Editor's Note: Take a look at our featured best practice, Return on Training Investment (ROTI) (24-slide PowerPoint presentation). The concept of Return on Investment (ROI) originated in the Manufacturing sector, where it's simple to measure time and output. Next to adopt the concept was the Banking industry, where it is used consistently. ROI calculation is now a common feature in every type, industry, and function of [read more]
Also, if you are interested in becoming an expert on Human Resource Management (HRM), take a look at Flevy's Human Resource Management (HRM) Frameworks offering here. This is a curated collection of best practice frameworks based on the thought leadership of leading consulting firms, academics, and recognized subject matter experts. By learning and applying these concepts, you can you stay ahead of the curve. Full details here.
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If you are hoping to launch your own business, you’re probably aware that there are no official educational requirements in order to do so, much unlike other careers in the business industry. However, with the business world becoming much more competitive and starting a business becoming more attainable for many people, many entrepreneurs are finding that their lack of education is putting them at a disadvantage. Going to college can be a great opportunity for a business owner, as not only does it allow you to learn more about the theory of running a company which you can then put into practice, it also provides entrepreneurs with many opportunities for networking, funding and more. We’ve listed some of the best reasons why business owners should consider studying for an MBA.
Transferable Knowledge and Skills
As a business owner, it can often be difficult to juggle all the different areas of your business if you have not been professionally trained in them beforehand. Although the best business owners understand what they can do well and what’s better off delegated to others, taking an MBA can significantly improve the way in which you run your business by providing you with a myriad of transferable skills, whether these are time management or leadership skills, or task-specific skills such as managing finances or marketing new products. Having this knowledge and the great skills that you develop whilst studying for an MBA is not only great for the development of your business, it can also make you a much more attractive candidate to lenders and investors when applying for funding.
Networking Opportunities
Aside from the academic benefits, one of the best reasons for entrepreneurs to enroll on an online MBA degree is the fact that these programs often offer a wide range of networking opportunities to their students. Whether you’re studying for your MBA on campus or online, you will be able to find out much information about local networking events or even gain entry to events that you may not have been able to attend beforehand. Networking is hugely important for business owners as it allows them to meet and speak with influential people who could well end up being your mentor, investor, or even a business partner!
Future Plans
One of the disadvantages of running a business is that you will rely on your company making a good profit in order to be able to pay yourself a wage. With the business industry subject to constant change and demand levels constantly fluctuating, it’s not uncommon for many business owners to find themselves in need of a side job in order to make a good income, whilst if the worst case scenario does happen, you may need a full-time job. Since an MBA is one of the most respected qualifications in the business world, having this alongside your entrepreneurial experience can be a great combination for potential future employment should you choose to change direction for any reason.
Although there’s no need to have any qualifications in order to start your own business, having an MBA certainly helps!
24-slide PowerPoint presentation
Disruptive technology is re-shaping the present-day work environment. Technological advances are making job roles--that have been long-standing--superfluous.
A change in job roles with the help of Upskilling has become necessary in light of the evolving disruption.
Having a robust
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Want to Achieve Excellence in Human Resource Management (HRM)?
Gain the knowledge and develop the expertise to become an expert in Human Resource Management (HRM). Our frameworks are based on the thought leadership of leading consulting firms, academics, and recognized subject matter experts. Click here for full details.
The purpose of Human Resources (HR) is to ensure our organization achieves success through our people. Without the right people in place—at all levels of the organization—we will never be able to execute our Strategy effectively.
This begs the question: Does your organization view HR as a support function or a strategic one? Research shows leading organizations leverage HR as a strategic function, one that both supports and drives the organization's Strategy. In fact, having strong HRM capabilities is a source of Competitive Advantage.
This has never been more true than right now in the Digital Age, as organizations must compete for specialized talent to drive forward their Digital Transformation Strategies. Beyond just hiring and selection, HR also plays the critical role in retaining talent—by keeping people engaged, motivated, and happy.
Learn about our Human Resource Management (HRM) Best Practice Frameworks here.
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