Here's the chicken or egg of the business world: is an MBA worth it? You may recognize this trend from Chad Harbach's sensational MFA vs. NYC which got the literary world talking about whether writing graduate programs were necessary to crank out bestselling novels, or if living on the streets of NYC was experience enough. The same debate is up for entrepreneurs.
Take a peek inside an MBA class, and you'll be inundated by unsmiling suits and big-time CEOs turned professors aggressively putting chalk to board (or, SmartBoard marker to Smartboard). For a modest fee of around $140k, (and that's not even counting the lost income expense) you'll learn everything you need to become the next Mark Zuckerberg. Right?
Well, not necessarily.
Business school may seem to be the right choice on paper, but it's too broad. There are so many different kinds of business schools that it's difficult to rule them out in general before doing some research on the type that will suit you best. For that, Forbes gives a great guide for knowing what to look for.
According to business owner Tom Castelloe though, you might as well just skip the whole business school thing. According to a US News article, he says, "Jump in the water and try to swim," rather than go the conventional route with education. He tried it (business school) and said it didn't necessarily open the doors that he thought it would. And entrepreneurs should be saving every dollar they can.
But what if there was a way to get the benefits of a business school education on someone else's dime? Some companies will actually pay for your MBA, and in that case, you should totally do it. This will just help you learn the name of the game faster while you work and make an income. But we advise against going to school with no source of income to support you.
We know it's risky to get out in the real world and start the business you've been dreaming up since you were a kid. There is no formula to becoming a successful entrepreneur. Some of it may be taught, but the essence of entrepreneurship is in your own personal drive and passion. You can take a look at some of these awesome tools for entrepreneurs to get started. The MBA vs. NYC debate might be heated, but you won't get anywhere by arguing about it. Just doing something is a step in the right direction.