In this competitive environment of today’s world, everybody is striving to be at the top. So the ultimate question now is that, what is necessary to make one successful?
“Most great people have attained their greatest success just one step beyond their greatest failure” – Napoleon Hill
These days business and startups have grown exponentially as everyone wants to make a mark of their own. Therefore a lot of people prefer getting an MBA degree at some stage in their life. But is MBA a necessity for an individual who wants to be successful in the business world. Research and real-life personas have proven that it is not necessary to do an MBA in order to be successful in business, but an MBA does help in credibility, creating a network and pursuit of a lifelong learning.
Many top entrepreneurs from around the globe like Ritesh Agarwal, founder of OYO Rooms, have succeeded in their life because of their perseverance and dedication towards achieving their goal. Most experts say that education confines our thinking to a certain boundary. People who receive formal education on a particular sector tend not to think outside their box of what they have been taught. They take calculated steps and less risky chances while deciding anything related to their product or their business. But success isn’t the outcome of a good education always, it is, more importantly, an outcome of a good idea, which in some cases might have been an outcome of a good education. MBA is playing by a set of rules while a successful business has no rules. Let us take the example of Elon Musk, the most futuristic man and ultimate risk taker of the era who has visions which most people could hardly dream of. He is the founder, CEO, and lead designer of SpaceX, co-founder, CEO, and product architect of Tesla, Inc. and co-founder and CEO of Neuralink. In December 2016, he was ranked 21st on the Forbes list of The World’s Most Powerful People. As of February 2018, he has a net worth of $20.8 billion and is listed by Forbes as the 53rd-richest person in the world*. But very fewer people know that he dropped out of his Ph.D. just after two days to pursue an entrepreneurial career.
Even though most people would agree to the fact that an MBA is not required in order to establish oneself as a successful businessperson, there are some ways in which an MBA does help a person grow and learn more about the industry. A degree in MBA teaches an aspirant all the sides of business like finance, banking, human resource, tax and many other important skills that a prospective entrepreneur needs. A degree in MBA gives one an edge over others in not only the field that one is in but also in managerial as well as leadership skills. Also, most of the organizations prefer postgraduate professionals as employees working in their organization or while hiring a new employee.
Thus, a degree in MBA is definitely not a necessity for being successful in business but it does give one a view of the pitfalls of an approach resulting in low rates of failures which might not be the case with businessmen not having an MBA degree.
* – “The World’s Billionaires List”. Forbes. Retrieved February 18, 2018