5 Things I’ve Learned from SNHU’s MBA Program
Tuesday, February 7, 2023
Written by a SNHU MBA graduate, July 2021
For sixteen months, I worked towards an MBA from SHNU. Through my studies, I developed a diverse range of skills and learned many valuable lessons about business, economics, law, government and financial management. Delving deep into these topics in my discussion posts in my virtual classrooms and essays has informed what I consider to be the top five most important things I learned in business school and carry with me into my career.
- Mission is as important as profit: Great businesses are born from great ideas and are sustained by a strong commitment to that idea. Mission-driven organizations generally have higher morale because employees have a sense of purpose and customers are more likely to support companies that have clear and ethical missions and values. To be successful, every business decision a company makes should be guided by that company’s mission statement. Strong missions create strong profit.
- People matter: Customers are the most important stakeholder in any business decision because without customers, a business cannot survive. Many movements that have catalyzed change in the business environment have begun with a shift in consumer demands. For example, the environmental movement caused customers to evaluate whether or not their buying habits were sustainable and the COVID-19 pandemic has increased online shopping because people are leaving their homes less often. Leadership must always keep an ear to the ground to anticipate both current and future customer needs and wants.
- Clear and strategic communication is everything: Frequent and effective communication at all levels of an organization is vital for growth and success. Communication increases morale, productivity and knowledge-sharing improves culture. In turn, employee turnover decreases and customer satisfaction improves.
- Know your market: Customers, competitors, and industry. Once you know these three factors, a business can determine what makes its product unique in the marketplace (its competitive edge) and what need it is filling.
- Always consider opportunity cost: When making a business decision, it is important to consider what is lost as well as what is gained to fully understand the consequences and the outcomes of that decision. Opportunity cost—the benefit that is given up when one choice is made over another—affects both businesses and consumers.