But according to one leading talent broker, there are three letters that might just solve the problem: M, B and A.
MBA & Company, a talent broker that provides businesses with highly-qualified management teams, with a client list that ranges from small companies to such juggernauts as Virgin Media, has revealed that having an MBA on the payroll is not just a luxury for the biggest firms. For the little guy, getting an MBA on board may be a vital prerequisite for success.
In the days before the credit crunch, with loans freely available, entrepreneurs and small businesses found it easy to get the capital they needed to get going, but in these straightened times, it has proved far harder to coax money from the banks, resulting in many businesses meeting an early end.
Daniel Callaghan, MBA & Company’s managing director and founder, explained the value of MBA graduates to BusinessBecause. “Attracting investors is a tough call and without a proper, all-encompassing business plan you don’t get a second look [from investors].”
While in the boom years, Callaghan says, a plucky entrepreneur might have needed little more than a PowerPoint presentation, a pleasant speaking voice and confidence, an MBA is rapidly becoming essential to convince banks to part with enough money to get a business off the ground.
Speaking from MBA & Company’s North London offices, Callaghan said, “Lenders need detailed competitive analysis, a comprehensive investigation into market opportunities and an exit strategy.” It is the absence of that last factor that led to so many banks being pulled into the credit crisis. Today, convincing nervy banks that they won’t get pulled into a loss-making venture is an essential part of success for the post-crunch entrepreneur.
Getting a qualified professional in might appear expensive – MBA & Company charge £10,000 for small businesses – but, as they point out, it can be the difference been leaving the bank with nothing, or £10m in venture capital burning a hole in your pocket.
For businesses as for individuals, an MBA can be the difference between getting ahead and falling behind.
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