It’s a common misconception that in order for an entrepreneur to establish a thriving business from scratch, he or she must be either supernaturally gifted or have tons of money for development and advertising. Sadly, the belief that you need to be either wealthy already or an inventive genius to succeed in business is what keeps so many would-be entrepreneurs from realizing their dreams.
Common Startup Mistakes
Even when people do make the effort to plough ahead with a new business, these beliefs – along with a lack of training and guidance – often end up undermining them in one way or another. While there’s no denying that dedication is required for business success, it’s always best channeled through a solid framework of knowledge. Minor mistakes made here and there can add up in major ways during the start-up phase, causing inexperienced business owners to doubt their abilities and abandon their projects altogether.
A poll by CB Insights of 101 ex-entrepreneurs whose startups had crashed revealed that they attributed their failures to newbie errors, which included things like bad advertising, unstructured business plans, hiring problems, insufficient market research, improperly managed budgets, and legal issues.
Whether it’s developing and sticking to a suitable budget or structuring a focused business model around detailed market research, business training can provide you with the skills you need to raise your company up from the vast pool of failed startups. Earning a degree in business administration doesn’t guarantee that you’ll zoom to the top of the business world alongside Jeff Bezos and Richard Branson right away. What it can do is provide you with the solid foundation of essential business skills that every successful entrepreneur must have, including the successful hiring and management of employees, maximizing income, and steering clear of legal issues or budget problems.
The Value of Business Training
At the young age of 30, Danish entrepreneur Mark Dencker, who received his MBA in Global Banking & Finance from EU Business School, has already brought his app-building company Wiredelta to prominence, and its success continues to climb.
Like many hard-working people, Dencker was unsatisfied with his career in investment banking before stepping up to earn his MBA. He was in an industry that allowed him to develop some financial expertise and potentially valuable business contacts, but his true passion was technology, and he ultimately wanted to create his own technical products rather than keep track of other people’s finances.
According to Dencker, business training helped him develop the skillset he needed to succeed as a technology pioneer. Because software development is extremely intricate and the industry is so competitive, he needed to develop an edge that would allow him to focus as much time as possible on his creative work while successfully promoting it and staying within the boundaries of a smart investment budget. That edge was achieved thanks to the analytical and priority management skills he developed while attending EU Business School.
This intensive training gave him the ability to see the “big picture” of business management. While the talent for creating truly innovative software that changes lives is invaluable, it isn’t enough on its own to successfully lift a new technology business off the ground. Administrative functions like budget management and human resources are equally important. Business training teaches entrepreneurs how to juggle these functions smartly, as well as how to successfully outsource them.
EU Business School lecturer Dr. Andrew Ward stresses that although important qualities like tenacity and optimism can’t really be learned from a course, proper business education can provide the building blocks that make it easier for entrepreneurs to develop these traits on their own through practical application.
The Need for an Open and Adaptable Mind
Successful business practices for any field are in a constant state of flux, and what works today may not work tomorrow. As such, hands-on training by skilled instructors enables entrepreneurs to develop a flexible mindset – one that is receptive to learning new procedures and capable of applying timeless wisdom to evolving fields.
That said, modern business owners can’t be afraid of breaking from tradition if the situation warrants it. Minor mistakes and failures can be valuable learning opportunities as long as one is observant and addresses them quickly and sensibly. Business school can help aspiring entrepreneurs develop these abilities.
EU Business School Helps Entrepreneurs Build the Skills They Need for Success
Since its inception in 1973, EU Business School (EU) has established itself as a world-renowned training institute for entrepreneurs in a variety of fields. From campuses in Spain, Germany, Switzerland, and online, it offers foundation, bachelor’s, MBA, master’s and doctorate programs based on several different curricula. Business administration, international business, communication, and finance are just a few of the specialties EU covers. Classes are small and taught in English, and attendees have the chance to network with esteemed business moguls from all over the globe during dynamic guest lectures.
EU’s business programs have been accredited by a number of important quality assurance agencies, including ACBSP, IACBE, CEEMAN, and EduQua. In 2017, its distance learning MBA program scored 96 out of 100 in the QS TopMBA Distance/Online MBA Ranking, making it the 14th highest ranked Online MBA degree in the world.