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Continuing education might seem elementary to advancing a business career, but now, more and more entrepreneurs are focusing on the future by going back to school.
A Master's of Business Administration, or MBA, is just one way for dealers to pursue a higher education and increase their knowledge of running a business.
Why go...back to school?
Students usually pursue an MBA after earning a bachelor's degree. The act itself can be a rewarding experience, but many also take away applicable knowledge to run their business better.
"Normally, students pursue an MBA for one of two reasons; they would be interested in a career transition, or in a career enhancement," explained Dan LeClair, vice president and chief knowledge officer for the Association to Advance Collegiate Schools of Business, or AACSB.
Earning an MBA can also help students pursuing a new or improved career put more cash in their pocket.
According to an article printed in the January/February 2007 issue of BizEd, almost all students who pursue an MBA have a higher return on investment, regardless of the type of program or ranking of the educational facility.
Determining a learning style
MBA programs offer full-time, part-time and online learning to suit any person's schedule and learning style.
Many full-time MBA programs last between 18 months and two years. When a student enrolls part-time, especially while still employed full-time, the length of study increases.
"The part-time programs are typically longer," LeClair explained, "but the student generally has the ability to manage that by making (the program) shorter or longer, depending on their needs and constraints."
Along with choosing career path, methods of learning play a vital role in what a person will take away from an MBA program. This sometimes includes incorporating both "online" and "residential" techniques.
LeClair explains that the primary drawback to online learning is the lack of personal and "face-to-face" interactions with the professor and peers. Along with that, it may be difficult to network with students because an element of personable interaction is missing.
Executively equipped
Once business owners become more familiar with the industry they serve, there are more extensive opportunities for learning. Many business owners choose to pursue what's called an executive MBA, or EMBA.
The main emphasis, and difference, of an EMBA from a regular MBA is the student group. Often times, individuals already focusing on business administration will enroll in EMBA programs. Along with learning other business practices and methods, students have a better opportunity to network and meet contacts for continuing business relationships.
Take-aways and giving back
A principle reason RV dealers pursue an MBA isn't necessarily for the credentials and certificate to hang on a wall. Many business owners enroll in educational programs for "take-aways," or immediate information that can help advance or run their business. Some useful information might include training techniques, or accounting management.
Some educational institutions have gone as far as offering courses without any type of certification once the class is complete.
"Often, (business owners) are focused on immediate take-aways, cutting-edge ideas and ways of managing a business, for example," LeClair explained. "But they're not degree-oriented."
Once a business owner works with an educational facility to learn information, he can return the favor.
"Often, it's a two-way street. The business benefits as much as the institution does," LeClair said. "Business schools aren't just there for people to get an education, they're there to interact with the community."
Business owners may have opportunities to become involved with the college, including guest teaching or speaking, and offering internships or entrepreneurships to students.
author: By Erica Schulz