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2 comments:
Do Entreprenuers need an MBA
This is one of the most debated topics these days and i have
been surfing on the internet for quite some time to find what
people across the world have to say about it.
Here's what i summarized:
"Yes" havng an MBA degree certainly helps to get the know/how of buiseness.Where an MBA would score is probably when it comes to managing and going huge through networks made in a B-School.Also the knowledge of finance,buiseness law,sales and marketing.The practical experience gained by an MBA during internship is one thing that gives them a slightly upper hand over entrepreneurs.
"MBA is helpful in case if you want to "organize" all your knowledge and put everything in "proper order" in your head. It helps to get closer to alumni which eventually is a vital moment for networking." as quoted in http://www.bosstalks.com/topic/68
But the real question is "Do You need an MBA for a buiseness startup??"
The answer would be "No".
"The Wall Street Journal agrees, stating the following:
In addition to tuition, consider the cost of not working while attending grad school. Students who quit their day jobs to attend full-time two-year MBA programs stand to lose about $107,922 in wages, according to a 2005 report from the Graduate Management Admission Council in McLean,
Va.
For entrepreneurs, an even bigger concern than wages might be the loss of time and energy that could be spent developing their businesses. Take, for instance, Jeff Takle, who co-founded RentingYourHome.com, a web-based rental property management service, shortly before starting Babson
College's one-year MBA program last May. While his business acumen has soared, his actual business has suffered. "I am not able to spend the hours and energy I need to spend on it," he says. "I can't go to all the conferences and the trade shows because, well, I'm trying to graduate."
As a result, revenues have suffered, at least in the short term. "If I had spent the whole time last year selling, we'd have maybe doubled the customers that we have now,"
he says."
If starting a business is your goal, the question will be:
Does it make the biggest positive impact to your objective as an entrepreneur?
Or should you spend the resources (time and money) to something else that will make a bigger impact?
Starting up a venture is totally different from managing one. To start up, you need your time to work on the idea. More importantly, you need skills to execute it. Now the execution is not how well you manage your business, but your technical skills to implement your idea. Even if you have enough seed funds to hire engineers to work on it, you will still need enough technical skills and experiences to lead and guide them.
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