You’ve already decided that a traditional career in finance, consulting or industry is not for you. No way, no how. And you already have the unshakable confidence, boundless energy, strategic vision – and perhaps even initial funding — to create your own business. Family and friends unanimously encourage you to jump in and go for it.
So, why should you or other future entrepreneurs put their startup dreams on hold for the next two years in order to first earn an MBA degree? Based on our experience at The MBA Exchange advising thousands of professionals with lofty entrepreneurial goals, a top business school could be the ideal place to give you and your business-to-be a far greater chance for sustainable success and long-term growth. We should know since our consulting team features dozens of grads from top-tier business school who went on to have great entrepreneurial careers of their own.
Before you give the thumbs down to an MBA, consider 4 key benefits of earning a b-school degree before you launch your startup:
Regardless of what college you attended, or what jobs you’ve held since graduation, you’re probably a specialist in a particular function or industry. However, through the MBA core curriculum you can gain an actionable understanding of all aspects of management. This broader view of business will be essential when launching and overseeing your own company
If you didn’t attend a blue-chip undergraduate school or haven’t worked for a Fortune 100 company, your professional profile may be less likely to impress potential investors and partners for your startup. How much more attractive would your resume look if you add an MBA degree from Harvard, Stanford, Wharton, MIT, INSEAD, etc.? As a top MBA grad, you’ll show the world you’ve been vetted, trained and endorsed by an iconic institution that embodies rigor and integrity.
Spoiler alert. According to a recent Forbes magazine article, “90% of startups fail.” Whether it’s the wrong product, the wrong market, or the wrong timing, the brutal reality is that the odds are against success in your first venture. So, if you’re going to bounce back from a possible failure, you’ll need all the knowledge and resources you can muster to get a second or even third chance. Having a top MBA degree tells the world that your abilities, credibility and potential are not defined by a failed startup.
So, if you’re a determined future entrepreneur who wants to maximize chances for success and minimize risks and uncertainties, consider making business school the next stop in your journey. A great way to begin is to assess your admissions potential with a free, expert evaluation of your MBA candidacy.
(In Part 2 of this blog series, we present 4 additional benefits for burgeoning entrepreneurs to keep in mind.)