Set up your own business after MBA
MBA students often turn to the job market after getting their degree. However, the best option for them is to think about their business.
Congratulations, you finally have an MBA degree. Big moment in your life, isn’t it? So what is the way forward form here? Do you plan to find a job just like everyone out there, or are you going to unleash your creativity and pitch out your idea? So many options to take, but which one is the right choice? Entrepreneurship! Here is how your MBA can be a help on the journey ahead.
Leadership may apparently be about communicating effectively and doing what you are best at. It is, but not all of it. You have to focus on your weaknesses too, and improve them as well so that you can become a better leader. Identify your weaknesses and then make efforts to rectify them. The next time they affect you in any way, you will at least be able to come up with a corrective strategy. This is one thing your MBA studies will definitely teach you for sure.
Does a workflow or supply chain seem complicated to you? Maybe they are, but your MBA degree will make you go through the essential concepts of all business aspects. And while at it, you will be also be taught about managing your business more smartly and effectively. Not to forget, you will learn to quickly pinpoint anything that is incorrect or wrong in the process, and then accordingly, make adjustments.
You will learn so much about compensation in your accounting classes. And along with this, you will come across the concept of entrepreneurial gap, which exists when a person has to account for more than what they control. Ideally, as a person, you should reach beyond the control span.
And which of these people should you bring on board? Well, you should definitely hire smart people, but then you should also provide them with an entrepreneurial gap, and give them incentives that work well for both them and you.
So you have everything set, you know what your product is and how you will develop it. Time to decide how much you will sell it for. And this decision is going to be a lot easier if you have an MBA degree.During your MBA program, you will learn about cost and value based pricing. If you opt for the former of these, you add an amount to the total costs you incur on making the product or offering a service. The final number is the price that you set. With value based pricing, you consider both the costs incurred at your end, and the costs that will be reduced for your clients when you offer them the product or service. The final price is somewhere between these two numbers.