More often than not, aspiring entrepreneurs approach me with this question “How important is an MBA degree?”. College graduates who dream of putting up their own business are faced with the dilemma of getting an MBA or not. The truth is, there is no clear-cut answer to this question, and the decision to proceed with an MBA still depends entirely on you!
However, in order to help you make a sound choice, I will list the pros and cons of enrolling in a business school.
Many successful entrepreneurs today vouch that one of the best things they have ever done to get to where they are now is by earning an MBA. Doing so will give you a background on the foundations of a successful business, including knowledge on accounting, management, sales, finance, marketing and business administration. You might be able to get by without getting proper education on these aspects but you would surely suffer certain consequences along the way.
Secondly, with an MBA, you will learn how to properly start and run a business. Knowledge is power, and if you learn in school the most effective ways to put up a business and manage it, then you have a good advantage on your side.
With billionaire entrepreneurs, such as Bill Gates and Mark Zuckerberg, who have made it big without even graduating from college, it may seem like getting an MBA is no longer necessary. Perhaps for some, this may be true. There are, after all, drawbacks to earning an MBA.
For one, an MBA is very expensive. You could spend more than a hundred thousand dollars if you enroll in an Ivy League business school, and let’s face it, not everyone can afford that sum of money.
Secondly, going back to school to earn an MBA also requires time, give or take, two years. A lot of people argue that you could use this time to pursue a business endeavor and start earning money, instead of being stuck in the classroom.
Whilst an MBA can certainly help, it is not the only thing you should be considering. There are many other ingredients that will also help you succeed as an entrepreneur.
How important is an MBA for an entrepreneur? Well, the answer lies in you! Weigh the pros and cons carefully before making your final decision.