There are many routes to succeeding in business, you can climb the corporate ladder and one day take that CEO role you always aspired towards. You can also become an entrepreneur where the CEO aspiration may be quicker to realize, but with stress and anxiety attached to it permanently. However, these are not the only options you have.
In fact, you can still take one of the two paths described above but building-in a solid foundation in the form of a DBA or Doctor of Business Administration. The degree isn’t just about getting a Dr. title in front of your name, it’s more of an opportunity to adapt a systematic framework for research on a subject that drives you and contribute to the debate.
This could mean several things depending on where you stand. Consider the following scenario. If you are the aspiring CEO of an established FinTech company, a DBA may be an excellent opportunity to dig deep into the subject, looking at the trends and opportunities within the sector. In a competitive environment for a CEO title, investing your time into a DBA may give you the competitive advantage you need, to get where you want to be. Perhaps your company flirted with the idea of developing a leading system for cryptocurrency payments. Focusing your research on this area means you become much better equipped for introducing the system, you learn this in advance and may be able to make a greater impact.
As a budding entrepreneur, you will of course have a similar opportunity to research an area of interest which may help you come across an area which hasn’t been considered by competitors, thus giving you a head start and a unique selling point. To illustrate this better, think of yourself as a CEO of a start-up that focuses on providing a comparison service for sustainable products. In your research, you’d be able to focus on customer perception of comparison websites and sustainability products or certification, to ensure your service filters out companies that engage in greenwashing. The research will be extremely useful in optimizing your service and delivering a unique and reliable service.
Regardless of whichever scenario applies to you more, the most intrinsically rewarding aspect of a DBA program is the possibility to make a wider impact. The research you conduct in preparation for your thesis and the thesis itself will enable you to supplement the science behind business. It’s an opportunity to leave a lasting legacy and become an authority in your chosen field. The title is of course part of the story but it shouldn’t be your main motivation for diving into the program because ultimately, it’s the networking, research and your thinking that makes up the main ingredients of the impact you make.
Benjamin Franklin once said “An investment in knowledge pays the best interest” and the quote relates really well to the value created through a program like the DBA. Whilst of course it is an investment of time and money, the knowledge acquired in the process, impact created within the chosen field and an opportunity to shape the debate around the research subject are just a few of the components that make up the interest that you earn as a result.
Munich Business School in collaboration with Sheffield Hallam University offers an opportunity to join a DBA program, for more information check out our website or contact DBA Program Advisor Maciej Kapron.