Getting an MBA seems to be the mark of a valuable asset on a business person. It accounts for two-thirds of the total number of advanced degrees obtained in the USA.
As popular as they are, an MBA degree does not come cheap. The average cost of tuition in the U.S. for an MBA Program from an Ivy League college stands at around $100,000 for a two-year program.
There are, without a doubt, professional and financial payoffs for MBA degree holders. However, the real question is, are MBA holders also good leaders and entrepreneurs?
A study by DDI analyzed data from 300 companies across 18 countries and found that while MBA holders were more business savvy and better with developing strategic directions, they lacked important entrepreneurship and leadership skills.
So what is it that business schools don’t teach about leadership?
Being an entrepreneur and a leader requires much more than just being business savvy. A successful entrepreneur has some key habits that differentiate them from others. These skills are often linked to the ability to coach and develop others, driving for results and being able to sell a vision.
Compassion for Your Own Self
Entrepreneurship is all about taking risks. No matter how much you calculate them, all risks come with a certain probability of failure.
A successful entrepreneur is one who can be kind to themselves when they fail. No business school can prepare or teach you how to fail, it is something you learn from experience.
Learning how to fail without invoking a sense of self-hate is one of the most important things an entrepreneur can teach themselves.
Envisioning Your Future
One of the best ways to obtain focus and clarity with your goals is to keep picturing yourself in that moment of success.
Allowing yourself to completely take in the emotional and mental state you would be in when you achieve your goal helps you re-center.
An Attitude for Gratitude
Being grateful for the opportunities that come our way help us think positively as a principle. This is a trick that comes in handy when things do not go according to our plans. By taking every failure and bump in the road as a learning opportunity, you could very well be on your way to perfecting your business model.
Being A Good Team Player
Most university degrees equip us to outsmart and out-do others but not enough of them teach us how to work together as a team and being a good leader.
The truth is, more businesses and organizations don’t center around one person. The vision of the entire team comes together to define the success of a business venture.
Looking for more helpful tips to enrich your leadership? Bill Wooditch, is a professional keynote speaker who draws on personal experiences and examples to help motivate entrepreneurs across the US.
Hire Bill Wooditch as a motivational guest speaker at your next corporate event!