An MBA offers many benefits for students, such as increasing job prospects, bolstering income potential and making you more desirable to employers. However, does it provide any value to people looking to embark on an independent journey instead of relying on a nine-to-five? Here is why freelancers should consider pursuing MBA degrees.
Do Freelancers Require an MBA Degree?
Freelancing does not require a degree. Many people have built a successful career without one. While the immediate answer to this question is “No,” an MBA degree offers freelancers many advantages that make it worth their time.
It provides them with crucial insight, introduces them to like-minded people and can develop their core skills. All this can prove incredibly valuable in separating them from competitors and building a successful freelancing business.
Why Are Freelancers Considering MBA Degrees?
There are many reasons why freelancers should consider obtaining an MBA for personal and professional growth. Here is an in-depth view of a few of them.
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1. Offer Specialized Courses and Flexibility
The nice thing about MBA programs is many business schools offer specialized versions, meaning you can choose the one that best suits your freelancing career. Many of these courses can dive into topics, such as marketing management and strategic selling, which can prove incredibly useful.
These courses can teach you new skills and fill gaps in your knowledge. It could also help you scale your freelance business if you wish to do so. While the skills you can specialize in differ depending on the program, here are a few popular ones:
- Digital Marketing
- Entrepreneurship
- Financial management
- Business analytics
- Computer science
- Accounting
In addition, MBA programs offer flexibility, meaning they can fit the schedule of busy freelancers. Many self-employed individuals are simply too busy to go to school full-time. In these scenarios, you could enroll part-time, allowing you to continue freelancing. Another option is to take the online route.
Many people interested in pursuing MBA degrees apply for scholarships. One popular choice is the Consortium, which has been around since 1966 and provided more than $465 million in fellowships to many MBA students nationwide.
2. Increases Network Opportunities
One of the most significant advantages of MBA degrees for freelancers and entrepreneurs is the networking opportunities. An MBA allows you to meet like-minded people in and outside the classroom.
The individuals you meet could teach you new skills, valuable lessons and even provide you with future clients. For example, some people might want to start a business and could use the skills you freelance. You may also decide to join a professional association, opening up various networking possibilities.
3. Help Develop Core Entrepreneurial Skills
MBAs teach students many hard and soft skills. These degrees are designed to enhance leadership and communication abilities, which can prove extremely valuable to self-employed individuals.
Freelancers talk to clients daily. They need to communicate clearly how they will complete projects, what it will entail and what they require from the customer. In addition, they need the ability to answer client questions in a way they would understand. Many times, customers want something that is not entirely possible or is not the best idea. In these cases, the freelancer must rise to the occasion and clearly explain the situation.
Also, freelancers may require help on projects if they have too much on their plate. Then, they can call on other freelancers to help them. While communication is essential here, another useful ability is leadership and teamwork. They will need the capabilities to lead their team to success. The soft skills they have learned from pursuing MBA degrees come in handy in all these scenarios.
To make entrepreneurship or freelancing successful, you need a few principles on your journey. Many of these you can learn through an MBA degree. Here is a quick summary of the soft skills freelancers can obtain:
- Leadership
- Communication
- Critical thinking
- Teamwork
- Adaptability
- Time management
- Creativity
- Delegation
- Self-discipline
4. Gain Insight and Personal Development
MBAs can help you gain additional insight and allow for personal development. They teach you about all aspects of running and managing a business. This knowledge can help you grow your freelancing to new heights.
The insight provided can aid self-employed individuals in looking at their businesses differently, allowing them to identify what areas are working and those needing improvement. This is a valuable skill that can assist you greatly throughout different aspects of your life. Many of the abilities you learn can help you become more confident and see things through when you encounter bumps down the road.
Additionally, MBAs provide the chance for mentorship opportunities. You might learn from another freelancer or entrepreneur who has walked the same path. They can offer crucial advice on issues plaguing your business.
5. Positions You As an Expert In your Field
Because freelancing does not require a degree, many competitors offer skills they have learned throughout their lives. They could be from a previous job or something they have taught themselves. However, while having one is not necessary, an MBA can make you stand out.
People seeking the aid of a freelancer could experience doubts about whether the person they want to hire can complete the project. A degree positions you as an expert in your field. This can help eliminate any uncertainty a client might have. Additionally, with an MBA program, you may have collaborated on projects and gathered case studies you could show the customer.
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6. MBAs Create Personal and Professional Growth
MBAs offer many opportunities for freelancers to hone their abilities and learn new ones. These new-found skills can help them stand out from their competitors and scale their business.
The personal and professional growth it could offer can prove incredibly valuable in managing your business and in daily life. With all these benefits, it is unsurprising to see so many freelancers and entrepreneurs considering pursuing MBA degrees.
Eleanor is a UX/web design and digital marketing writer based in Philadelphia, PA. She spends much of her time as the Editor-in-Chief of Designerly Magazine, an online publication dedicated to providing in-depth content from the design and marketing industries. Her writing and knowledge covers the depths of web design, digital marketing, user experience, social media and branding and how it relates to small/medium businesses.
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