Have you always dreamed of creating a business that is uniquely yours, from concept and plan to execution and achievement? There may be no greater satisfaction in business than in establishing a successful entrepreneurial venture, and the William Paterson University (WP) online MBA with a concentration in Entrepreneurship program can be just the academic foundation you need to confidently begin your quest.
What Is Entrepreneurship and How Does This Program Support It?
Entrepreneurship is the process of identifying, creating and managing a new business venture to achieve financial success and growth. Entrepreneurs take calculated risks to bring innovative ideas, products or services to the market, often in pursuit of solving problems or meeting unmet needs.
WP’s online MBA – Entrepreneurship program empowers aspiring entrepreneurs with a robust skill set and knowledge base to excel in the world of business development. This online program goes beyond the traditional MBA program basics of developing business acumen, delving deep into various facets of entrepreneurship. With a strong emphasis on management, marketing, finance and other critical disciplines, students acquire the essential tools to drive business growth and innovation.
The program’s comprehensive curriculum addresses financing new business ventures, crisis management, innovation and product development. Core courses cover various subjects vital for entrepreneurial success, including financial operations, global economics, business analytics and negotiation strategies. The flexibility to customize the capstone course to align with personal and professional interests is a unique feature, allowing students to delve into specific workplace challenges, conduct independent research or craft proposals for new startups.
As a student, you can develop a personal strategic plan that encompasses goal-setting and personal branding strategies. As a graduate, you will be able to create and manage new business ventures, navigate crises, secure financing and craft effective marketing strategies.
How to Start a Small Business
The Small Business Administration (SBA) in the United States defines a small business based on industry-specific size standards, which vary depending on the industry and can include criteria such as annual revenue, number of employees or other relevant factors. These size standards determine eligibility for various SBA programs, loans and assistance. To find the specific size standard for a particular industry, businesses can refer to the SBA’s Size Standards Tool on their website or contact the SBA directly for guidance.
The SBA recommends the following 10 basic steps for starting a small business:
- Conduct market research: Gather potential customer and competitive data through primary and secondary research to understand your target market. This step should include a SWOT analysis of strengths, weaknesses, opportunities and threats.
- Write a business plan: Create a blueprint detailing how to structure, fund, run and grow your business. This strategy enables you to work with investors, financial institutions and future leaders. Account for your business model, types of funding you plan to have, plans to scale your business over time and expertise you will need.
- Secure funding: Obtain the financial resources needed for your venture by raising or borrowing capital.
- Choose a business location: Select a suitable location for your operations, remembering that your location will have revenue, tax and legal implications.
- Select a business legal structure: Whether you operate as an LLC, LLP, sole proprietorship, corporation or other structure, this will impact things like liability and taxation.
- Choose a name: Pick a name that reflects what your company is about, is easy to remember, bolsters the brand and appeals to your target market(s).
- Register the business: To make your business legal to operate, register it with the federal government and possibly your state, depending on state laws.
- Get federal and state tax IDs: Get an employer identification number (EIN), which you will need to open a bank account and pay business taxes.
- Apply for permits and licenses: These will vary depending on your industry, location and other factors.
- Open a business bank account: Set up a dedicated account for your business transactions.
This is hardly an exhaustive list of necessary steps. WP’s program will also prepare you for the more complex measures of choosing business insurance, software tools, types of funding, types of management and much more to launch your business successfully.
Use Your MBA Skills to Grow a Small Business
Leveraging your MBA skills is a strategic advantage in propelling a small business to new heights. Your MBA equips you with core business acumen, and applying this knowledge to every aspect of your operations is pivotal. Whether optimizing financial management, enhancing marketing strategies or refining supply chain processes, your education provides the analytical framework to make informed decisions.
Every bit as important, the people management skills honed through your MBA program become invaluable assets as you build and lead your team. Effective leadership, communication and talent development are vital to fostering a high-performing workforce.
Strategic thinking is the cornerstone of your decision-making process. Your ability to craft and execute a well-defined business strategy is essential for navigating the competitive landscape and identifying expansion opportunities.
In addition, your MBA cultivates critical problem-solving skills that enable you to address challenges and obstacles with innovative solutions. Networking, another key facet of your MBA experience, is a powerful tool for adding expertise and skills. Connecting with industry peers, mentors and potential collaborators through the program opens doors to partnerships and resources to fuel your business.
By effectively developing relevant skills and expertise in WP’s online MBA – Entrepreneurship program, you can launch the small business of your dreams and lead it toward sustainable success and expansion.
Learn more about WP’s online MBA with a concentration in Entrepreneurship program.
