MBA, probably the most prestigious and costliest degrees of the academic culture of India.
Start-ups: probably the most interesting work ‘job’ now.
In a nation like India, where people are more concerned about the returns on their investment it is really difficult to convince MBAs to be a part of a start-up. More difficult is the job of convincing their parents to let them do of their heart by joining a start-up especially after they have spent lacs on acquiring the prestigious degree and above all the the MBA tag. Whenever it comes to do a job in a startup, questions like why one should join a startup and why not starts hovering around.
Despite rules and routines, MBAs have redefined the entrepreneurial standards by incorporating their management and business techniques. Here we enlist numerous reasons stating why start-ups should hire MBAs:
For Growth
Every startup needs to evolve into a fully functional organization. This cannot be done without having the best practices, building processes, developing communication channels and laying the foundation of a scalable organizational structure. A start-up with 5-10 people can work on mutual understanding, but can’t run a company with 100 or 200 employees without having proper procedures and well defined policies. Again, the solution here is to hire MBAs. They are trained professionals who understand organizational hierarchies and realize that no business, no matter how creative, can grow without well-defined policies and procedures. They can work effectively with startup founders in developing procedures that are scalable and financially viable, and at the same time do not compromise the idea of innovation and creativity at the company.
For Marketing
Believe it or not, no one can market your products better than the MBAs. They are even better than the entrepreneur himself at it sadly. MBA people are the ones specially trained for it. They know the what, when and how to carry out marketing campaigns. A less admitted fact of entrepreneurship is the expectation of returns and profit. So, when it is all sales and making profit , a good marketing strategy as well as good marketing people are required. The best solution to this is hiring MBAs. The ones particularly trained for these by the best institutes of the country.
For Market Research
It’s not about being nerdy. It’s more about the patience and understanding. In order to make something click- be it a product or a service, one needs the best of ideas and for that a lot of knowledge about the market is highly important. There are many enterprise level analytics and market research tools available to help innovators and startup founders identify trends and make informed decisions.But, here comes the twist, tools are only useful if people can run them effectively. MBAs are masters at analyzing, interpreting and finding actionable trends from complex data. They are specialists in simplifying data for the business decision makers, and highlighting the key areas entrepreneurs need to focus on.
For Networking
Good marketing depends on good networking. The better contacts you have, the easier for you to rise up and get your work done. In order to grow the business, entrepreneurs need to network with the right people who can fund them and use them as well, help them reach influential circles and build long term business partnerships. Undoubtedly, MBAs are indispensable for this work. MBAs have strong professional networks that is full of influential business owners, and decision makers in some of the largest corporations in the world. Throughout the MBA degree program, students are trained to build and expand their professional networks. The exposure that they get at the universities and the way they are trained at B-schools is really worthy being used at a start-up in its initial stages. An MBA degree holder has a large network of influencers that can prove vital for the growth of a startup.
For Customer Service
The new trend seen among start-ups is to use customer support teams to build brand loyalty, convert customers into word of mouth marketers, and boost retention rates. MBAs have specific in-depth subjects on consumer psychology, customer services apart from effective communication. They are the ‘know-it-all’ people who are undoubtedly the best for managing customer services operations in any company. By having a good customer service, startups can build a very good relation with the masses. It may turn bad even.
For Human Resource Management
Management: that’s exactly what MBAs are trained for right? They are definitely needed to handle the public relations and human resource management at start-ups. Often because of weak human resource management skills,many start-ups fail owing to difficulty in the management of their employees, understanding their needs and expectations and helping them grow with the company. This is where they can use the services of MBAs with specialization in human resource management.
For Financial Management and Planning
For a start-up to grow into a full-fledged business, it is necessary to take the right steps and make the best financially optimal decisions. MBAs, who are also financial experts, can make sure that start-ups make profit despite recession and the growth of their teams. They know well and can indicate the cost centers and profit centers to startups as well.They can help them maximize profits and minimize costs by focusing on the right areas.
To sum it all, MBAs are required in start-ups not only for their degree value but also for the imbibed skills in them. Their ‘almost perfect’ image benefits a start-up in a great way.
