Do you need to get an MBA before starting your business?
Jarrad Pouncil
Helping Founders, Coaches, and Leaders gain clarity and confidence in your decision-making in just 90 days with Soulcessful Signals
The short answer is no…
But many of the millennials I talk to are all looking to go back to school and get an MBA because they feel it will prepare them to start their business.
The truth is that yes, going and getting your MBA may “better” prepare you to start your own business and help you feel more confident…
But you can gain a lot more confidence and experience by actually going out and testing your ideas in the marketplace.
One of my clients was planning to go get an MBA while I was working with him and he asked what were my thoughts…
So I asked him the following questions:
1. Do you know what kind of business you want to start?
Client - Yes
2. Can you get started doing that business right now without paying $60k+ and going in debt?
Client - Yes
3. Do you plan on doing your own thing or working for someone else long term?
Client - My own thing
4. Is the MBA cost-free?
Client - Yes no money, but will cost TIME
Long story short, although the degree was free and he didn’t have to pay, he determined the opportunity cost was too high and is now 100% focused on his business…
And doing what exactly what he wants right now...
And I get. My plan was always to get my MBA from Michigan (Go Blue!)
I was taught that you needed an advanced degree to be successful and to make the big bucks...
But after helping friends with their MBA homework from Michigan, and Harvard I decided that the best route was to just go do it, and learn as I go…
And I have learned way more than any education system could teach me about business by running businesses/startups for the past 5 years.
Do you think you need an MBA to start your own business?
Let me know your thoughts in the comments.
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1moJarrad, thanks for sharing!
Associate Functional Consultant @ ☁️Oracle NetSuite | MS in Accountancy Candidate @UI Urbana-Champaign | Bridging the gap at the intersection of Faith, Career Development & Personal Finance @Theexplorewithtyane.com
5yGreat Read Jared! Thank you for shedding more light on this topic! I know many of us have pondered about this for a while.