Many tech startups have to invest heavily in a highly trained workforce. In order to be successful in a tech startup, one of the best options is to be highly trained yourself and acquire an MBA in business management, or hire the right people with the requisite MBA qualifications. According to data, 1 in 4 unicorns had at least one MBA founder.
As a tech startup founder, you will have to make business decisions on a daily basis to ensure that your startup flourishes. Having the right training will help you make all the right decisions.
Here are some of the reasons why having MBA is important for you in to ensure smooth running of your startup.
1. Financial management
It is obvious that you will have to talk in terms of dollars in the course of running your startup. Some of the financial decisions you make determine whether your startup will be successful or fail.
What is the financial viability of your investment? Are your products the right ones for your market? Should you take a loan to expand your business to new markets? These are some of the questions that you have to answer every day to insure that your startup stays on the right track.
As an owner, you will need to equip yourself with the right expertise in order to meet these challenges and an MBA in business management or finance is the best way to do it.
2. Marketing prowess
You must ensure that you employ the right marketing methods if you want your startup to get off the ground.
For this, you will need to gain knowledge on the best and most effective marketing strategies. Many tech startup owners tend to be very tech savvy, but lack the marketing knowledge it takes to take their startups to the next level.
It is therefore sensible for them to at least consider getting an online MBA or marketing course to acquire these skills. Alternatively, you could hire a marketing guru to take care of your marketing needs. However, this will cut directly into your bottom line and the results aren’t always guaranteed.
3. Human resource management
The people in your startup are the most important resource that you’ll ever have. One person can change the fortunes of your startup. The secret is to know how to hire the right people, motivate your employees and inspire them to give their all in order to see your startup soaring in profits.
On the other hand, office politics and a lack of emotional intelligence can lead to the demise of your startup. You need to press the right buttons to ensure that your employees work for you whole-heartedly. MBAs are usually well versed in these areas. They understand how to deal with office politics and ensure that everyone works in unison.
So, should you consider getting an online MBA degree as a startup owner? The short answer is yes! Acquiring an MBA will allow you to improve your team’s efficiency, gain the financial literacy it takes to make the right decisions, and understand how to market your products to your audience.