Deciding whether to pursue an MBA or become an entrepreneur isn’t easy. The right choice for you depends on your goals. Here’s what you need to consider before deciding to spend two years of your life getting an expensive business degree.
The Case for Skipping Business School
Getting your MBA will 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.
When you’ve finished business school, you’ll have a piece of paper and likely debt in the six figures. 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.
There are inexpensive alternatives to business school. Marketing guru, bestselling author, and entrepreneur Seth Godin has launched altMBA. The intensive online program takes four weeks to complete and costs $3,850.
Marie Forleo’s B-School is an eight-week online program with an emphasis on marketing strategies to increase sales. Tuition is $1,999.
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. Also, Kaufman has curated a list of the 99 best business books to further your education beyond his overview.
Entrepreneurship is your passion. Launching a business is your dream, but you’ve done your homework. Now you have a well-researched idea. You’re eager to test it in the marketplace. Going to business school would 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.
The Case for Going to Business School
An MBA would be impressive on your résumé. Is your heart really longing for entrepreneurship? Starting a new business is a heart-and-mind commitment. If your heart isn’t in it, getting your MBA might be your best option. An MBA can propel your rise in corporate America. Many employers associate having an MBA from a stellar business school with desirable traits like intelligence.
A business school provides unique networking opportunities. Doors may open to you as a business student that would otherwise remain shut. Think of all the people you’ll meet as you do projects for companies, visit corporations, and attend presentations. You may make lifelong friendships with talented classmates. And you’ll have access to your school’s alumni network.
Bottom line
At the end of the day, the most important thing is to think about where you want to be in five to ten years and get the training that will help you get there. 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.” Deciding whether to become an entrepreneur or get an MBA is a huge decision, so make sure you know what you’re getting yourself into. Think about how you can contribute the most to this world and chart your own course to make it happen.
