Are you a business owner? It can be an enriching role, both financially and in terms of job satisfaction and fulfillment. Your earnings can be stratospheric if you achieve success. But more than the money, you get to work on your passion daily. Whether providing a stellar range of services or selling goods that you know are of excellent value, you can return home each day knowing you’re doing what works for you.
But you may wonder if it’s worth further study as a business owner. This is a valid question, as taking time off from the business to study is a significant decision that may potentially impact the operations of your enterprise. This handy article will share some info, so you can decide if it’s worth it. Read on to learn more.
Consider a Master of Business Administration
You should consider the benefits of an MBA or Masters of Business Administration. An MBA is the gold standard qualification for business management, regarded worldwide as an excellent degree to obtain.
An MBA will teach all aspects of business management, including strategy, leadership skills, budget management, and other invaluable tools that will teach you how to administer a business. While you may already possess some of these, this degree will give you a definite edge in running your business. The learning you will gain will become invaluable for scaling up your business, executing strategy and growing your revenue.
It’s a Valuable Networking Opportunity
When you study, you meet various people with various skills and expertise. By mingling with fellow students, you’ll make some connections that could prove valuable when it comes to running your business. It could even be the perfect place to find some top talent to recruit to your business. For instance, if your business website needs a refresh, you may find a student with excellent web development skills who can achieve this for you.
Can You Delegate Running the Business?
Before you decide if embarking on a tertiary course is right for you, you should consider if you can delegate the running of your business to someone, such as a manager. If you’re primarily responsible for the operations of your business, is there a staff member who could benefit from an opportunity to lead the business and a promotion? This way, you can free up your time to study, gain some valuable skills and knowledge, and return equipped to drive your business’ success even further. If the manager has done an excellent job, you could make them an offer to buy into the business as a partnership or retain them as a manager and focus your time on launching a new location or expanding the enterprise.
You’ll Address Shortcomings
Not all business owners know everything about running a successful business. For instance, if you’re a qualified tradesperson, you might be excellent at building house frames, wiring a house, or laying concrete. But running a business comes with all sorts of additional challenges that are different from the daily work of a trade. For instance, some tradespeople struggle with managing budgets, marketing, or customer service. Sure, you can employ people to do these tasks, but learning them yourself at university means you’ll address your shortcomings and walk away with knowledge and skills you didn’t have before you studied at university.
You’ll Gain Access to the University’s Resources
Part of enrolling in a university means that you’ll benefit from their vast learning resources. Multiple libraries full of academic texts, unlimited journal articles, and the knowledge of your lecturers are all available to you. If there’s something that you want to learn about that will benefit your business, you’ll have access to it at uni.
Furthermore, some universities have incubator programs designed to help kick-start businesses. You may have another business idea floating around in your head: you can workshop with other students and mentors at the incubator, taking advantage of the resources and knowledge offered to students.
In Summary
This informative article has shared some reasons why a business owner like yourself might consider university. An MBA may well be the perfect qualification to give you an edge in the business world, and you’ll also benefit from networking with other students while you study. If you can delegate management of your business, it may be the perfect opportunity to upskill and learn new business techniques. You can address any shortcomings and emerge from your degree with the savvy to scale up your business.
