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There are several myths in the business world such as saying the client is always right. As much as their opinion must be considered businesses should learn their boundaries and press for fair deals. The Myth exists to safeguard the customers. Another myth is that cheaper is expensive while in reality clients check several more factors like customer care, and after sales support. The business world has other issues such as how great ideas translate to great businesses when in real sense a tenable business plan is needed to keep the business above the water. Another misconception is that friends are the best business partners because of trust.
It is also said that customers will come to the business when in true sense one needs to get out and inform the relevant people of the company and why it is the best. Others believe running one’s own. This is a long way from reality as in the early stages owners frequently put in a lot of time and resources to get the business. The Profits are the business owner’s salary. Wrong. Though it may earn one more then the staff, it doesn’t mean one gets all the profits because some are reinvested and others paid out to shareholders.
MBAs are failing entrepreneurs. The reason for this being the skills that are required in building successful businesses are primarily different from those taught in the business schools. As much as best practices increase success chances, it is still partly art and part luck. So there is no one fool-proof formula that could be taught but the most crucial the most crucial aspects factors include luck, diligence, willpower, brute force and testing. What one gets from an MBA is just a toolbox of general management skills such as marketing, finance and operations on the high level. Aside from that, one gets to network with like-minded people. A lot of debate revolves around MBA focusing on potential earning power for the graduates. Recent statistics indicate it is decreasing (James, 2014).
Being an MBA means having a graduate-level degree that encompasses hard skills like Finance, accounting, marketing, operations, macro economics, human resource management, MIS and management. It also means having additional soft skills like leadership, teamwork, communication and firm work ethics. Though the co-topics are similar, the length, time, cost and admissions requirements differ. The Full-Time MBA takes two academic years of mostly full-time class work with having it during the day. Part-Time MBA is designed for working professionals where classes take place in the evenings and weekends taking three years or more to finish, depending on the student workload.
The Accelerated MBA is for students who prefer to obtain the degree as soon as possible, often completed in a year or a little more. It requires that students have some business courses already as it can be somewhat a heavy course load. The other is the Executive MBA frequently intended for people with 10 years work in the business world. The last, Dual MBA, allows students to merge MBA with another degree, like an MSc in something or a Master of Public Health. It is mostly offered in 5-years when combined with a bachelor's degree.
One can achieve this standing by been admitted to and completing the MBA program that includes course work and a project/thesis. The cost is relative, some cases being four times as much as an average yearly salary in Canada. The tuition costs ranges between $5000 -$90,000 depending on the school and MBA program. Luckily, financial aid is available.
Some jobs need a minimum of a bachelor's degree while various higher-level management jobs need MBAs. With experience, an average MBA earns far more than the BBA peers. There is a also a substantial difference for job opportunity. In a 2011 placement data by the School of Business, University of Texas McCombs showed that a BBA graduate was earning an average salary of around $54,151 while the typical salaries for its 2012 MBA graduates were alittle more than $107,000 so MBA graduates earn more than BBA holders considering factors such as experience level, prestige school, networking ability, area one lives in, the employer, MBA type and undergraduate field degree however narrowing the gap.
On employers thoughts on if it matters to them for organizational success and if it is something they look for on resumes. Most of them usually call recruiting agencies to help identify people in upper and middle management ranks. When recruiting, most employers look first for employment experience, achievements and management style. For industries such as supply chain and manufacturing, an MBA with an engineering degree is favored sometimes for management roles over any technical field master's degrees holders while in information Technology, R&D and engineering, the technical master's or doctorate degrees are highly preferred. Some companies just see an MBA degree as a trophy and not necessarily a key to organizational success, while others have precise beliefs of its value to selected departments finance, accounts, operations and management.
In comparison to Canada, other countries in Asia, Africa, Latin America, Europe and the Middle East frequently regard an MBA holder as someone with a business outlook that is more "modern" or sometimes "world-class" business outlook. In countries where ancient/ hierarchical management styles have dominated countries, an MBA graduate is considered valuable not simply as a special window on a different way of doing business, but also of great value for top employers.
The Bigger Picture
One of the most vital skills that students learn is how to manage people. For students who seek an MBA, it teaches crucial ways to lead more effectively. It helps one function at executive level further opening doors. A bachelor’s degree has lately become the custom for many people and is a standard requirement for most entry level positions. But, it doesn’t stand out as boldly as before. The MBAs shine; not only setting them apart but indicating a certain commitment and enthusiasm level which is quite attractive to some potential employers. The future holds great career advancement and a chance to secure upper ranks or ability to be successfully self-employed. The coursework and classes provide foundational knowledge of almost every aspect of business. Conventionally, MBA specialization was limited to finance, HR, marketing and management. This however has changed with programs (especially in Canada) having begun to offer more specialized options. GMAC statistics demonstrate the return on investment for MBA to be seen after four years. The continuing demand and significant remuneration confirms its gold standard in graduate management education.
BBA Vs MBA
Though they are both taught in Business schools, the MBA (master of business administration) and BBA (bachelor of business administration) degrees are distinct levels of education where BBA is a four-year undergraduate and an MBA a minimum one year advanced degree earned upon after completion of a bachelor's degree. Coursework for BBAs includes basic lectures with students listening to professors share knowledge in an MBA, professors provide facilitating and mentorship. Some firms (top-tier consulting companies require an MBA for certain positions and also for promotion. Several people take advantage of exclusive MBA opportunities to teach colleges and universities.
With experience, MBA grads earn more than their BBA peers. Due to the recession's effect on employment, numerous employers have to pick hence some get choosy in their hiring and graduate degrees may give that extra edge. MBA is a myth because they are in most top positions and the majority whether via business or enterprises want to change the world. MBAs not only think outside the box, but they redefining it. This is why the society has come up with all types of myths such as MBAs are greedier for being in top positions, they can't think outside four quadrants for leaning more on redefining the box, are also often called Masters of Bull for having the skill of packaging themselves and their products so they look good.
Credibility is the value of being believable and worthy of trust. Establishing true credibility takes a lot of time; years of hard work together and consistent performance. MBAs help largely right from what the institutions require of the students. Same types of behavior lead to success later in the professional industry. Earning a brand-name degree does require excellence while correcting MBA myths require same top level performance even after graduation. Though the reputation of one’s school can be an asset, individual performance throughout professional lives creates true Credibility.
MBA graduates earn more than BBA holders. Other factors such as experience level, prestige school, networking ability, area one lives in, the employer, MBA type and undergraduate field degree however narrow the gap. MBA graduates Salaries in 2011 were higher than in 2010 based on responses from 6,877 people, of which 824 graduated in the 2010. The mean starting salary for 2010 survey was $78,820 and $94,542 for the entire respondents. The starting salary of 12% respondents exceeded their expectations while 58% stated that job offers did meet their salary expectations.
BBA graduates mean starting salary was $38,949 but with 20 years of experience they get around about $76,218 per annum. In finance, management information systems industry and marketing, the entry-level salaries for BBA-holders workers are $48,500 around $51,900 and $41,500 in that order. The BBA holders mid-career pay for those same positions are around $8,000 higher than starting salaries of the 2010, MBA employees and $8,000 lower than starting salaries of the entire MBA survey respondents. The survey further showed that greatest demand for MBA holders is in industries such as finance/accounting, technology, consulting and healthcare/pharmaceutical. The GMAC survey of 2011 includes responses from about 1,509 employers that represent 901 companies in the US and 50 foreign countries.
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