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Don’t Bother With An MBA
A recent post at The Wall Street Journal is taking a second look at MBA programs and whether you really need one.
Aspiring entrepreneurs should only begin downloading the Harvard Business School application after considering the following drawbacks to pursuing the degree:
Time Lost in School
To earn an M.B.A. from most full-time programs, you will exchange two years in academia for two years building your career or developing your enterprise.
Price of Tuition
Annual tuition and fees exceed $50,000 at several top two-year programs.
It’s the Wrong Graduate Program
Some entrepreneurs can accept the forgone salary and absorb the steep tuition of graduate school, yet still do not belong in an M.B.A. program because their time would be better spent developing a deeper academic knowledge of their chosen entrepreneurial field.
Security Is the Enemy of Drive
An aspiring entrepreneur attending business school could easily be seduced by an enticing but traditional job offer from Google or a boutique private-equity firm upon program completion.
The Pervasive Cloud of Conventional Thinking
Successful entrepreneurs often pursue business opportunities that appear rash or foolhardy to everyone else. It takes an even stronger constitution to pursue start-up ambitions after being surrounded by peers and professors who, for two years, serve only as naysayers and dream killers.
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Jon Payne on October 21st, 2010 1:12 pm
There is value to education beyond simply job preparation and resume-building. I work for myself and have my entire professional life. I also have an MBA. Some would call it a waste of money (about $30k in my case) since it didn’t translate into earning more money or getting a promotion (I can’t promote myself). However, I think it was still well worthwhile. Here’s why:
1) I made several connections during my program, which have turned into clients for my business. Enough to probably about even out the cost so far, and I’m only a few years out. There is a value to networking, particularly with other professionals who are on the fast track too.
2) Strategic Thinking – you can learn a lot of tactics and details online, and you can learn a lot of business lessons through trial and error. The error though can be a big price to pay. Formal education helps you learn from other’s mistakes. In an MBA program, you are learning from the professor, from the cases, and also from the 30 other smart business people in your class. The latter is probably the most significant. Its also the toughest to simulate outside this setting.
3) Well Roundedness – if it were up to me I’d only self-study what interested me. And actually, sometimes you don’t know what interests you until you are forced to learn a bit about it! As much as I hate accounting and finance, I’m glad that I was “required” to take those classes. I’m a better businessman for it.
Angela Shupe on October 21st, 2010 5:07 pm
Jon — you make some very good points and I agree. It is pricey but there are benefits to going on to get your MBA as an entrepreneur. A lot of what you mentioned were the basic reasons behind my own feelings. I especially like what you said for #3 on your list. I think it goes without saying that pretty much everyone could use a little push to learn something, even if they don’t always enjoy it. The lessons learned do help.
Richard Kurban on October 23rd, 2010 6:09 pm
I do concur with both of your comments. However, I do have to disagree with #3 in certain cases. For the longest time I was considering getting an MBA. But since I already came from a business background (I have a bachelor’s in Business [BCOMM] – majoring in International Business and minoring in Marketing), I realized that my 1st year in MBA school would be a repeat of all the courses I went through in Business School. I would only benefit from the second year, when the courses are more case based. I would rather gain experience directly on the field (hands on) and learn within a company. This way I could learn from others with more seniority in real life situations, and then, when I decide I’ve learned enough, I could venture on my own.
Nevertheless, to each his/her own!
Dom Iwasyk on October 25th, 2010 8:48 am
Unfortunately, others with more senority in a company rarely take the time or have the desire to pass on quality business knowledge to their subordinates. Many times, the knowledge they do pass on isn’t necessarly correct either. In real life scenarios, many mangers fly by the seat of their pants rather than apply sound decision making practices to their business. I completed a one year accelerated MBA program and found that the level of knowledge I received and the challenges I was presented with far exceeded anything I had come across in my undergrad. All in all I would recommend getting an MBA to anyone who would want to greatly expand their general business knowledge and ability to evaluate and act on the many scenarios that can arrise in the real business world. Since your brain is like a muscle more education will only make that muscle stronger.
John Reh on October 29th, 2010 3:41 pm
With a MBA from a “top 10 school”, I think that:
1. Going to a “top 10″ (or the “best” or “worst”) school doesn’t mean much. Like anything, it’s what you make of it. No effort to learn/network = little gained, regardless of where you go to school
2. I learned more “real life” business lessons in 1 year of running a teeny-tiny dog walking company than in 2 years of reading books and listening to “smart” people talk. Put yourself on the line where you can’t pay your bills unless you are successful. That wakes you up better than any piece of paper with the letters MBA on it.
3. If you open your eyes and ears, you’ll learn something you didn’t know that you didn’t know you should have known. This is one of the best reasons for any type of education.
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