MBA programs are made to look very attractive for entrepreneurs-to-be. Entrepreneurs are lured into paying lots of money for MBA programs they do not necessarily need. The tuition money is money that can be used to expand your business, and more often than not you end up taking a tuition loan to finish the program. As a business person, you do not want to incur debts long before your business has taken off. What do successful entrepreneurs have to say about this issue?
1. MBAs don’t teach people how to create companies
MBA programs will only teach you the theory of creating companies. When it comes down to the practical side of it, the mentorship of successful entrepreneurs is all you need. Learning how to create a start-up can only be learned while on the job. Mistakes only make you stronger.
2. MBAs are a waste of money and time
Most entrepreneurs will tell you that MBA programs are a waste of money. If your knowledge base is zero, no matter how much education you get, you won’t change much. The amount of time you use to go to school is enough to have created a start-up, and have it up and running.
3. MBAs only teach you how to manage companies
MBA programs will only teach you the theory of how to manage a company. Only doing it practically will get you the experience and exposure you need to be successful. Some programs do teach entrepreneurial skills, but even the best of them struggle to keep up with the changing times and demands.
4. MBAs don’t make it to CEOs
The unfortunate truth is that most MBA holders do not make it to CEO; they are instead hired by CEOs. MBA holders spend a lot of time in school, while the CEOs go out there and build their start- ups. By the time the MBA holder is done with school, the CEO’s business is already doing well and they hire the MBA student.
5. MBAs teach you nothing new
Most entrepreneurs figure there is nothing an MBA program can teach that you can’t learn on the job. You can learn how to figure out a balance sheet in the first week of business. You only need to read a book on how to do it.
Better yet you can join a site such as Freelancer.com, where you will have the opportunity to learn all kinds of skills as you make money.
6. An MBA does not define success
People should stop equating an MBA to success. Success is defined by Getting Stuff Done (GSD). An MBA will teach you how things should be done, while entrepreneurship actually teaches you how things are done on the ground.
7. Innovation cannot be taught
No matter how many MBA programs you go through, they will never teach you how to be innovative. Innovation is born from a hunger to succeed, and from a set of failures. Failing at one thing makes you think of ways to do it better. Every failure is a stepping stone to success.
8. MBA classes will not teach you sacrifice
Growing a business requires immense sacrifice and dedication, which an MBA program will not teach you.
9. It takes forever to recoup your money
Going back to business school in the it will help you become an entrepreneur does not make economic sense. It will take you a long time to recover that money, which could have been used in your start-up.
10. An MBA limits your creativity
An MBA severely limits your creativity. You tend to fall back on what you were taught in school, rather than what you know. You tend to stop thinking out of the box, and think within the confines of structured thoughts.
11. Specializing limits you
If you do an MBA in a certain field, you may feel limited and forced to venture into a field that you have specialized in. The beauty about entrepreneurship is that you can venture into any field. Why limit yourself by studying one thing and regretting it later? Learning on the job makes more sense.
Venture out and deal in different kinds of niches. Whenever you have problems you can hire talent by posting the projects at freelancer.com.
12. Not everyone is cut out to be an intellectual
We are all gifted differently. Some people are natural entrepreneurs, while others have to struggle with it. The natural entrepreneurs are those who do not need a class, and hit the ground running. They catch on fast, and most will tell you they are self-taught and successful at it.
13. MBAs cannot teach you real-life scenarios
An MBA focuses on rules and regulations, but in theory, it only teaches you how to handle a customer. It does not teach you how to deal with the worst case scenario. Every customer is different, and you can only learn through experience how to handle different scenarios.
14. Hire people from experience
Successful entrepreneurs know the value of experience over MBAs. They will hire someone out of the sheer knowledge that they have real-life experiences, rather than a bunch of papers.
15. Social media needs no MBAs
The fact that technology allows you to do business online means you have no need for MBAs. The only thing you need to know is how to navigate the web, and you are good to go.
16. In company value, MBAs rank lower
In comparison to an engineer, an MBA graduate will rank lower any day. The reason being MBAs have no particular skill set. Most of it is theoretical.
17. An MBA is useless in a tech start -up
If you want to start a tech business, an MBA program will not help you in any way. If anything, you can always partner with a person who is good in management to handle that aspect of the business. It saves you time, money, and effort.
18. MBAs no longer hold the allure
A long time ago, MBAs holders were held in high esteem. This was when they were few and far between. The world no longer views them as the elite, because the market is flooded with them. It would be of more use to secure an internship and learn from that.
19. MBA holders hold you hostage
MBA holders will hold your company hostage when they come into the job market. They have learned everything they think they need to learn, and they now have to unlearn it to understand how the real world works. "Complete waste of time," - so says the entrepreneurship gurus.
20. Look for a mentor, not a program
Instead of wasting time and money on an MBA program, you would be better off looking for a mentor. Identify someone who is a successful entrepreneur, and ask them to mentor you. It may not necessarily be the same industry, but entrepreneurship rules cut across the board.
21. Become a mentor
You may have succumbed to the MBA lure and gone back to school. Years later, you know better and wish you had not wasted so much time and money on it. The best way you can help other budding entrepreneurs is to mentor them. Advise them that while an MBA program is important, it is not crucial to success.
Success does not hinge on how much you learn in business school, it’s about hard work. It does not matter how many degrees you acquire. If you do not have the entrepreneurship spirit, you will fail. Thinking outside the box will score you points in the business world, while perseverance and spirit will see you through the tough times. Most successful people will tell you how they hit rock bottom at some point. Getting up, dusting themselves off and rethinking their tactics is what got them where they are today. An expensive MBA should not be the obstacle that stops you. You can make it as well!
Success depends on how passionate you are and how dedicated you are to your business. Do you think likewise, or do you have a different point of view? Let us know in the comment section below!