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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

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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.

Company Posts

Rethinking Learning In The 21st Century

The changing world of work has disrupted the three elements of the traditional ‘career’: Expertise, duration, and rewards.

Wits Plus

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Vital Stats

Traditionally the concept of a ‘career’ was considered to include three elements:

  1. A career represented our expertise, our profession, and ultimately our identity.
  2. A career was something that built over time and endured. It gave us the opportunity to progress and advance.
  3. A career gave us financial and psychological rewards. It made life meaningful and paid us enough to live well.

The changing world of work has disrupted all three elements: Expertise, duration, and rewards.

A career can now be as long as 60 years; at the same time, due to rapid advancements in technology and the changes that bring about in the workplace, skill sets can become obsolete in as little as five years.

Increasingly, companies need to rethink the way in which careers are managed and learning opportunities are delivered, and many have already begun to overhaul their career models and L&D (Learning and Development) infrastructure in line with the digital age.

Related: Your Investment In Knowledge

Employees’ learning behaviour is also changing. In the past, employees were able to obtain the skills required for their career early on and as a once-off; now, the career itself is a journey of learning, up-skilling, re-skilling and continuous reinvention to remain relevant and to thrive in the changing world of work.

Older employees who studied at a time where most of one’s learning occurred prior to entering the workplace, find themselves working alongside millennials who place greater value on learning and progression rather than on earning potential as a first priority.

Eighty-three percent of the respondents surveyed in Deloitte’s 2017 Global Human Capital Trends survey say their organisations are shifting to flexible, open career models that offer enriching assignments, projects, and experiences rather than a static career progression.

However, in today’s fast-paced business world, even if companies are restructuring L&D delivery, no one is going to make you engage in a strategy that is essential to your future success – continuous learning. You will have to take the initiative yourself.

Noted self-help expert W. Clement Stone, in his many writings on this topic, recommended that one spends anywhere from a half-hour to two hours a day in study and thinking time. This tireless dedication, combined with an insatiable curiosity, will equip you to excel in the future world of work. What’s more, learning new skills and knowledge can be fun!

The good news for both companies and for employees is that an explosion of high-quality content and digital delivery models offers employees ready access to continuous learning. The Wits DigitalCampus offers a range of accredited and fully online short courses to support your continuous learning.

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Company Posts

Your Investment In Knowledge

When you understand the value of knowledge, in this world where technology is rendering previously expensive products or services much cheaper (and even free), it’s just a matter of getting more of it. Dedicate yourself to constant learning!

Wits Plus

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Vital Stats

Most people spend their lives collecting, spending, and worrying about money — so much so, in fact, that they say they “don’t have time” to learn something new.

However, some of smartest and busiest people in the world — Barack Obama, Warren Buffet and Bill Gates — all spend at least one hour a day on deliberate learning. They see what others don’t: That learning is the single best investment of our time that we can make. As Benjamin Franklin said long ago, “An investment in knowledge pays the best interest.”

When you understand the value of knowledge, in this world where technology is rendering previously expensive products or services much cheaper (and even free), it’s just a matter of getting more of it. Dedicate yourself to constant learning!

One of the very benefits of ongoing technological advances is that it empowers an accelerated and personalised learning experience that puts the learner in the driver’s seat. Modern learning harnesses the speed, power and ubiquity of digital capability. Online platforms, software and mobile devices means that the traditional hurdles to learning — such as income, status and location — have just about disappeared. Knowledge can now be gained by anyone with the passion to pursue it and the commitment to stick with it.

Related: Building Customer Relationships

We are only at the tipping point of what future learning technology can deliver. Artificial intelligence (AI) will transform all aspects of human capital management, including learning. Technology-enabled learning will be immediate and directly relevant to the task, for example:

  • personally tailored learning content and experiences delivered to you as and when you want or need them
  • chatbots and virtual assistants can source and categorise the information that you need for optimal decision-making
  • augmented and virtual reality simulations can provide a multi-sensory experience to speed up and embed learning.

Additionally, social connectivity already enables user-generated content to outpace and outstrip what traditional education and learning institutions can deliver.

Knowledge may be the new money but, unlike money, you don’t lose it when you use knowledge or give it away. Transferring knowledge anywhere in the world is free and instant. It’s fun to acquire and it makes your brain work better. It helps you think bigger and beyond your circumstances. It puts your life in perspective by essentially helping you live many lives in one life through other people’s experiences and wisdom.

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Entrepreneur Today

How Are South Africans Feeling About The Work Environment?

A new study reveals individual fear that their skills will outdate and a growing need for lifelong learning.

Andrew Johnston

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A research report by MasterStart has found that just 23.8% of working South Africans believe their current skills will keep them employed in ten years’ time. With the burgeoning Fourth Industrial Revolution accelerating the pace of change in the world of work, most South Africans are looking to ‘future-proof’ their careers. And for 95%, lifelong learning is the key to retaining relevancy.

Related: 15 Of The Best And Most Unusual Online Courses For Entrepreneurs

Based on a survey with a sample group of over 1000 people across varying demographics and industries, the MasterStart South African Workforce Barometer uncovered that – while artificial intelligence (AI) and robotic process automation (RPA) are on the radar – other factors are currently seen as more immediate factors impacting job retention.

Andrew Johnston, CEO of MasterStart says, “Our workforce is clearly concerned, but positively, our research revealed that people are aware that frequent upskilling and reskilling will aid them in remaining relevant and employable.

In a country where unemployment is an ongoing issue, it’s imperative that we empower people to future-proof their careers by making lifelong learning opportunities continuously accessible in order to bridge critical capability gaps and compete with global standards.”

Some pivotal findings in the report included:

  1. It’s tough out there: 80% of the sample believed the job market to be tougher now than it was ten years ago. People in media and marketing especially agreed with this (92.9%), along with those in the manufacturing (87.9%) and financial services (87%) industries.
  2. Why’s it perceived as so tough? Both macro and micro factors were listed, including the political and economic climate, increased competition, fewer employment opportunities and rapid change.
  3. Age and lack of skills are the biggest barriers: While age was referenced most frequently as a barrier to future employment – especially for those over 50 – in the 18-24 and 25-34 year old brackets, lack of skills was seen as the most prohibiting factor.
  4. People in IT and tech felt most secure about their skills: Collectively, just under half the sample felt they’d been held back by lack of skills. 30% of participants in IT and tech were completely confident their skills would survive the ten year test. Those in other industries were noticeably less secure.
  5. We’re not yet comfortable sharing our workloads with robots: Close to a quarter of respondents felt AI had already impacted their industry, but just under 20% said they were completely comfortable sharing their workload with robots or processes automated by AI. Surprisingly, 18-24 year-olds had the highest level of unease about this.

Lifelong learning is the best way to remain relevant

Whilst the Barometer found a workforce in a somewhat sombre mood, positively, people were putting plans in place to learn further to acquire the skills they need.

It was good to see that 80% of respondents were planning to study in the future, with self-enrichment being the primary motivator (66%), followed by the aspiration to get further and be promoted (54%) and the desire to keep abreast with industry-related changes (41%). 58% of people favoured online learning, and a number had already completed courses.

Johnston says, “This shows a workforce that’s committed to continuously learning the new hard and soft skills that’ll entrench the adaptability required to survive the breakneck pace of the workplace.”

Those that had already studied listed the ‘big gains’ as being:

  • Tangible results: like a salary increase, promotion, skills (to be more marketable), more experience and more opportunities.
  • Higher performance: like better knowledge, keeping up-to-date, better understanding of the way the workplace works, faster completion of tasks, and having to employ fewer people as they had the skills themselves.
  • Better motivation and soft skills: like being better at dealing with people, the ability to explain concepts to clients, and overall improved communication skills.

Johnston concludes, “Given the competitiveness of the market – which will only increase with the rise of automation – having a sought-after skillset is the best way to guarantee ongoing job retention.  This means using learning to get to grips with AI and RPA in order to build efficiencies and one’s overall value-add.”

He says we also need to consider providing alternate adult education programmes to give young people the best chance of gainful employment, “It’s important we make ongoing online learning materials easily accessible in ‘snackable’, bite-sized pieces to make learning easier.”

Lastly, he believes a lot of learning is up to corporates, “Providing ongoing executive-level education grooms great leaders and provides turn-key or customised solutions to bridge big capability gaps to foster greater efficiency, productivity and profitability. Our research shows that South Africans are hungry to learn – so companies that provide this opportunity will have a greater chance of talent retention, and attraction.”

To find out more, access the MasterStart South African Workforce Barometer report here.

 Related: 6 Free Courses That Can Help You Become A Successful Entrepreneur

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