Transitioning into a civilian career after leaving the military is certainly not always easy, especially if you were in service for many years. As a result, it’s not uncommon for military veterans to consider starting their own business, since this gives them more freedom to run things how they would like to while providing them more freedom and independence when it comes to their career. Many military veterans have a lot of qualities that make excellent entrepreneurs, such as strong attention to detail, good time management skills, great communication skills, and good leadership skills.
Depending on the division where you served in the military, you may have also developed practical skills in an area such as engineering that you can use while starting your future company. If you want to start your own business after military service, there are certainly plenty of options to consider. However, with nine out of ten businesses failing during their first year of operation, it’s important to consider investing in your business knowledge and skills to improve your chances of success.
Here are some of the reasons why it’s worth getting an MBA to support your business venture.
Improve Your Credentials
With plans to start your own business, the good news is that impressing employers with a relevant resume is no longer as important. However, when you don’t have any relevant business experience in your work history, you may find it harder to get business funding or convince others to support you in your venture. An MBA is a very prestigious business qualification that will instantly boost your credentials from the moment that you graduate, earning you a lot of respect in your business network.
Improve Your Professional Connections
Often in the world of business, it’s not just about what you know, but who you know as well. And getting an MBA is a great way to combine the two. Not only will you be improving your knowledge of business and building up your expertise in your journey to become a successful business owner, but you will also get the chance to meet with knowledgeable and experienced professionals who may be able to support you in some way. MBA programs are often frequented by people who have a lot of experience and connections in the industry. These may go on to become business partners, employees, financers, advisors, or even customers.
Start Your Business While You Study
If you want to get started with your business venture as quickly as possible, the good news is that you don’t have to wait around to graduate. Today, thanks to online MBA programs, getting your business off the ground while you study and applying what you learn as you go along has never been easier. Since it’s easier than ever to start an online business from your home, you could be a business owner a lot sooner than you expected.
Improve Your Current Skills
As a military veteran, you’re probably already highly skilled when it comes to a lot of the areas that make a good business owner. An MBA qualification gives you the chance to improve your best skills even further and get some practice implementing and using them in a civilian business setting. You’ll learn more about management and leadership and how to apply these skills outside of the military. Studying for the degree will help you further fine-tune your time management, organization, communication, and other skills that you’re going to need to run a successful business.
Develop New Skills
Studying for an MBA also gives you the chance to improve your skillset even further by adding new ones into the mix. As an MBA student, you’ll get the chance to develop and practice skills that might never have been that useful to you in the military, such as your networking skills or financial skills.
Focus on an Area of Interest
There are so many things that an MBA can do for your future career – just click here to find out more. One of the main benefits is that there are MBA programs with a huge range of concentrations to choose from, allowing you to focus on an area of interest for your future career. You could take a general MBA program or opt for a concentration that focuses on entrepreneurship and leadership, accessing more learning materials that are relevant to your future business venture. Or, you could find a concentration that is aligned with the type of business that you want to run in the future, such as an MBA in marketing if you are considering starting a marketing agency.
Develop Your Critical Thinking
In the military, things tend to be done a certain way. In comparison, running your own business often requires a lot more flexibility and critical thinking. When you are used to having rules set out for you or being told what to do at any one time for a certain number of years, making this transition into civilian life can be one of the hardest. Getting an MBA can certainly help you improve your critical thinking and decision-making skills. Coupled with what you’ve learned from your time in military service, this can certainly make for an excellent business leader.
Figure Out What You Want to Do
Many veterans leave military service with no idea what they’d like to do as a civilian. Perhaps you know that you want to start your own business but aren’t sure where to start or what type of business you would like to eventually run. Getting an MBA can be a great way to learn more about the industry while improving your qualifications and boosting your future career prospects. As you study, it might become more apparent to you what you enjoy and are good at, and you can base your future business goals on this.
Starting your own business is a great way to make a living after leaving the military, but are you ready for this new challenge? Getting an MBA is not only a great personal development option as a veteran, but it can also help ensure that your future business venture is successful.