Don’t know whether to become an entrepreneur or get an MBA? The right choice for you ultimately depends on your goals.
So, here’s what you need to consider before deciding to spend two years of your life getting an expensive business degree vs. starting your own business.
Let’s go!
The Case for Skipping Business School
1. Getting your MBA could put you in a lot of debt.
Tuition at top business schools, like Harvard Business School, the Stanford Graduate School of Business, and the University of Chicago Booth School of Business, is over $70,000 per year.
Gulp. That’s a lot of money.
Of course, if you graduate from business school with an MBA, you’ll have new skills and a special piece of paper to frame. But you’ll also potentially have debt in the six figures.
So, if you still have student loans from getting your bachelor’s degree, you may end up with a mortgage-size debt – without the house to show for it. And that’s pretty terrifying.
2. There are inexpensive alternatives to business school.
These days, business school isn’t your only option.
For example, marketing guru, bestselling author, and entrepreneur Seth Godin has launched altMBA. The intensive online program takes just four weeks to complete and costs $$4,950.
Another option?
Marie Forleo’s B-School is an eight-week online program with an emphasis on marketing strategies to increase sales. Tuition is $2,499.
Or, you could also get your business school education from a book. Josh Kaufman’s bestselling book The Personal MBA teaches fundamental business concepts and has a list price of $18.
Bottom line? If you’re struggling to decide whether to become an entrepreneur or get an MBA, maybe choosing one of these less expensive options will help you better understand your goals.
3. Entrepreneurship is your passion.
Launching a business is your dream, and you’ve done your homework. You’re serious about it. Now you have a well-researched idea, and you’re eager to test it in the marketplace. Does that sound like you?
If so, spending years in business school could put your dream on hold, allowing competitors to get to market before you.
Instead, consider learning by doing as a new entrepreneur. Seeking the assistance of an incubator will boost your chances of success. Remember: You don’t need to know everything before you get started. If entrepreneurship is your dream, go for it!
The Case for Going to Business School
1. An MBA would be impressive on your résumé.
Ask yourself this: Is my heart really longing for entrepreneurship? Is it something I’m serious about and ready to sacrifice for, or is it just a passing interest?
Starting a new business is a heart-and-mind commitment.
So, if your heart isn’t in it, getting your MBA may be your best option.
Why?
Because an MBA can propel your rise in corporate America. Many employers associate having an MBA from a stellar business school with desirable traits like a strong work ethic and intelligence, so if you’re not sure about entrepreneurship, getting an MBA might be a better choice.
2. A business school provides unique networking opportunities.
When you attend business school, you get to meet and learn from experts over a span of several years.
In other words, doors may open to you as a business student that might otherwise remain shut. Think of all the people you’d meet as you do projects for companies, visit corporations, and attend presentations. You could also forge lifelong friendships with talented classmates.
Plus, after graduation, you’d still have access to your school’s alumni network, which could be a precious resource.
Bottom line
Hopefully, this article has helped you figure out whether to become an entrepreneur or get an MBA.
At the end of the day, the most important thing is to think about where YOU want to be in 5-10 years and get the training that will help you get there.
In other words?
Don’t go to graduate school just because your parents want you to. Don’t become an entrepreneur just because you want to “get rich quick.”
Think about how you can contribute the most to this world while doing work that matters to you, and chart your own course to make it happen.
