There is no denying that adding an MBA to
your resume is an impressive accomplishment. It is definitely the kind of
degree that can give
you a leg up as you enter into the job market, but what if your goal is to
be your own boss?
Do you need that MBA to become an
entrepreneur? The records show a mixed result of successful entrepreneurs: some
have an MBA and others
don’t.
If you have both an idea for a business and
catalogs for college you might want to consider the following factors before
making your final decision.
The
Risks
Investing in a startup business is going to
take up a lot of your time and money. The same can be said for pursuing an MBA
degree. On many levels it will be hard to accomplish both tasks simultaneously.
With the MBA there will be extreme limitations on your time. To succeed with
that degree you’ll want to give it your best effort without distraction. Are
you ready to make a 2 to 4 year commitment of further studies?
If you do go down the path of the MBA,
chances are you’ll forge a strong bond with many of your classmates. The
pressure will be on to excel out in the real world as a majority of your fellow
grads will be snagging those high paying corporate gigs. Would you be prepared
to give those up to pursue your business startup? In other words, would your
drive to becoming an entrepreneur wane over the ensuing years of your MBA
studies? It’s perfectly natural but it’s a good argument for diving into your
business first.
One thing you
might not learn in an MBA program is probably the most important skillset
you can develop, and that’s sales. It’s the ability to persuade investors or
clients to come on board your startup. The only tried and true method of that
is through trial and error. You’ve got to get out of the classroom to practice
your pitch and find the cash.
The
Rewards
On the other side of the coin, having
an MBA can become a benefit, especially if you focus your degree program on
the specific area of business you intend to pursue.
Depending on where you obtain your MBA, you
could find yourself surrounded with future captains of industry. That’s an
extremely valuable network that you can tap into. You’ll also be able to work
out the details of your business plan in a kind of “laboratory” setting. Wouldn’t
it be better to run several models of your business by a collective think tank
of professors and business experts then going into the venture “blind”?
With the MBA you’ll also have a solid “fall
back” position should your business plan come up short. It might be that added
level of security could be your deciding factor.
Of course the MBA will be worth it. There are few better ways to know how to properly go about business investments later down the line.
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