Would an MBA better prepare me to start a business?
I have been debating about whether to go to business school or just start my own business. I am wondering if business school is worth the time and money. I know I would make great connections and probably learn a lot, but how much would it really help?
I have seen this work every time... I think a degree in finance or accounting and reading about contracts will help tons. I feel the business is more of a people skill and understanding the business. I hope that makes sense.
I feel that you should not only do this for a degree. I have seen people regret even after becoming big businessmen as they say 'I could have done a hundred times better'. People do say that business is something that involves a lot of instinct and inbuilt thinking skills unlike being a doctor or an engineer. 2-3 years of MBA is definitely not as important as the success it might bring in the rest of your life.
Not only will it give you the knowledge, but also boost you up with confidence and experience. You will be more sure and accurate in the actions that you perform and the decisions that you take. If you have to make a business run well, it's only education that can help you do so. You could be a great entrepreneur but to sustain that, you have to take the back of education.
I hope this answers your question. Best of luck!
A professional degree is always helpful to gain knowledge and grow future but having a real-time experience adds much more to your work. If you are interested to start a business and new to it and thinking about where to begin, you should consider a franchising option. Almost all business programs offer franchising as a focus area to study in.
As a general rule, there's nothing wrong with more knowledge.
It's been said a few times here in different ways here; an MBA does not correlate with being a successful Entrepreneur. An MBA will help you move up in a larger company (think McKinsey or Accenture), but it's not going to help you too much with a start-up.
My question to anyone contemplating starting a company is based on who you are. You must be completely self-aware, and you must be naturally wired for the role in addition to having specific knowledge for what you're doing. This is far more significant to your success at a small business than any amount of additional education you could receive.
I've profiled and interviewed dozens of small business owners over the years, and with few exceptions, there is a very distinct pattern that successful entrepreneurs have.
Many MBA graduates are still jobless but having a professional degree in business certainly helps. Having a degree from top colleges would certainly help better.
An MBA is a higher qualification. You get to learn the right skills, gain knowledge and build your network. This may help you to start a business. You can try ITM institute it offers executive MBA in different fields. The executive MBAs are designed for the working professionals and offer specialized knowledge.
Many young entrepreneurs have ideas but lack the skills required to start a new venture. You may opt for an Executive MBA course from any reputed institute like the ITM Institute. This will help you fine-tune skills that are necessary for business. It will also add weight to your resume.
Good question! I love to share my opinion on this. According to my experience it is important to have an MBA but that being said, it does not necessarily means that it is the only key for success. Many successful people did their MBA after becoming a milliner or even billionaire. Bill Gates is one of the examples. Now i see so many other people in my network who is earning handsome amount of money every month but does not have an MBA. So briefly speaking an MBA might not make you rich but practical experience and how you use your knowledge definitely can make most successful person in life. I hope thats answer the question.
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I don't think it would. You should write down why you are considering it. You will learn much more by just doing, and save a lot of money. Business school does provide a great education and, in my opinion, more valuable contacts, but you can get all this and more through the school of hard knocks. Good luck.
Having an MBA broadens your thinking.. You can hire few people less if you can do their job :) .. But frankly Starting a Business and to have an MBA has no co-relation .. Before you start a business i would suggest a stint with someone in the following areas.. Sales, Marketing, Finance.. these 3 fields are very critical for any business.. You grow the company and let the MBA's manage it for you by designing process, flowchart, ppt, projection, market share etc etc.. Do note the Best Businesses have been built by their initial customers so take care of them
Best advise I have for you is no, ask yourself this question, "Do I want to learn from a successful billionaire or a college professor?" People like Donald Trump and Robert Kiyosaki have written some awesome books that I think you will get more knowledge than from any school.
Barbara, I would sit down and document your experience and expertise and contrast that to where you you would be if you did get the education you are contemplating. Great thing to do with a mentor if you have one, or a good business school counselor who knows not only what you could expect but possibly guide you in what areas to study to get the most for your efforts. Gives you a great way to objectively look at what you'd be getting for your money beyond a credential. I have a friend who recently came to this same decision point and followed this path and it helped clear her vision for her future greatly. You may have what you need and the education only a reason to wait, or then again you may have great ideas and need the education to know how to put those ideas into action. I saw it work wonders once, may it do so for you!
Barbara, I would start with your business idea first and truly evaluate the idea itself and your commitment and knowledge of same. Then you can do the Ben Franklin approach for weighing the cons and pros of your idea and a business education. Education can be a great lifetime tool, however their are times when one knows they just have to step out and reach for their dream or idea.
Starting a business without an MBA will work and there are 101 examples who led the enterprise's to great levels. But I believe that MBA will help you to craft the strategy and manage the business.
In my opinion MBA is great if you have no experiences in certain area. But 3 years of MBA is same as 6 months of real experiences in same area.
I think you should take up Entrepreneurship Development Programme .. Every country has this govt. policy, they help to start business and support from knowledge, skill development and market. MBA creates Business administration.
In my experience I adapt the upgrading your knowllledge by MBA would be an advantage to the entrepreneurs ,because MBA will be one of solid asset you depend on.
Barbara, that is an excellent question! It is awesome that you are looking to start your own business because you will either work for your own dreams or someone will hire you to work for theirs!
My suggestion is to find someone who has the results that you want and find out if it is required to get your MBA to acheive those results yourself. There are many people who have achieved success in their own business with an MBA and without one. You will br far more successful by surrounding yourself with the right people.
Good luck Barbara and dont let others insecurities and doubts sway you! Fond your dream and hot button and dance all over it!
I suppose it depends on what you hope to do with a MBA. The best way to get a better feel is to network with recent graduates from the program - find out what they got out of (and had to put into) the program.