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?
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.