I wanted to know if I can add an external GPU/eGPU (or whatever is needed) to solve this/increase my laptop's performance for a better gaming experience.
No. An external GPU is only possible with USB 3.1 Gen 2 and/or Thunderbolt 3. Your laptop has neither. Whatever, you find that supports anything else other than that, will be worse than your 940MX.
Even if your laptop had the required ports, you would require a power supply, unless you purchased an enclosure designed for the purpose you describe. Those external GPU enclosures are extremely expensive and don't even include the GPU.
There are perhaps ways to hack together a solution. It would still cost a good amount of money, and you would still have a major performance bottleneck, your processor.
a single USB Type-C 3.1 port that accommodates up to 5 Gbps
The port described in the above description is for a USB 3.1 Gen 1 port.
Source
USB 3.1 Gen 1 and USB 3.1 Gen 2 is described as the following:
Source
Thunderbolt 3 is described as the following:
Thunderbolt v3: 4× PCI Express 3.0, DisplayPort 1.2 (2 streams), USB 3.1 gen. 2
Source
So basically, my 940MX is one of the best i can have with this computer without spending a major amount of money and messing with my computer. Is that right? The list you gave me there, is that what i would have to get to add external stuff? Do you suggest staying with what I have, even if I, hypothetically, have the money to invest in the extensions needed to "upgrade" my laptop? Thanks! – Saile Martin – 2018-07-11T00:03:02.833
What list? I explained what is required for an external GPU. Your hardware cannot be upgraded. It is not possible to connect an external GPU to your device. That would require Thunderbolt 3. You won’t be able to hack together a solution due to lack of connection providing enough bandwidth to support it. – Ramhound – 2018-07-11T00:21:09.440