By Katherine Frohoff
     
      Now that you’ve invested hard work, time and research into launching your own business, what can you do to increase the likelihood of success as your venture matures? Why not consider broadening your understanding of business practice, human capital and yourself by earning a master of business administration degree?

      Successful graduates of an MBA program emerge with increased skills-based knowledge and a greater awareness of their own strengths and challenges. Most business schools offer at least two basic types of programs, one that’s often referred to as “traditional” and an executive MBA. So, how do you know which type of MBA program is best for you?

Traditional MBA Programs
      A traditional MBA program offers a broad business education and leads students to become more proficient in core disciplines such as finance, economics, marketing, accounting and information technology. Most programs allow students to customize their programs by choosing electives and selecting an emphasis area from among the disciplines. If you’re interested in marketing, for example, you may be able to take several courses with that focus.

      This type of MBA program often attracts professionals in the early career stage who need additional experience working in teams, learning to manage others and gaining a greater understanding of the various functional areas of organizations; and who need stronger business analytical skills.

      MBA programs can be completed on a full- or part-time basis. Most universities tailor programs toward working professionals by offering classes during the evenings and weekends or online. Most accredited programs will require 30-36 credit hours and can be completed in two to three years on a part-time basis. Students who have bachelor’s degrees in a discipline other than business may have to complete prerequisite courses before or concurrent with starting the program, and will most likely be required to take the Graduate Management Admission Test (GMAT).

Executive MBA
      Students entering an executive MBA program generally are farther along their career paths, with at least five years of management experience. They include mid- and senior-level managers and executives from for-profit companies, the nonprofit sector and government, as well as entrepreneurs who have launched their own businesses.

      While the traditional MBA allows for customization through electives, most executive MBA programs have a set series of courses that are taken in order. Students enter the program as a class and move through in a cohort group. This fosters a peer-learning environment where rising executives learn from those in other industries and functional areas. The class is often divided into teams that remain together throughout the program, which fosters collaboration and simulates a real-world corporate team environment.

      Executive MBA classes will take a high-level approach as students seek to understand the functional areas from the point of view of someone who would oversee all aspects of an organization or who would need a broad understanding of marketing or finance, for example. As such, course work combines specific applications of a strong theoretical base that span organizations and their markets. At the executive level, many students are looking to enhance their leadership and interpersonal skills, and programs increasingly include a formal personal development and leadership component that focuses on business decision-making that affects the entire organization.

      Executive MBA program formats vary, with some holding class weekly or for one three-day weekend per month; others meet every other Saturday. Some schedules are structured to make it easy for students to travel from another city, while not missing too much time at the office. The average time for completion is 20 months. Tuition is often structured as a program-level fee rather than per credit hour, and generally includes textbooks and amenities, such as laptop computers and meals. Students may be sponsored by their employer or may pay all or a portion of the tuition themselves.

Now Is the Time
      Regardless of the type of program you select, you can expect earning an MBA to be a worthwhile endeavor.  As a small business owner, an MBA can help you gain a better understanding of how to anticipate changing market conditions to proactively adjust business strategy. You’ll be exposed to new ideas and course content that will help you maximize your profits and run your business more efficiently. And, with most programs, you’ll be asked to base projects on your own enterprise, which will allow you to gain outside perspectives on solving problems in a proprietary environment. Lastly, many small business owners find that working with team members from a variety of fields and functional areas brings a fresh understanding of and appreciation for the myriad duties they oversee each day.

Katherine Frohoff is director of public relations and marketing for Rockhurst University and is a member of the Executive Fellows Class of 2009. You can reach her at (816) 501-4151 or .

Business Degree Continuum 

• Bachelor’s degree – emphasizes business literacy and individual professional/personal strategy
• MBA – emphasizes business fluency and departmental,work-group and business strategy and execution.
•  Executive MBA – emphasizes business mastery, leadership and decision-making for organizations with a significant investment in professional and personal readiness for leadership and organizational achievement

--Turner White, MBA, visiting assistant professor of management
Rockhurst University Helzberg School of Management