Practical MBA for Entrepreneur

We all know that an added education such as an MBA degree would definitely add our knowledge when it comes in handling business and in becoming successful entrepreneurs. But with the high costs and the time it entails in taking an MBA course, many of us are discouraged to take one.

Well, good news because there are a lot of persons who made successful in the business as entrepreneurs even though they don’t have an MBA degree and in some other cases, not even having a college diploma to present with. One of the famous examples of this exemplar achievement was Bill Gates. He dropped out of college but look where he is now – one of the richest persons in the world owning the trademark ‘Microsoft’.

For entrepreneurs, if they neither have the resources of money and time to earn an MBA, here are the useful and practical ways in managing your business:

Always use common sense. Common sense is perhaps the greatest asset of any human being. And of course like any other skill, the only way to develop and enhance it is to keep on using it more often.

Stay disciplined and focused. Staying disciplined and focused allows you to learn more about your business and the different problems that you encounter.

Delegate. There’s this saying that ‘two heads are better than one’. Manage your time wisely. Learn to delegate tasks. This will give you more time to effectively study and make decisions on more important matters concerning your business.

Hire the right people. Some entrepreneurs say that their most important asset in their organizations is their human resources. They stay longer in business because they know how to hire the right people who are willing to work effectively and eventually develop loyalty.

Know your costs. Determine where the bulk of your expenses are and you need to find out how you can effectively reduce them.

Know your customers. Develop interest in your customers. What they want, what they need, what are their suggestions. After all, your business exists and remains profitable because of them.

Do not procrastinate. Don’t delay your decisions. The longer you take to make a decision, the closer you get in making no decision at all.

Finally, always be interested in your business. Try to find out everything about your business’ internal and external problems and turn them into interesting challenges.

Truly, I believe with these practical tips, getting an MBA for entrepreneurs need not to be expensive as you can get it by being practical.

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Tyrone is a passionate financial literacy advocate. He started this blog on November 2008 when he watched The Secret which talked about Law of Attraction because he wanted to become a millionaire and wanted to know how a millionaire acts. At the age of 26, he achieved his first million. To find out more about him, click here or follow him at Instagram

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