Image Courtesy

If you are considering earning an MBA, while running your own business, then you are not alone. However, before going ahead with this plan of yours, you should first of all find out if this is for you in the first place. Although getting an MBA can do wonders for someone who is seeking employment in consulting or banking this may not be so for you an entrepreneur. Therefore, you will need to confirm this.

Understanding why

Getting clear on whether you need an MBA or not is a wise step. Besides preventing you from wasting time and resources in case this isn’t for you it will help clarify why if this is. As there may be times during the course of undertaking this program that such knowledge will help motivate you when doubts arise within you at the sign of any difficulty or challenge. Okay so here are three questions you need to answer in order to find this out:

• Will this help in advancing your business? Ask yourself whether getting an MBA is going to advance your business. It may be that this gives your business additional creditability in the eyes of your customers and the general public. A good example may be if your business is into offering consulting services. To confirm this do a little research by conducting a survey, ask business people that have done the same thing you are about to do. Get their input and decide if this is what you need.

• Are you thinking of going into another line of business? It is possible that you are going into another line of business. And, doing this will require earning an MBA. If so this goal is a good reason to attend MBA classes. This will also serve to continue to give you a sense of direction during the entire run of this program.   

• Does this serve to provide other benefits? What about other benefits, does earning this master’s degree provide some additional benefits to your business? Of course one of the benefits that is often mentioned regarding MBA is its networking value. Now if this is clearly evident as far as your attending this program is concerned, then you are in good stead. 

The cost vs. benefit question

Still on the question of finding out whether getting an MBA is right or not. Okay another way to look at this is by looking at the numbers. In other words, do a cost/benefit analysis or consider the value this degree will bring to your business in say 10 or 20 years. Will you be able to earn more and how much will this be after subtracting tuition cost, lost income, etc? Then, compare this amount with what your earnings will be without this degree.

Is it worth it? In looking at worth you may want to dwell on the benefit that earning an MBA brings in time to come. For one the networking value may be something you don’t immediately get returns on, but may do sometime in the future if you can cash in on same.    

Adequate preparation

Alright once you have been able to establish that you need an MBA, the next big step you will be taking is in preparing for GMAT. And, online you will be able to find at least some of the best preparation offerings for this test. Get to know what students have used in the past and try this yourself especially what students the previous year used. In addition to this, consider a three-month or a six-month study plan and follow through with this.

 
Author Bio:
Jason Phillips wrote this article. He is a freelance blogger and a full time entrepreneur. He also owns a website which provides various essays and you can also go for IVY essay consulting to his website.