8 Business Ideas For MBA Students: By now, you’ve been exposed to a lot of business theories and models through your MBA program. You know about the Four Ps, the Five Forces, and Porter’s Five Forces Model. You also know that business owners need more than a solid idea to get started; they need capital, financing, and other resources to make their ideas viable businesses.
8 Business Ideas For MBA Students
With that in mind, you might be wondering how MBA students can turn their business ideas into actual businesses. It’s not easy, but it is possible, especially if you know where to look and what resources are available to you during your MBA program.
1) Invest in yourself
As a business major, you’re well aware of how important it is to invest in yourself. However, you might not know that research has shown that business majors are more likely to own their own businesses as compared to liberal arts majors. By launching your own business while in school (or after), you’ll be able to further explore your options and determine which career path works best for you.
Here are some potential business ideas for MBA students Web design/development: With online education on the rise, there’s never been a better time to start an online business working with colleges and universities to create and manage websites. Advertising: You’re skilled at creating unique, compelling content—so why not make money helping companies do so too?
Like college marketing managers, advertising pros can work for agencies or clients directly; find out if local schools offer internships opportunities through their advertising programs and apply! Marketing analysis: A strong understanding of consumer behavior combined with knowledge of marketing processes can put you ahead when building strategies for individual companies or even sectors such as banking or technology.
Startups: Some enterprising MBAs will decide that developing on-campus opportunities isn’t enough; seek out fellow classmates who have entrepreneurial aspirations themselves!
2) Become an Influencer
Influence is among the most effective forms of marketing and word-of-mouth. In addition to being effective, it’s also great because it doesn’t cost a dime. While you may think of influencers as celebrities or other high-profile people with large audiences, they can also be your friends on social media—and even family members! So, how do you become an influencer?
It all starts with creating a presence online where your brand’s voice and reputation precede you. With that said, here are three tips for becoming an influencer Recently we were asked by a large company why they couldn’t just hire 1,000 influencers in order to promote their product/brand. We replied: The idea behind hiring these individuals is pretty ridiculous – who on earth would want to follow someone who is an obvious bot follower (no profile pic, no bio).
Influencer relationships work well when both parties appear authentic and honest. If you’re looking for customers to follow you, then having 100 real followers that have opted in seems more reasonable than 1,000 fake followers. An overall look at your following should help determine what size audience makes sense for promoting your product/brand – our opinion; unless of course, there’s an advertising budget involved.
3) Build a Side Project
Not all business ideas are created equal. But even if your side-project idea isn’t meant to become a full-time gig, there’s still lots to be learned from creating something real. As an MBA student, you have a lot of advantages at your disposal: Skills in finance and data analysis (and some basic programming know-how) give you an edge when coming up with a potential business idea.
Plus, you likely have access to more resources than would be available to someone starting out without an MBA degree. Rather than limiting yourself by thinking about how to make money or fund your idea, think about what’s possible given those resources. This brings us to our next tip… First off, consider building something for others – create products that solve other people’s problems, instead of making things for yourself that no one wants.
Your best chance for success is doing something people want and are willing to pay for; don’t worry about intellectual property or worrying that your app will be copied (hint: it won’t). Starting small can help you learn faster too – try building a simple product before trying to create Uber 2.0.
One example might be Personal Finance Manager – managing finances was a pain in my first year out of college so I made cash flow, which helps me track my finances every month; I’m happy to say thousands enjoy using it every month!
4) Work on a Business Idea With Friends
It’s a great idea to bounce ideas off of friends and make sure that your business idea actually has legs. Start with your network, talk about it at school, ask for feedback on forums. The more eyes you have on an idea, the better chance you have at figuring out if it’s viable or not. It also doesn’t hurt to think about where you could apply for funding if things go well in your business.
Building up a case of traction can help you secure grants and fundraising opportunities in addition to a customer base. If you don’t want to risk getting caught up in fees, there are also crowdfunding sites like Kickstarter and Indiegogo that might be right for your project (and where you might find some capital). You can start early by applying as an undergraduate while working on startup ideas with fellow students.
5) Self-Publish A Book
That’s where self-publishing comes in. In case you don’t know, self-publishing refers to a process in which authors pay for and publish their own work without hiring an agent or dealing with a publishing house. Self-publishing allows you to create your book and set your own price, whether that be free or $200—the choice is yours. This option gives you complete control over all aspects of your book and lets you keep more of your profits.
The real beauty of self-publishing lies in its flexibility; any writer can do it as long as they have writing skills, know how to use Google Drive, and have time on their hands. Follow these steps below to start making money from your very own book today!
But first, a disclaimer: Writing a book isn’t easy. I’ve written two so far (the second sold 100 copies). It takes quite a bit of work to make them good, and then even more work getting people to read them once they are finished.
If you want to write a book but are not sure what to write about or simply lack motivation after reading everything above, I recommend checking out 45 Days To Your Novel by Orna Ross (get it here). After taking her course last year I wrote my first draft in 2 months while working full-time and teaching part-time at night school — no experience necessary!
6) Become a Virtual Assistant
There are many ways to make money as a virtual assistant. You can work for established companies or start your own business. If you’re good at organizing or just enjoy helping people, there’s plenty of administrative and secretarial work out there for virtual assistants. You’ll run errands, sort through email, handle scheduling, and other general office tasks that a company needs to be done—and you get paid well to do it!
To learn more about becoming a virtual assistant and what skills are needed to find that first job as an independent contractor, read our How To Become A Virtual Assistant guide! Interested in starting your own business? Check out these articles on how to start a successful home-based business!
From cleaning services to marketing, there is sure to be an idea in here that could turn into a successful small business venture. Start Small With These 5 Great Home-Based Businesses: 1. Baby Sitting 2. Photography 3. Tax Preparation 4. Writing 5.
7) Start A Consulting Firm
One of the most successful and cost-effective ways to make money in a hurry is to start your own consulting firm. Even if you have no experience or special training, there’s a pretty good chance that your industry has a number of companies that could benefit from your help. As long as you can find a way to provide value for those companies, you can get paid for it without even selling anything.
It’s particularly common for MBAs to start their own consulting firms after graduation; business schools are filled with sharp young people who spent two years learning how to do everything they need to run a successful company—and if they managed all that while also earning an advanced degree, chances are good they know what they’re doing.
8) Do Some Freelancing
Flexibility is key when launching a new business. If you’re planning to launch your business as a sole proprietorship, consider hiring yourself out to an established firm on a contract basis while you develop your core business model. Freelancing gives you something else to put on your resume and—if it goes well—will help pay for any start-up costs like software or accounting services that you need.
Another benefit of freelancing: It’s easier to get in touch with prospective clients than it is when you’re starting from scratch, so don’t be afraid to give it a try. That being said, freelance gigs can often provide less consistent income (depending on your clientele), which means regular income should also come from another source. Think: freelance plus something else equals two full-time incomes. Read how to build a flexible career portfolio here!
Also Read: 10 Small Business Ideas For Mechanical Engineers
Conclusion
Many people will go to college to get their masters in business administration. This is a great degree for business owners as well as entrepreneurs. If you have your masters, these ideas should provide you with some ways that you can create a profitable and sustainable business.
I wish you good luck in starting your new venture. If you need more information about starting a new business, please follow one of our links above or below. We would also like to hear from other people who have started businesses or have great ideas for others just starting out!
