School Is in Session for Small Business Owners
A growing number of people are benefiting from increased flexibility and convenience of new MBA programs.

By Jerrad Tausz

With 17 years of restaurant industry experience, Ernest Fields of Grandview thought he knew all the ins and outs of dining out. As a restaurant manager, he successfully trained his employees. He pitched in when the job demanded extra work, and he strived to ensure his customers enjoyed a quality meal each time they visited.

Still, Fields felt there was something missing in his career. As he watched his friends and colleagues climb the corporate ladder, he knew he had to make a decision: either continue the status quo and hope for a promotion, or take proactive steps to advance his career.

Moving Up by Going Back
Fields realized that the only way to move ahead was to go back—to school. In 2002, nearly 10 years after earning his bachelor’s degree from the University of Missouri-Columbia, he enrolled in a local master’s of business administration (MBA) program in Kansas City.

Now, two years later, you might still find Fields serving coffee or selling sandwiches. But now he’s the owner. After graduating in May with his MBA, Ernest and his wife, Wendy, opened up their own café in downtown Grandview called “Erwen’s,” combining their two names into a profitable venture. Fields developed the successful business model as part of an in-class exercise during his graduate studies; then decided to put it to use.

Fields is not alone. In fact, a growing number of small business owners from a wide range of industries have recognized the value of an MBA in today’s competitive marketplace. Unlike graduate programs offered 10 or 20 years ago, many of today’s MBA courses focus less on theory and more on practice. For example, Fields worked closely in a learning team of other business professionals to develop his business model and used real-life examples in classroom discussions. In the process, he learned how to improve his skills in communication, critical thinking and problem solving.

A Profitable Decision
Studies have consistently shown that MBA graduates earn more each year. According to the U.S. Census Bureau, people with master’s degrees can expect to earn $2.5 million over their lifetime, while graduates with a bachelor’s degree earn a lifetime average of $2.1 million. High school graduates average just $1.2 million in lifetime earnings.

Although a larger paycheck is a primary motivator, there are other benefits of earning an MBA:

• Credibility. Not only does an MBA set professionals apart from their peers and enhance personal reputation, it also reinforces owners’ dedication to their businesses.
• Networking. Because many classes are filled with working professionals, it is not uncommon for partnerships to be fostered in the classroom that spill out into the business arena. Instructors boast a wealth of contacts from past students or current colleagues, and may even own their own businesses.
• Applicable Knowledge. The true motivation for pursing an MBA should be a desire to learn new strategies, grasp growing business trends and seek exposure to time-tested models of business success. Most instruction is applicable the following day at work.

Take Time Out for Learning
Of course, as most small business owners and entrepreneurs can attest, the daily demands of being “your own boss” often leave little time for family, friends and personal interaction. However, local institutions are now making education accessible to even the most “time-crunched” students. With convenient night and weekend courses, professionals no longer need to put their lives on hold for an education.

Providing accommodating course schedules is practically a requirement for top MBA programs, as employed students are managing hefty professional workloads and companies are sticking to “more with less” staffing strategies. A recent survey of graduates reinforced the need for flexible academic schedules as alumni ranked “convenient time for class meetings” their second-most important criteria when choosing an MBA program.

Another way universities are catering to the busy business professional is by offering online coursework. Now more than ever, institutions are utilizing both in-class and online instruction. In fact nearly 75 percent of colleges and universities have some sort of online program. In response to this growing trend, schools are offering “online courses with class” that require only one or two days of on-site instruction and give students the ultimate in flexible education options.

While you may have no desire to run your own restaurant like Ernest Fields, consider what an MBA might do for your small business. Students like Fields are discovering every day that the easiest way to “hit the jackpot” with a profitable business is to hit the books first.

Jerrad Tausz is vice president and campus director for the University of Phoenix in Missouri and Kansas. For more information about University of Phoenix, log onto www.phoenix.edu.