Many small business owners have used their entrepreneurial spirit and previous work experience to build up a successful business from scratch, without the need for any formal qualifications. Others consider a Master of Business Administration (MBA) to be the best grounding available when it comes to increasing the chances of running a long-term business.
An MBA might seem pointless to those already running a business, but this doesn’t mean it should be dismissed as an excellent learning tool for entrepreneurs.
Why go back to school?
If you’ve been running a business for a number of years you might not think there’s any reason to return to the classroom. However, one of the main factors involved in running a long-term business is evolving with the market, staying current and maintaining relevance. An outdated business has little chance of survival, especially with the level of intense competition from emerging businesses on a global scale. Today’s educational institutions understand the importance of providing up-to-date, relevant guidance. This is often achieved with the inclusion of professionals from a range of industry backgrounds, who can pass on knowledge that will help small businesses to grow and stay ahead of competitors over the long term.
Reasons why an MBA could be worth considering
Update specific business skills
One of the major benefits of an MBA is the chance to develop as a professional and learn new business skills. If you’re lacking expertise in subjects like financial planning or accounting then this will usually be included as part of the syllabus.
Alternatively, you may find it advantageous to learn about the marketing and sales side of a business, with the intention of expanding on a global scale.
There are over 100 institutions and business schools in the UK offering an MBA, which means that students can easily find a course tailored to their specific strengths, and more importantly, to their weaknesses.
See also: 5 top small business tips from one of Britain’s best business schools
Invaluable networking opportunities
Creating valuable connections with other entrepreneurs is one of the best ways to learn and spark innovative ideas. This is another advantage of an MBA; you will be part of a learning environment filled with like-minded people, from a wide range of disciplines. There are plenty of cases of students from the same course who have gone on to collaborate and create new businesses together. The experiences that students, whether already running a company or not, can bring is an invaluable part of studying for this type of degree and can lead to some excellent networking contacts, both present and future.
Access to funding and expertise
From startup incubators and pitch competitions to research tools and world-class faculty — being in an MBA program puts you close to many resources that could level up your business.
Leadership development
Running a business is as much about people as it is about products. MBA programmes often focus on leadership, team management, and communication skills to help you become a more effective leader. They also help you to think more strategically, the better to assess markets, identify growth opportunities, and make data-driven decisions.
Credibility
Holding an MBA can help you build trust with banks, investors, and clients.
A wide variety of MBA degrees and courses to choose from
You only need to do a little bit of research on the many different MBA courses in the UK to see the variety of practical and theoretical business applications available; there are a wide range of courses to choose from. Many of the degree programmes can be completed online or on a part-time basis to suit a busy time schedules, and funding may be available through educational institutions, even for those already operating a business.
UK MBA Schools
A small selection of institutions offering a range of MBA programs catering to different needs, from globally recognised full-time degrees to more affordable or part-time options.
London Business School
Ranked among the top MBA programs globally, LBS offers a flexible 15–21 month MBA with over 100 electives.
Cambridge Judge Business School
As well as its main one-year MBA program, JBS also has a variety of executive programmes for those seeking shorter or part time management courses.
Saïd Business School
The business school of the University of Oxford offers a one-year MBA program. Options include a 1+1 MBA and a part-time Executive MBA.
Alliance Manchester Business School
Alongside the full-time MBA program, Manchester also has three part-time MBAs better suited for entrepreneur or business owner.
Warwick Business School
Provides a full-time MBA with a strong reputation for career progression. Also offers a highly ranked online MBA program.
University of Edinburgh Business School
Offers full-time, part-time, and online MBA programs. The school ranks in the top 100 globally in the QS Global MBA Rankings.
Cranfield School of Management
A specialist institution for advanced management education, it offers a range of executive MBA programs to suit the small business owner or entrepreneur.
Aston Business School
Provides full-time, part-time, and online MBA programs. Aston is triple-accredited and known for its strong links with industry and SMEs.
University of Strathclyde
Full-time or part-time options, participants can benefit from the business school’s ‘Global Practitioners’ initiative which brings in expertise and connections from a diverse range of industries and backgrounds.
University of Bradford
One of the UK’s oldest business schools, offering full-time, part-time, and online MBAs. Recognised for value.
Imperial College Business School
Offers a one-year full-time MBA, a Global Online MBA, and a Weekend MBA,.
Teesside University
Offers an MBA program focusing on developing entrepreneurial business leaders, with real-time projects and practical experience.
University of Bath School of Management
Offers a one-year full-time MBA and a part-time Executive MBA.
London School of Economics and Political Science
The LSE offers an Executive Global Master’s in Management program that serves as an alternative to the traditional MBA.
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