There is an ongoing debate surrounding the value of an MBA and how it applies to running a startup. Do you need an MBA to run a successful startup? While it’s valuable and a great contributor to understanding the big picture when it comes to running a business, to some it’s nothing more than a glorified conversation starter.
If you’re moving into investment banking or a high level managerial position within a certain corporates, you might need an MBA, but in a startup the more important tools to have at your disposal are determination and time. But is that enough?
Let’s have a look at the pros and cons of an MBA and how it applies to a startup.
The Pros and Cons of an MBA Applicable to Startups
Startups are fierce. They’re fraught with the instinctive energy seeping from hungry team players whose skill can be figuratively compared to that of Olympic athletes. The pace is fast and the hours wear thin on unwavering hearts that are dead-set on making this “thing” happen. In the space of two years – the time it takes to get an MBA – a startup can be born, have received nurturing; been the cause of spilt blood, sweat and tears while attracting sponsorship and recognition. The money it would have cost to do an MBA could have been invested into the startup and set it in motion with decent velocity.
While that seems logical, practical and a great way to spend your money, there’s another school of thought that says it’s not.
This school of thought dictates that it’s through studying an MBA that your ideas find a place to grow. Where you learn about tools that you can apply to vacant thoughts you’ve previously had about business. You learn to:
• Accurately measure markets
• Unlock ideas and potential
• Gain skills to support your ideas
• Measure success
These are just a few points from the wide-reaching pool of business insight that can be gained from studying an MBA. Of course, it’s mainly MBA graduates that say this, but they also say that they believe it’s due to these studies that they’ve led businesses and entrepreneurial exploits to success. A lot can also be said for the support system offered through your alumni, faculty and other students because they can all help you get connected to relevant sources, investors and other skilled partners.
So Where Does That Leave The Debate?
It probably depends entirely on your personality – if you’re an impatient go-getter who needs to see results quickly, then you’re probably not going to want to spend two years studying to get your business off the ground. However, if you’ve got a long-term plan, you might want to shelve those two years in favor of gaining the knowledge to support your ideas.
What are your thoughts? Are MBAs necessary for successful startups? Can you vouch for success on either side of the MBA playing field?
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