Accepting a new beginning
A MASTER’S in business administration (MBA) programme is among if not the most popular master’s level degree enrolled at universities globally.
This programme is recognised internationally in producing highly qualified individuals who are capable of properly assessing the technical challenges of any given situation and have the potential to identify the necessary requirements to successfully lead companies.
It is no surprise then that up to 88% of recruiters who took part in last year’s international Corporate Recruiters Survey planned to hire recent MBA graduates.
Furthermore, many employers and top executives have, over the years, come to demand applicants for senior managerial positions have an MBA qualification as part of their curriculum vitae.
Within the last decade, however, the advancement of economies and the emergence of new technologies have created demand-and-supply gaps in the national and international marketplace.
Recognising these opportunities, many individuals forecast a great demand across all industries and believe an MBA programme is the right educational choice that will allow them to successfully make the transition from being an employee to a start-up or smalland-medium-enterprise owner.
However, is an MBA programme the best platform to start a new business or should it continue to be regarded a prerequisite and stepping stone for career advancement and networking opportunities?
Maintaining global relevance
In a general MBA programme, candidates learn a broad range of subjects such as management theory and practice, accounting, economics, human resource, organisational behaviour and communications.
They are expected to not only be familiar with current concepts and ideologies upon graduation but nurture qualities that include leadership, self-confidence and being a key motivator – all important ingredients for an individual looking to run a large corporation or a small business.
Moreover, since the very first MBA programmes were introduced in the United States in the early 1900s, the academic course has been constantly evolving to ensure it remains useful in an ever-developing economy.
Speaking about the University of Strathclyde Business School’s MBA programme that is offered at CDC Management Institute (CDC), the institute’s chief executive Soon Thiam Lam says, “The programme has continually sustained its ability to move with the times by innovating new business ideas, policies and trends.”
He elaborates the growing dependency of technology in the business world can have dynamic effects on the turbulence of a business environment.
This scenario prompted the university to incorporate subjects such as the Introduction of Information and Technology Management into its MBA programme.
Dean of the Graduate School of Business and Centre for Continuing Education at SEGi University (SEGi) Assoc Prof Dr Stanley Yap Peng Lok goes further to suggest, “A university needs to maintain a strong focus in building collaborative partnerships with other highly rated local as well as foreign universities to exploit the academic and business advantages that arise from increasing global connectivity and interactivity within the economy.”
Such examples include new MBA programmes developed to enable distance learning through the adoption of a web-based structure, making the course more widely accessible and reaching greater candidacy numbers in each passing year.
Prof Khong Kok Wei, director of MBA programmes at the Faculty of Arts and Social Sciences in The University of Nottingham Malaysia Campus (UNMC), says, “We have seen the rise of mobility programmes where MBA students can now do various modules off campus, promising greater experiences and learning diversities.”
The unique nature of an MBA programme that highly encourages networking among fellow candidates and alumni also opens doors for future references, collaborations and other prospective business relationships.
Seeking specialisation
While many MBA programmes remain predominantly generalist programmes in management, there is also a trend among universities to step away from offering a one-size-fits-all course to something that is tailored to be more studentcentric and industry-driven.
The high levels of competition in both the education and human resource industries call for institutions to tweak reputable and what were traditional MBA programmes to suit the new market demands in the form of specialisations and levels.
“For example, the executive MBA programme will claim that it is an elitist programme for selective groups of people at top management while MBA specialisations will address the in-trend aspects of the global environment,” says Prof Khong of UNMC.
Universities are also targeting niche market segments, offering MBA programmes that are exclusive to a geographical region and economic driver. These examples include MBAs focusing on forest management, sports, luxury brands, disaster management, wine and music.
It is also not unusual for big corporations to have strategic alliances or partnerships with universities not only for recruitment purposes but to develop special MBA-level programmes for staff who will graduate with a distinctive skill set directly related to the company.
What these factors mean for aspiring business owners is that they are likely to find a reputable MBA programme that they can not only attain remotely but one that is in line with their interests.
Preparing for change
According to Prof Khong, “In a business start-up, one has to be multi-dimensional – a generalist who can take on challenges from various business perspectives. An MBA provides that platform to enhance one’s general skill sets such as marketing, management, finance and organisational behaviour.
“Besides that, specific entrepreneurial-related modules in some MBA programmes such as innovation management, entrepreneurship, business intelligence in the digital economy and business ethics will surely put these individuals in good stead when it comes to putting knowledge into practice.”
One such MBA with an eye on entrepreneurial studies is at the University of Strathclyde. Soon of CDC says, “Entrepreneurship is now a common component within the Strathclyde MBA programmes.
“It has become more of an expectation than an exception within the MBA marketplace, which is recognising that this is an important element not just to those wishing to set up a business but also to big businesses that need to remain competitive and innovative against competitors.”
Assoc Prof Yap of SEGi says, “There has been some feedback that SEGi’s students are venturing into entrepreneurial careers and applying the knowledge and competencies gained, especially from modules such as Entrepreneurship Practices and Processes, and International Entrepreneurship Development.”
Similar to SEGi, Dr Rosima Alias, senior lecturer and programme coordinator for MBA and the Master of Engineering Management at Universiti Tenaga Nasional, shares that the university has had graduates who go on to build their own careers after an MBA and it is especially useful when there is a good mixture of industry background and experience among candidates.
“There are MBA students who are already business owners before they begin their study. Therefore, students who intend to be part of a start-up can learn from such experienced students.”
Breaking out in the industry
Taking advantage of an MBA programme before setting up a business is Heislyc Loh, founder of StartupMamak, an open community for tech start-up explorers, talents and founders to exchange knowledge and connections.
“The biggest gain I had from completing an MBA is the ability to think critically and holistically on any business matter. My favourite aspect is the opportunity to learn from my peers who are involved in different businesses and industries.”
Loh adds that, however, the best way to learn is from one’s failures and taking the initiative to master business development and management skills. This includes reaching out to corporate executives and picking their brains to apply real-world lessons and practices.
Agreeing with Loh on the importance of a good network is ServisHero chief operating officer Jonathan Yeow.
“I have been fortunate to have had so much advice and assistance in every country I have travelled to by reaching out to classmates and alumni. Had I not pursued the MBA, I would not have had the opportunity to explore other disciplines and industries,” he says.