrated business plan for a business that they will be able to launch on completion of the course.
  4. Exposure to local and global entrepreneurs. Participants will get the opportunity to interact with and learn from many great entrepreneurs. They will visit entrepreneurial companies and have visits from entrepreneurs in the classroom.
  5. Energised and innovative students body. Participants on the programme will be carefully selected for their entrepreneurial potential. This will mean that as those on the programme work together, they will build strong and meaningful relationships with other like-minded people wanting to build revolutionary new ventures.

For more information on the GIBS

Entrepreneurship MBA please see: www.gibs.co.za/ftmba

Greg Fisher, PhD, is an Assistant Professor in the Management & Entrepreneurship Department at the Kelley School of Business, Indiana University. He teaches courses on Strategy, Entrepreneurship, and Turnaround Management. He has a PhD in Strategy and Entrepreneurship from the Foster School of Business at the University of Washington in Seattle and an MBA from the Gordon Institute of Business Science (GIBS). He is also a visiting lecturer at GIBS.

Advertisement
Click to comment

You must be logged in to post a comment Login

Leave a Reply

Company Posts

Executive Education Geared For Industry 4.0

The Johannesburg Business School (JBS) was established in 2017 as part of the College of Business and Economics at the University of Johannesburg.

University of Johannesburg

Published

on

prof-l-white

JBS offers a range of innovative executive programmes, expertly designed to develop effective, ethical and enterprising African leaders. With an emphasis on contextual intelligence, leaders are equipped to successfully navigate and overcome the complexities of today’s world, while advancing the evolution of the business environment for the benefit of their organisations and society.

All programmes designed and delivered by the JBS are grounded in the African context, with a strong global connection, for disruptors, entrepreneurs and managers alike. Business with purpose and an impact on the community, increasingly part of day-to-day business in Africa, underpins what JBS represents and does.

JBS is built around three pillars:

  1. Delivering world-class business education with a focus on the African context.
  2. Designing programmes geared for Industry 4.0 and the future world of work.
  3. Providing a platform to stimulate and inform purpose-driven business practices towards a collective impact across the continent.

We are authentically African with disruption and innovation at heart

At JBS we believe higher education is vital to the Fourth Industrial Revolution and ensuring that Africa becomes ‘future fit’. As such, the JBS partners with entities outside of the conventional business education space, with the idea to innovate and reinvent leadership development and education in an ever-changing business environment.

Our Executive Education portfolio provides managers and leaders with offerings that are relevant to the complex and disruptive nature of work, arming them with the skills to successfully navigate the rapidly changing business environment.

Our programmes are delivered with best in class faculty who encourage critical analysis and thinking, while emphasising contextual intelligence and conscious learning. The aim of our offerings is to advance the evolution of the business environment for the benefit of organisations and society at large.

JBS offers bespoke training programmes aligned to organisational strategic imperatives and people development frameworks. Our short courses are designed to equip entrepreneurs and leaders with functional excellence across the practice of management.

The JBS Masterclass offerings is growing in popularity and is available in cross-disciplinary fields, like Strategy, Marketing, Human Resources, Innovation, Coaching and Mentoring, to name a few. These 3-hour interactive sessions provide delegates with the latest insights and a practical view of shifting trends and their impact on business.

Visit www.jbs.ac.za for more information on upcoming programmes

Continue Reading

Company Posts

Think Global, Act Local: Business Education For Disruptors, Innovators And Entrepreneurs

As one of the largest and most prestigious business schools in Africa, JBS is focused on producing visionary leaders and managers who are geared for progress across the continent, but connected to the world at large.

JBS

Published

on

By

think-globally

Disruption. Innovation. The fourth industrial revolution. These aren’t just platitudes at the Johannesburg Business School (JBS), they’re the bedrock of the various courses and programmes on offer.

“We are authentically African, as we believe there are huge opportunities in both South Africa and Africa at large, but we are also looking at the global landscape. We have an incredible opportunity to educate and mentor the future generation of Africa’s leaders and managers by providing them with the tools they need to be true innovators and disruptors,” says Professor Lyal White, Senior Director of the JBS at the University of Johannesburg.

“Day-to-day business in Africa requires leaders to focus on — and deliver — development with a direct impact on communities. The challenges we face present an opportunity. The fourth industrial revolution requires soft skills and humanism in leading and mentoring for competitive and progressive business performance. This is particularly relevant in Africa.”

Taking on a new era

The JBS believes it has an important role to play in future-proofing Africa and her leaders, and is building programmes and a professional teaching staff with this specific goal in mind.

“The scope of the fourth industrial revolution is far beyond its digital or information counterparts,” says Professor White.

“It’s a systemic transformation that impacts civil society, governance structures, human identity, economics and manufacturing, while integrating human beings and machines.

“The underlying technologies for this shift are artificial intelligence (AI), blockchain, nanotechnology, biotechnology, the Internet of Things (IoT), Cloud computing, autonomous vehicles and 3D printing.”

JBS sees the humanities as playing a critical role in developing the creative and critical thinking that will be essential ingredients to success in Industry 4.0.

“UJ has the highest concentration of staff with PhDs in AI on our continent and we are more than ready to tackle this new era,” he says.

“At an unprecedented level, the global environment demands innovative business leaders with entrepreneurial spirit and government officials who can lead African businesses to succeed in Africa. With our focus on providing global management thought leadership and deep African insights, JBS prepares students for that role, giving them a critical edge for success.”

Related: The Art Of Storytelling: Johannesburg Business School Launches Its Executive Training Programmes

Depth and creativity

Given the opportunities and challenges presented by doing business on the continent, the JBS is developing and delivering bespoke programmes, designed with a keen focus on depth and creativity.

“We’re taking an alternative approach to the norm while ensuring we deliver on international standards,” says Professor White. “Africa needs world-class business education with a local flavour to develop the management competencies we need and to build excellence. This is the model and approach JBS has taken.

“Fortunately, we attract a great diversity of students who have the drive to succeed, confidence, a strong record of triumph and a burning desire to advance the evolution of business in our society,” he adds.

Bringing world-class education to Africa

“Our offering includes undergraduate diplomas and degrees, postgraduate degrees and programmes, and will soon include a Masters of Business Administration (MBA) degree. On the cards are also online programmes, blended learning and unique contact programmes with delegates from across the continent and partners from around the world.”

JBS as a disruptor in the executive education category has two goals: Designing programmes to match the demand of an emerging market, and reshaping existing programmes to meet the demand of customers as their needs evolve.

“As a late entrant to the business school market, JBS will be agile and adaptable in order to stay relevant and take advantage of the disrupted higher education environment by offering business skills for disruptors,” concludes Professor White.

“Conventional approaches and standard business acumen do not work. Preparing individuals and organisations for this context requires programmes with a difference, which is why we’re including an MBA with a difference in our offering going forward.”

Upcoming Executive education programmes and Masterclasses in 2019:

Programmes:

  • Project Management (26 – 27 Feb)

Become proficient at project management. An essential workplace skill that can boost the impact you have on any organisation.

  • Finance for Non-Financial Managers (4 – 8 Mar)

Expand your overview of financial performance from a commercial perspective across management functions.

  • Storytelling and Creativity (1 – 2 Apr)

The power of the narrative is becoming more recognised across leadership disciplines. Implementing creativity in storytelling will enhance your leadership presence.

  • Negotiation Skills (9 – 10 Apr)

Develop your negotiation skills to create more effective partnerships and better results for your organisation.

Master Classes: 

  • Implementing Strategy (1 Feb)

Delve into the core aspects of implementing strategic deliverables and cascading these across your teams.

  • Coaching and Mentoring Centre of Excellence: Session 1 (7 Feb)

Access a network of leaders and coaches to enhance your personal growth.

  • Marketing Series: Session 1 (13 Feb)

Leverage marketing tools and practices to enhance your clients’ experiences.

  • Generating Shared Value (21 Feb)

Implement practices focussed on business with the purpose to generate sustainable value for your organisation.

  • Innovation Series (12 Mar)

Learn about innovative success stories in the context of industry 4.0 and how to prepare and future-proof your organisation for this digital revolution.

  • HR Series: Session 1 (26 Mar)

The HR Series will address key issues facing HR practitioners with robust debate and suggestions to enhance this function.

For more information and to register please visit our website www.jbs.ac.za or Email us on ExecEd@jbs.ac.za

Continue Reading

Company Posts

English: The Language Of Oppression Or Opportunity?

We offer a wide range of courses specifically aimed at professionals who want to enhance their professional English communication skills. Some of our most popular courses are.

Wits Language School

Published

on

english-learning-language

Having to communicate professionally in English sometimes strikes fear into the hearts of many South Africans irrespective of their gender, age or business field; the mere thought of presenting to a group of colleagues in English or submitting a report to your manager is daunting and nerve wracking. If you are one of the many, do not be embarrassed; you are in good company.

Despite South Africa’s recognition of 12 official languages and its embracing of multilingualism, English continues to be the dominant language within schools and workplaces and competence is considered a pathway to upward mobility and professional opportunities. While it is evident that one requires good English skills to excel academically and professionally, little attention has been paid to improving the English proficiency of South Africans. This may in part be because English is an official language and it is assumed that all South Africans can speak English well. However, the differences in the type of English one is exposed to and the difference between fluency and accuracy are overlooked.

South Africans are unique; we are multilingual, vibrant and dynamic individuals who utilise a wide variety of linguistic resources when we communicate. It is not odd to find us communicating in multiple languages at the same time; we code switch when we cannot remember the correct English word or when we want to express a thought accurately but cannot find an appropriate English word and we do it effortlessly and automatically. These skills set us apart as innovative language users as we mesh and blend languages in our common goal to communicate accurately.

Related: Knowing The Basics Is Not Good Enough Anymore

Unfortunately, these skills do not hold us in good stead in the workplace where standard and ‘proper’ English is required and suddenly we lose confidence and nerve. We become more conscious of how much we do not know and question what we do know. It is easy to feel overwhelmed and paralysed by fear when you have to communicate solely in English and are suddenly evaluated against monolingual, Western, middle class norms. Furthermore, it is easy to assume if we incorporate more complex words and use lengthy phrases as well as adopt an American or British accent, our English language skills will suddenly improve. This is a myth; do not believe it!

In order to communicate effectively and appropriately, one needs to be cognisant of the following factors:  the audience, the purpose of the message, the message itself, the grammatical accuracy of the message and the tone of the message. Simply put, one has to ensure that the meaning of the message is always concise and coherent and is phrased in a manner that can be easily understood by the reader or listener.  Secondly, one has to ensure that the grammatical accuracy of the message is maintained; editing and proofreading are essential in order to win the reader’s or listener’s confidence in what you are communicating.

Here at Wits Language School, we are passionate about improving the language skills of South African second language learners and our courses are especially designed to help you improve your English language skills. We offer a wide range of courses specifically aimed at professionals who want to enhance their professional English communication skills. Some of our most popular courses are:

Communicative Grammar Are you interested in improving your editing skills and English grammar knowledge?

Join our Communicative Grammar course.

English Speaking and Pronunciation Do you want to improve your pronunciation and gain more confidence speaking in English?

Join our English Speaking and Pronunciation course.

Business Writing Are you interested in improving your proposal or minutes writing skills?

Join our Business Writing Skills course

Presentation Skills Do you want to give presentations that are dynamic and interesting?

Join our Presentation Skills course.

Report Writing Do you want to write reports that are coherent and well organised?

Join our Report Writing course.

English for Critical Thinking in Business Are you interested in improving your critical thinking skills and becoming a strategic thinker?

Join our Critical Thinking in Business course.

 

Climb the ladder to success and apply today. Applications for 2019 are now open. Wits Language School, changing lives and opening doors.

Read next: Tips To Becoming Fluent

Continue Reading
Advertisement

SPOTLIGHT

Advertisement

Recent Posts

Follow Us

Entrepreneur-Newsletters
*
We respect your privacy. 
* indicates required.
Advertisement

Trending