6 essential entrepreneurial skills learned in an MBA
How do you know when to take a calculated risk? There are always opportunities and moments that require entrepreneurial business thinking when working in the corporate world. There is no set definition of “entrepreneurial business thinking” as self-starters are inherently dynamic when managing projects and meeting objectives. Common traits entrepreneurs have are the ability to transform an idea into a reality, to innovate, take risks, and begin your own venture. Understanding your strengths and having the confidence to execute a vision are key skills that can lead to success.
Whilst not everyone is ready or suited to an entrepreneurial lifestyle, there are important holistic business skills that can be learned through prestigious postgraduate education. It’s worthwhile studying an entrepreneurial MBA that is taught with real business leaders and examples to provide you with practical expertise and challenge your way of thinking. You can learn from dynamic business leaders like Nick Barter with Griffith University’s accelerated online Master of Business Administration, a unique program designed to train modern business leaders.
1. Having the confidence to succeed
Being confident in yourself and your product is one of the most valuable lessons learned throughout your career. Whether you’re new to a particular role or industry, or an experienced professional, being confident builds trust and respect.
The best way to build confidence is by being prepared. Many self-starters prepare by conducting thorough research of their industry and competitors to develop a relevant and successful product. While entrepreneurs are inherently confident in their idea as they have conducted thorough research and ideation, being confident is advantageous across all areas of business. Walking into your job interview, pitching to potential clients, and asking for a promotion with confidence is the first step to success.
2. Resourcefulness in any situation
Work will bring different challenges with unexpected twists and turns, being resourceful and utilising your assets efficiently will enable strong business performance. The course ‘Sustainability and Systems Thinking’ teaches students how to manage their resources sustainably and effectively. Resourceful leaders are able to embrace adaptable thinking when leading an organisation through complex times. They use creative problem solving and responsible leadership to manage their resources in a way which positively impacts the world around them and it could also lead to reduced business costs.
3. A holistic business understanding
Self-starters often begin their business journey filling several business roles and therefore gain a holistic business understanding of different facets and positions within their company. Embracing this entrepreneurial business approach, you should try to gain an understanding and learn how other teams work within your business. The course ‘People’ in Griffith’s accelerated online MBA encourages leaders to understand the needs of the people within their business, providing methods of coaching, communication, and mentoring for a harmonious workplace. Having an understanding of these methods will allow you to lend more support to your colleagues, creating efficiencies within the business
4. Strategic planning and thinking
Growing a business is something that all entrepreneurs strive to achieve and the same is true for large scale organisations. Having a strategic mindset is constantly looking for opportunities, being able to develop action plans to achieve these goals and monitoring performance. The course ‘Strategy’ in Griffith’s accelerated online MBA takes a deep dive into how to develop, implement and monitor a sharp strategy. As an influential business manager, thinking strategically is imperative to help improve a company’s vision and direction. This course will help you understand how to consider the context, content and purpose of any strategic action. As a result, you will be able to use your strategic thinking to develop the best possible action plan for your team and help achieve your company's vision.
5. People management and communication is key
Working with other people requires great communication at any level of seniority. Making sure all team members are transparent about their capacity, abilities and task feedback will guarantee that work is completed in an efficient way, to a high standard. Ensuring that all the essential components are communicated and explained thoroughly will allow your team to execute the business’ vision properly.
The further you progress in your career, the more integral it is that you are able to understand and manage high-level people management problems. With courses like ‘Managerial Problem Solving’ and ‘Developing Values-based Leadership’, the Griffith MBA is a people-centric program. Learning how to create a cohesive and productive team will allow you to become an influential and caring business leader.
6. Problem-solving to overcome hurdles
Self-starters face harsh critics, moments of self-doubt, and need to take calculated risks to set themselves apart. Entrepreneurs only have themselves to fall back on and their determination and problem-solving abilities are second to none. Learning how to overcome real-world problems will ensure that you are not only achieving goals during a period of growth but also able to navigate periods of instability. As a responsible leader, you should have the ability to develop contingency plans and manage your risks to overcome any challenge.
Learn these skills from an entrepreneurial MBA
Gain a deep understanding of how to utilise these entrepreneurial business skills with the right guidance. Griffith University’s accelerated online MBA is designed for the modern leader, a program infused with entrepreneurial skills that give students the tools to succeed. This entrepreneurial MBA is 100% online and has six intakes per year so you can virtually start any time throughout the year. Investing in your career and undertaking postgraduate study can transform your entire work trajectory. Take the next step in your career and round out your skillset with this modern MBA program.