To my knowledge, MBAs have produced abysmal number of inspiring entrepreneurs, despite 1000s of Business Plan competitions every year. They are sure to lead companies as Managers, CXOs. Not as entrepreneurs or business owners.

Many often call self-employed people as entrepreneurs. I disagree. Rich Dad-Poor Dad offers a striking distinction between to understand it better. If you stop working now, do you make money from what you are doing? Having control of your job, self-employment does not make it a business. And doesn’t make an entreprenuer either. I believe so.

Two names…

Steve Jobs
Bill Gates

Two words – NO degrees

I really appreciate the insights of those who have gone through an MBA program. As I have stumbled through challenges at various stages of my business, I can see that having the solid business foundation that an MBA provides could have saved me a lot of angst and frustration. I also do extremely well learning in “cohorts” or groups, so I know that the intensity of a class of fellow students would have been very gratifying.

I struggle sometimes with what I know about learning theory and a “traditional” academic model. We retain the most knowledge when we get the information or skill right at the moment when we need it. That way our attention is at its peak, motivation is extremely high to learn and we can apply what we learn right away, greatly increasing our probability at retaining it. So it seems that for our busy lives we need some “in the moment” learning opportunities – classes that have the same quality and focus that you would find in an MBA program just in shorter bursts and not tied to an actual degree. I know there are some good “weekend intensive” kind of programs out there that address this. I think the market is big for this.

Other comments are right on the money too. As Monica says, you really need to define your personal motives before embarking on a program. I find that some people fail to do that, and just get the degree because it is “the right thing to do.” That can land them in the hot financial waters that Seth describes.

Since all of us have different motives, learning styles and personalities, maybe the basic answer to the “to MBA or not to MBA” is the classic consulting cop-out: It depends!

I think all of your perspectives will really help those that are pondering the question themselves. Thanks for sharing your experience so generously.

My degree is in Comparative Literature not Graphic Design, yet I have been a product designer for twenty five years. Yes I’ve taken classes over the years but most of the info I’ve picked up on the job.

So I would say taking classes in your field is always a good idea, as is wide reading and lots of practice.

Best thoughts,

Marilyn.

First my background and successes. Way back in 1986, I was a secretary at a medical university. I had only a high school diploma and a few hours of college. I applied for, tested for and got a job as a computer programmer trainee. This was in the early days of computers, remember. I worked my way up at this large corporate insurance company and when I left five years later, I was the Lead Systems Analyst. Went to aerospace and after twelve years left as Department manager and Project Manager (managing $25 million per year projects, very large). during that time I got my BBA from the University of Houston (decidedly not ivy league). Next job was as a VP of Information Technology for a start-up. Continued as VP at several companies ending my career making quarter million a year. Still with a BBA. None of these companies cared one whit whether I went to Stanford or Harvard or had advanced degrees. I was never asked nor pushed to get an MBA.

Now I am a life coach and trainer. I don’t make as much income yet, but made the change to that career because I’m passionate about it and because I already had a lot of the skills I needed. I take individual classes in areas where I need new knowledge and collaborate with other coaches to hone my skills.

I am definitely an advocate of higher education, but because I got my undergraduate degree after I’d started work, it was pretty much a waste of my time from a learning point of view. I could have taught many of the classes and the others were pretty useless. If I had been 18 when I went to college, I would not feel the same way. However, I did get the degree and am quite proud of that. I think I could not have progressed to VP and possibly even the Project Manager jobs for NASA without some degree.

As I get older, I feel I have less time to “waste”. If I thought getting an advanced degree would be a valuable way to spend my time, I’d do it. If not, I wouldn’t.

As a coach, I would offer one more idea to consider that I have seen with my own clients. Sometimes the plan of getting a degree or additional training is just a way of postponing the fearful step of going out on your own. Before investing all that money and time and energy, look inside and do your homework. Study the industry you’re going into and ask lots of questions of successful people in the field. Don’t just take one person’s advice, ask many.

midlifeunfolds.blogspot.com
solobizbuzz.blogspot.com

Thanks again for this blog…and all the others…a true inspiration!

And an MBA may not be useless, but it also isn’t enough. There are many practical lessons one must learn before he can be a successful enterpreneur, lessons they don’t teach you in college.

(Usually, I’d be a little more convincing than that, giving arguments or data. But I’m short on time, and you did ask for my opinion. )

-TimK

Pam brings up a great point on weather or not a business degree is of any use in starting your own business. I certainly have my own opinions.

I agree with Monica Powers, it hinges on your personal bent…I would advise no one to start a business without a love and passion for what you are attempting to do. Debt of no debt, the passion sees you through, although it does not guarantee success.

Through reading so many business books the last five years, I feel as though I have an MBA, though mine came from the University of Downstairs.

In addition to being an entepreneur, I am an artist with no formal art school training. Yes, It may have helped but no way could I get this far without constant learning, observation and study of both theory and the works of the great masters. Nothing though, nothing happens until you wag the brush. Entepreneurs are doers in the first.