To be successful, entrepreneurs need talent, ambition and, according to some, an advanced degree. While grad programs often prepare many students with the skills and education they need in their professional fields of choice, entrepreneurs are especially likely to benefit from the extra years of education. From the conceptualization of the business to its implementation, grad school can help mold those who wish to be self-employed into effective CEOs and founders of their own companies.
"There are valuable lessons to be learned in the application process alone."
The beginning stages
It's not just the education received at grad school that helps self-starters with their business. According to Economy Watch, there are valuable lessons to be learned in the application process alone. Taking the time to sit down and address one's purpose can inspire new ideas and hone others. When an applicant is forced to explain exactly why he or she wants to learn certain skills and technologies, it helps reveal missions that otherwise may not have been realized.
Additionally, applying to grad school can teach students valuable skills in networking, studying and balancing priorities – skills that are essential when starting and managing a business. Aspiring students must research the programs and professors at each of their top schools and narrow down their pool to a select number. They also need to study for exams and learn how to do well under pressure. Before students even walk onto campus, they're being taught valuable lessons that can be applied to starting a business.
Grad school experience
Of course, there are many benefits to be had by students after the application process. Learning on a graduate level better prepares aspiring entrepreneurs for business speak that they otherwise may not have known. When dealing with investors and business partners, knowing the lingo can help further advance a business and give a professional more credibility.
Speaking of investors, the Graduate Management Admission Council explained that there are some grad schools that help connect students with potential funding for their business ideas. Not only does this offer the opportunity for financial support if it proves successful, but it also helps students learn how to interact with potential investors in a real life setting. This is extremely beneficial, as it's easy to discuss best practices and teach skills directly from textbooks, but much more challenging for a student to put the concepts into practice. Grad school allows them to do just that and gain a better understanding of what's needed to be a successful entrepreneur.
By Monique Smith