I was at one of the entrepreneur conference. An audience asked this question to the panel of Venture Capitalists
“Do I need to do an MBA to become an entrepreneur?”
To which there was a resounding reply “NO”.
I think I agree with it partly. Let us first determine what an MBA might provide to an average person who dreams to start his own business.
- An MBA gives sufficient opportunity to learn about business terms that he or she will need for running a business
- There are a lot of classes in MBA course where you need to present your point of view. It helps develop confidence and builds presentation skills.
- Doing MBA is good if you want to network. You will find similar people as yourself and you can team up with them for your venture.
- Lot of classmates who are doing MBA often have good industry experiences and can provide the future entrepreneur valuable insights about those industries.
That is the the Yes part.
Now for the No part
If you think you possess good networking skills and can present yourself well, other skills can be learned. For e.g. you can develop some knowledge about financial planning by reading books and by checking websites on internet. If you are good at networking , you can use various internet sites to your advantage.
Entrepreneurship in general is less about knowing and more about learning from doing things.
So what is my opinion on MBA for entrepreneurs? If you like to study and do it in a methodical fashion, go for it. However, it is important to know if you have the time and money to pay for it.
If you prefer to learn from doing things and have other sources of knowledge to draw from, don’t go for an MBA.
Doing your MBA is a + for entrepreneurship but is not necessary. Do you agree or not?