by InsideSpin » Tue May 04, 2010 5:32 pm
The panel seemed unanimous in saying that education is valuable and depending on how you use what you learn from an MBA it can have either a positive or negative (or no) impact on the success of a business. Some key points raised include:
1. The more you learn about the challenges of running your own business, the more you might shy away from becoming an entrepreneur. Given a lot of the challenge is carrying through with your ideas, sometimes the complexity covered in a formalized MBA program can overwhelm someone thinking about starting their own business.
2. An MBA helps expand your ability to think through challenges and sets you up in a better position to address the challenges that come up. Understanding how to use the tools that you learn, such as business analytics, may avoid some of the mistakes made by new business leaders who are not formally trained.
3. It's often hard to return to school once you start your full-time working career. Although taking practical work experience into an MBA program can sometimes help you get more out of it, going back to complete one years later is not always easy to do, especially once you (and your family) become dependent on a steady income. Note that some larger companies help employees complete MBA programs on a part time basis, so this is an avenue to explore.
Most entrepreneurs value the drive to succeed and understand that they need to have people around them to fill gaps in their learning or experience. If you feel the knowledge from an MBA program is essential for your business, but you do not have the time to take it yourself, hire someone with that background (perhaps in a finance or Business Development role).