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The will to succeed is important, but what's more important is the will to prepare. – Bobby Knight

Why MBA – The entrepreneur Version

3 Comments

A lot of us have a lot of reasons to do MBA. As a 6 month Entrepreneur I have my reasons as well.

1. Value of Numbers – Transition from a employee to an entrepreneur is not a easy one. All though I have chewed up couple of numbers (for the client in my previous job) I didn’t know the value the numbers add to a business. As an entrepreneur the number games are totally different. For example 1$ might not be a liability 1000×1$ is a liability.  There are many such examples where I fell short during the 6 months and an MBA could’ve been my savior. I didn’t know I was finance ignorant till I let a CA read my charts.  Believe me getting at 48+ GMAT score has got nothing to do with finance or maths involved in business.

2. Network – For an entrepreneur, no network is enough network. And starting a company in my home can be devastating if not for a few free (no salary remember?) start-up events trying to find clients, mentors and investors. Bschool is a holy grail for any entrepreneur – with the amount of students to professors to events to access to local business. Its a first class ticket for whole 2 years and for the rest of the life.

3. Team/Hiring – Having read a couple of books from good to great to Steve Jobs biography, I thought my schooling was over, I don’t need a MBA. You see, its easy to read than to follow. I made my first blunder when I chose a team. Being a small venture it is critical you get at least one aspect right – a great partner. Ideas might come and go but strength of the partnership makes or breaks a business. Business takes time and better to have a partner who is willing to go through the tough times (there are so many). Having lived through this lesson, I dare say, I am up for grabs whatever a Bschool can throw at me – including a potential business partner ;).

4. Mentor – Mentoring is an essential part of any start-up. Those who say I don’t want mentor are only postponing their decisions. Sometimes (many times) we need to think out of the box. Entrepreneurs start with love (so did I) but that is not all needed. We need the logical and analytical mind that says “Ok, I get it, What problem are you trying to solve? Are people willing to pay for it? If not how about you do this…” That’s a role of mentor. Sadly, I had to struggle two months, after which I realized how much mentoring can help. MBAs have a la carte for mentoring provided by the best of the best. How about taking a entrepreneurship lesson from Steve Blank or Eric Ries or Peter Thiel?

5. ROI – Lets see, Bschools cost a lot. A LOT. For someone who is unsalaried for a few months (didn’t break even yet), it’s a big gamble. So, I had to put a ROI. But, Bschool’s ROI go beyond the actual money. Even after 20 years, it can’t be measured to actual point. Even though the outgoing salary makes sense, I bet just like our primary education (can we put a price on it?) We can’t really put a ROI on Bschool – from alumni to network to the goodwill, there are just so many things that makes BSCHOOL a perfect stop.

 

So, what’s your reason?

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3 thoughts on “Why MBA – The entrepreneur Version

  1. My reason was that I wanted to learn everything I needed to know plus spend a lovely year in France, complete with drinking wine, eating lots of cheese, watching original language movies, travelling the country, perfecting my language skills… oh well. But I learned a lot about business.

  2. A big reason I’m applying to MBA programs is the non-quantifiable ROI as well. I’m really looking forward to a transformational experience, not just the salary boost (although that does have to displace the HIGH cost to attend, at least somewhat, for this to be a feasible undertaking) :)

  3. Good luck as an entrepreneur. I would love to own my own business some day but I am not willing to deal with the risk and I haven’t come up with an awesome idea that I am confident will be a success. Maybe things will change when I get to campus in the fall.

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