As I progress towards attaining my MBA degree, I have noticed that I am now involved in tasks such as writing and reading, which I typically find uninteresting. I often fondly recall my time at the University of Calabar and how we eagerly awaited the release of the semester exam schedule before studying, while writing was reserved for exams. However, since commencing my MBA at Lagos Business School (LBS), significant changes have been experienced within a relatively short period. Presently, an intensive reading approach has been adopted, with a focus on reading a substantial portion of course material before every lecture – this enables me to maximize my understanding. Indeed, here I am writing – a task that I typically would not undertake.
The intense academic curriculum that exposes students to the core knowledge and expertise required for success in the business world is an essential component of the MBA experience. This semester, I have enrolled in an array of courses, including Data Analytics, Management Communication, Corporate Financial Accounting (CFA), Analysis of Business Problems, and the Nature of Humans.
Primarily, I was introduced to Financial Accounting during my master’s program at the University of Ibadan. As a Health Policy Analyst with a deep expertise in Epidemiology, Financial Accounting seemed relatively perplexing. However, despite passing with good grades in both the first and second semesters (cramming had become my lifestyle), I struggled to entirely comprehend that the components of a financial statement consist of the statement of financial position (balance sheet), income statement, statement of owners’ equity, statements of cash flows, and explanatory notes to financial statements.
Learning CFA at LBS has exposed me to the intricacies of annual financial statements, regulations, and the role of accounting in businesses. I have learned that organizational outcomes are dependent on organizational objectives as well as effective and efficient resource management, business strategy, owners’ requirements, and organizational beacons (core values, mission, and vision statements).
Further introductory learnings expounded on the attributes of an ideal business, which include having a persistent problem the business aims to solve, in consideration with the blue or red ocean strategy; establishing a distinctive niche; developing a marketable product; targeting a lucrative audience with higher purchasing power; establishing an identifiable business channel and implementing straightforward technological requirements for efficient business operations. Additionally, it is intriguing to comprehend that decision-making is a never-ending process through which other business processes, including investment, operations, and financing, revolve.
Dr Francis Okoye (PhD) demonstrated remarkable expertise and confidence as he shared knowledge and experience in accounting terminologies and concepts. I was captivated as he eloquently elucidated various funding sources, including owners’ equity, incubators, accelerators, venture capitalism, and crowdfunding, while also adeptly addressing thought-provoking inquiries from my engaging peer. Within minutes, I could not help but envision the accrued value upon completing my MBA at LBS.
Conclusively, after just three weeks into the MBA program, I am having a transformative experience. I am now developing a skill set that has broadened my perspective and reshaped my approach to business and life. In the end, this MBA journey is more than a pursuit of knowledge; it is a quest to brew success, one cup at a time.
Dipping in ten toes