Own business or a professional job - What's better for MBAs?
Own business or a professional job - Which is a better place for an MBA to display his managerial skills?
Introduction
Entrepreneurship is one of the most preferred specializations in current times. MBA students prefer to have their own independent set-up nowadays. It is also definitely more possible to display managerial skills to a greater extent if MBA students set up their own businesses.
Managing a marketing or sales job requires only a certain set of skills. Managing your own company or business enables you to take care of all aspects of the functioning of the enterprise including the financial and the administrative aspects. An own business is definitely a better place for an MBA to display his managerial skills.
Viewpoint
• A professional job has only limited scope for an MBA student to display his managerial competence. The employee is required to work for a certain department such as Marketing and Sales or Finance.
This lowers the chances of a wider exposure to the different facets of corporate functioning. It also isolates the employee within a limited position with a narrow job description and a set of designated tasks. Those who are intrepid enough to opt for entrepreneurship get the opportunity to display their skills to a greater extent.
• Having your own business challenges you to think out of the box and come up with innovative solutions. It helps you to apply the knowledge you have acquired at the B-school. Nearly 7% of Harvard MBAs have become entrepreneurs in the past three years up to 2014, according to Professor Noam Wasserman who teaches business administration at this Ivy League university.
Students who are completing MBA from noted institutions in India and across the world are now opting for entrepreneurship because of its huge potential for growth.
• You also get a chance to exercise your originality if you opt for setting up your own business. You acquire the ability to roll with the punches and think on your feet. Having your business means more profits and a bigger chance to impact the economy in a healthy way. You generate jobs and use your managerial skills everyday to handle your employees as well. This in itself gives you a chance to apply your managerial knowledge.
• Having your own business also means you have to handle a wider range of clients and corporate partners. Businesses flourish and prosper only if their founders have the capacity to cope with the challenges and handle adverse circumstances.
When the recession struck and there was an economic slow-down, many MBA students realized that it was far more satisfying and fulfilling to start their own business rather than compete for the same old corporate titles in an oversaturated job market.
The economic meltdown changed the way people look at entrepreneurship forever. It is now considered much more impressive if you are the owner of a start-up rather than a cog in the corporate machinery.
Conclusion
Running a successful business offers many more challenges than sitting at a desk in a company. While all the skills you learnt in B-school may be good for gaining senior positions in the corporate world, managerial skills such as leadership and human resource management come to the fore only if you are running your own business. Your own company or business is definitely a better place to display your managerial skills following an MBA.
Discussion
- Own business or a professional job - What's better for MBAs? -Lubna Lakdawala (04/02/14)
Own business or a professional job - Which is a better place for an MBA to display his managerial skills?
Management is an all rounding job. Along with managing the business, an owner has to manage people (consumers and employees), products, technicalities, finances also etc. It is indedd a challenging job.
An MBA degree gives the person an edge over other employees it provides them adequate training to take over the complex job of management.
The place or the company plays little role for an MBA to display his managerial skills. Thus whether owning a business or a professional job is better - the answer to that is quite subjective. It can depend from individual to individual and from company to company.
Some companies give the managers and employees immense freedom to display their managerial skills. They give their employees the authority to take decisions and contribute meaningfully. Thus a job in such a company would give an MBA perfect chance to display his managerial skills.
But there is another side also, not all companies are so forthcoming. Many companies follow centralized leadership module wherein all the important decision are made by the top management and employees are not given the authority to take change making decisions. Family owned companies are an example this.
Thus, it all depends on where a person is working. Many a times employees do not get a proper chance to show their talent. The jobs are so stagnant that employees often do not get any job satisfaction. Thus in such a case starting something of their own would help them display their managerial skills and talents and also gain satisfaction.
These days are lots of employees take entry level jobs in reputed companies to gain experience and earn capital to finally start their own business. This gives them the perfect chance to nurture their skills and talents which then come in handy at the time of starting their own business.
Owning a business is a difficult thing thus an MBA can use the all the experienced he has gained during his job. Working for company gives them wide exposure to the integrities of how to run a business. If a person directly starts his own business without any prior experience it can be a difficult situation for him.
Thus it is important for a person to first develop skills and experience which can be later applied to his business.
