Know if you really require a MBA Degree to Start Your Own Business
is neither a science nor an art. It is a practice.
– Peter Drucker
It is not necessary to have an
MBA degree course to start your own business. What is needed is the bird’s-eye-view
for any business, strong desire to start the business and in-depth understanding
of the market. Also, to be successful in any business, you don’t have to have an
MBA degree. Most of the world famous business personalities
stand testimony to this. It is the common sense, hard work, determination, effective
use of give & take policy, accommodative nature, foresight and ability to perfectly
assess any given situation that makes people successful in business even if they
don’t have any educational certificate in their briefcase. Most of the merit certificate
holders all over the world are serving the business masters. Be it in the government
or private sector, very few of them have been able to become owners of the business.
The verb ‘manage’ comes from the Italian maneggiare (to handle), which in turn derives
from the Latin word manus (hand). The French word ‘mesnagement’ influenced the development
in meaning of the English word ‘management’ in the 17th and 18th centuries.
Management is the art of getting things done through people, says Mary Parker Follett.
Frenchman Henri Fayol describes management as being a composition of five functions
viz. planning, organizing, leading, co-ordination and control.
Planning involves identifying your business goals and finding ways to reach to them.
It involves estimation of the costs that will be incurred and evaluation of the
time required to attain the business goals. A business plan has to be documented
and reviewed on a regular basis. A plan is worth it if the attainment of the business
goal is feasible with the planned resources. A wise businessman also communicates
the plan to his employees and gets their feedback.
It involves assigning tasks and allocating resources throughout the organization.
It includes determining the primary goals of the business and strategies to reach
them. It also involves dividing the activities into tasks and assigning the tasks
to the suitable and deserving employees.
Leadership is a management skill in itself. A true leader inculcates feelings of
confidence, admiration in the followers and a sense of commitment towards the business.
A leader, through his efficiency and effectiveness, influences the others to act
efficiently and effectively. Being innovative is important for a leader and it is
again a skill. Delegation is another important aspect of leadership. It involves
allocation and entrustment of responsibility. A leader not only dreams but also
provides the employees with a framework for the fulfilment of dreams.
- Co-ordination and Control:
Co-ordination and control is very important for the success of a business. Coordination
is the process of communication to track the activities towards the goal and make
decisions about the next line of action. Control is better implemented in the form
of prudent guidance given to the employees by their manager.
Business implies being busy, doing commercially viable and productive work. Functionally,
management is the process of measurement of the quantity of work while assessing
As a manager, you should be able to understand the weaknesses of the organization
and try to improve upon them. You must be able to concentrate on the threats to
your business and fight them effectively. You should have the skill to endure every
setback and learn from your mistakes. Successful business development strategies
used by others can help you device your own strategies.
Business management also includes management of money and time. Being a manager,
you have to time yourself and schedule tasks for your team, so that deadlines are
met. Management of money is an integral part of running a business. The activities
of buying, selling and pricing have to be done skillfully.
People skills, as they are nowadays called, are a must for a manager. After all,
management is about handling people. Bringing out the potential in your team is
a skill. You need to constantly improve yourself and imbibe in the minds of others
that improvement is a continuous process. Celebrating the success of staff members
always encourages them to contribute to the fullest of their capacities. So encourage
your team members to put in their best and congratulate them for doing that. It
is a good practice to assign relatively experienced employees as buddies to the
You need to have excellent communication skills to be a good manager. Being able
to convey your ideas to the people and getting work done form them is crucial. Communication
encompasses a range of activities, right from internal communication in your organization
to the business negotiations.
Foresight is yet another skill that needs to be acquired. You need to sense trouble
ahead of time. You need to be prepared for that and plan accordingly. You are required
to think ahead. Think far so that your business targets seem near!
List of qualities would be endless, but putting it shortly - Management skills are
about taking the right decisions at the right time and getting them implemented
by the right people!