finance articles businesses business management business marketing Technologies finance accounting Industrial Manufacturing starting a small business Investment health information

How real world management experience compares to MBA Textbook experience

accountant37004113.jpgManaging a small business is not a piece of cake as you already know. As the owner/manager you are suddenly thrust into many different roles like becoming a financial controller. Learning how to manage your business finances can be very challenging, especially if you do not have a lot of background experience dealing with it. This poses the question to many people about the difference between real work management experience and the MBA textbook experience. Some critics say you learn how to manage your business finances better by going to get your MBA. Others disagree and claim that you need to have real world management experience to teach you these important characteristics.

There is something to be said about both but it really comes down to your personality and your commitment to your career. If you have a strong desire to work hard, you will find it is easier to be able to learn some of the necessary skills you need such as learning your business finances.

Always take a course on business finances. These courses can provide you with some necessary tools you need such as budgeting, tax laws, and planning for rainy days. A lot of business managers run their business finances the same way they run their personal finances. This can work for some businesses, but for the most part it's not the most effective way to run a business as you have so many different aspects you need to worry about such as payroll.

Many of the software programs out there like QuickBooks and Peachtree will be able to help you with some of the basic business finances, but you really need to consider taking a course in order to learn how to even use the software.

Learning specific tools to run a business may only come from your MBA textbooks and courses. Not only do you learn how to manage a business, you learn so many other great techniques like how to start a small business, how to expand it, creating a marketing message, etc. You also take behavioral courses which will teach you skills on managing employees. You will be taught how to influence and persuade people, which is a necessity in order to convince banks why you need the financial backing from them.

Going to school and getting your MBA will also help you to cope with certain things like dealing with your employees resistance to change, which is inevitable. There are a number of employees out there that absolutely hate change because it can be "scary" to some people. Change is nothing more than educating people and teaching them how to have a mindset change. When you are teaching them financial software programs, you are going to need all the help you can get to persuade them to use the new programs.

Your employees will have a significant impact on your business finances. You must be able to have clear rules about who can spend the company's money and you must be able to monitor their spending habits. If they are not being conscience about saving money for the business, you can easily run into problems.

After you leave the university, you will quickly see how real-life management experience differs from your education. In school everything is structured and there will be a lot of different things you need to figure out on-the-spot. It's not always easy to figure out what to do and how to do it but with time, dedication, and hard work you will be able to gain the necessary experience and education you need to avoid bankrupting your small business.

FREE: Get More Leads!
How To Get More LeadsSubscribe to our free newsletter and get our "How To Get More Leads" course free via email. Just enter your first name and email address below to subscribe.
First Name *
Email *


Get More Business Info
Sponsored Links
Recent Articles

Categories

Copyright 2003-2020 by BusinessKnowledgeSource.com - All Rights Reserved
Privacy Policy, Terms of Use