Using an MBA for Small Businesses
Traditionally it has been employees of large corporations, or those who wish to work for large corporations, who have studied to acquire an MBA. But with a changing economy has come changes in how businesses of all sizes view this degree, and now even small companies are encouraging employees to pursue a master's in business administration.
The University of Tennessee's (UT) Executive MBA Program has reported seeing an increase in students from small businesses, for example. Chad Thatcher, who tunes into his classes on a weekly basis, told KnoxNews.com that his employer, a small biotech company, views it "almost [as] an investment."
"It's always an advantage for companies to send you to get more schooling," Thatcher said.
As MBA Director Steven Hensen explains on the Western Carolina University website, "small businesses don't have the luxury of specialized staff and support functions." Their leaders "must play multiple roles and must understand the integration of business functions, not just the functions themselves." They have to be "Chief Marketing Officers at breakfast, Chief Financial officers before lunch, and restocking shelves at dinner time."
While small businesses are working to get the most out of MBA programs, the programs themselves are being tailored to better suit small business needs.
One of the draws of the UT program, for example, is that students are involved in a project to help their employers expand or save money.
"In most cases, we require that the return on investment be $1 million or greater," said the executive director of UT's Center for Executive Education.
More and more MBA programs are also offering majors in entrepreneurship, according to Bloomberg Businessweek.
