MBAs for Entrepreneurial Success

Entrepreneurs come from all walks of life and establish businesses in a variety of areas, from restaurants to social media, from healthcare to financial services. However, regardless of the business, their founders are all driven by a common trait – the passion and commitment to build a successful business. Although a significant number of entrepreneurs do not have an MBA, it’s becoming a highly important factor for success in the twenty-first century.¹

Passion goes a long way in many endeavors but passion alone doesn’t guarantee success. The expert knowledge that MBA students attain over the course of their programs provides them with a foundation on which to build a prosperous firm. This knowledge transfer is invaluable because it allows entrepreneurs to learn from the mistakes of others, thereby reducing the probability that they will repeat those errors¹.

At Ramapo College, students earning their MBAs will learn inside and outside the classroom, gaining the skill sets and expertise necessary for entrepreneurial success.

In addition to the fundamental business concepts, MBA students are exposed to the challenges of doing business on a global scale. The integration of markets worldwide has made it possible for even small proprietorships to begin operations with a global footprint, something that was once reserved for only the largest companies in our economy. Global companies have access to a larger pool of customers as well as an expanded list of suppliers and manufacturers from which to choose. For many of today’s budding entrepreneurs, having international business acumen is no longer an option.

In addition to acquiring needed skills in accounting, marketing and finance, entrepreneurs often create valuable bonds with their MBA classmates while growing their professional network. Today, it’s not uncommon for entrepreneurs to staff their startups with their MBA classmates or to tap into their expertise a few years down the road. Most importantly, however, MBA students often remark about how much they learn from their classmates’ professional experiences. It’s this intersection of theory and practice that makes for the most enlightening moments inside the classroom. And it helps entrepreneurs to distinguish between managing a successful firm and operating an entity that is destined to fail¹. In short, an MBA is increasingly becoming a critical advantage for entrepreneurs.

Ramapo College’s accelerated twenty-month, 42-credit MBA program is designed to test the mettle of working professionals, providing them not only with knowledge gained through a rigorous curriculum, but also through experiences beyond the classroom. For example, during the fall of their second-year, Ramapo’s MBA students spend nine days in China, immersed in the country’s business culture. Students visit Shanghai and Beijing and meet with private business executives, heads of government agencies, and Chinese MBA students.

In addition to the China Immersion Experience, Ramapo requires its second-year students to complete a capstone project in which small teams work as consultants for area businesses, solving real-world problems. This firsthand corporate experience is the culmination of the students’ learning, requiring the application of many of the skills gained throughout the twenty-month program. Ramapo’s Capstone Partners have included Becton Dickinson, BMW North America, Hackensack University Medical Center, Valley Medical Group, Dressbarn Stores, Home Depot, among others.

Ramapo’s MBA program is designed with an emphasis on leadership, critical thinking and international management, all the strengths needed to be successful in today’s marketplace, whether you are running your own business or working for a Fortune 500 company.

Those interested in learning more about Ramapo’s Master of Business Administration (MBA) degree program are strongly encouraged to visit www.ramapo.edu/mba for more information.

¹Source: “5 Ways An MBA Can Help Entrepreneurs”. Retrieved from http://therealtimereport.com/2016/06/19/5-ways-an-mba-can-help-entrepreneurs.

Categories: MBA