According to a 2018 Financial Times report, women hold less than 5% of CEO positions in the USA and Europe. With the gender pay gap as clear as ever, an MBA can help empower women entrepreneurs. Overcome challenges in rising to executive levels in business and be all you can be!
Below are 6 ways that a Masters in Business program can propel you further as a startup owner.
Access to networks and support groups
Women who study for MBA program at institutions such as Hult International Business School have many opportunities to network with others who have similar career goals. Many institutions offer large support networks through faculty staff and alumni, and organize events for like-minded students to share and build contacts in business.
That’s an important asset for budding women entrepreneurs who are looking to create savvy business plans. There’s a sense of community in studying for an MBA too as it’s a program of like-minded people.
Also, many students in MBA programs are balancing their studies with full-time jobs. This gives female entrepreneurs opportunities to make contacts with people from different industries, sectors, and job roles, which in turn can help with project planning for a startup.
Empower women financially
Simply put, women entrepreneurs can increase their earning potential by getting an MBA over women without the qualification. The MBA return on investment or ROI from reputable business schools is worth it in the US and Canada, meaning that you’ll get your investment in education back with how much you earn, often within less than 5 years.
And while the gender pay gap still exists, it is lessening, with the average salaries for women on the rise. For example, post-degree salaries have increased from 51% to 132%, according to the Graduate Management Admission Council’s Global Management Education Graduate Survey.
Scholarship help is also available to women to want to invest in an MBA for their future. Bursaries are available, with some of them specifically for females.
Tackle gender inequality in business
An MBA qualification is becoming a powerful tool for women entrepreneurs to use to “level the playing field” in the business landscape. It is undeniable that there has previously been gender inequality in the work world, with women reporting differences in:
- Confidence levels
- Career progression
- Sponsorship opportunities
By studying for an MBA, women can gain a lot. That includes an internationally-recognized qualification that gives them desirable credentials, powerful leadership and negotiation skills and a diverse network of contacts.
With more institutions taking steps to ensure that their courses include more women, the number of female MBA students is on the rise. And that means more women entrepreneurs in the making.
Grow your startup skills
For females with business startup plans on their minds, an MBA can give crucial skills to do exactly that. For many MBA candidates, starting a business is a major goal for getting the degree.
An MBA gives women entrepreneurs a fresh perspective and teaches skills in various areas of business to help foresee biz challenges and how to overcome them. That’s great for short and long-term planning.
During an MBA program, students also study areas such as:
- Problem solving
- Business planning
- Organizational behaviour
- How to structure a team
If you’re lacking in any of these abilities, an MBA can give you the tools to hone in on and strengthen those areas. Doing so can go far in your quest to start and run a successful organization.
Gender equality: Let’s empower women
Many biz schools are seeing more women enrolling for MBA study but the numbers still are less than men. My hope is that more women take on teaching positions in business programs too that inspire other females to rock it in their assignments and post-graduation.
I also hope that courses spotlight the achievements of women entrepreneurs within the classes. That’s encouraging for students to follow suit.
Have work/life balance
There are a great variety of MBA programs available that are designed to fit in with students’ lifestyles and desired study goals. If you are a female with a startup, there is no need to enrol on a full-time traditional MBA course that means you have to give up your job.
Instead, many individuals are now taking advantage of flexible learning in business education, with part-time MBAs and other intensive learning programs. These choices offer you the opportunity to keep your existing job while going for your dreams through education.
Some classes are available on evenings and weekends, which offers the flexibility to balance jobs, home life, and education. That’s especially important as women entrepreneurs trying to get a business off the ground. Enrolling in a part-time or executive MBA will also potentially save you money as you continue to earn a wage while studying.