Does consulting help you become a better entrepreneur?
If so, what skills does it provide that help you become better in entrepreneurship, that IB for example doesnt?
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It will help your decision making process. However, being an entrepreneur isn't about passing a test or getting trained. It's about attitude, comfort with risk, ability to create value for others, and execution mindset.
The attitude part is key. Tied to risk but major component is do you feel better about launching something on your own, building a team around you vs being plugged in to a system. Creating the system is HARD work. Blank canvas, up to you to decide what to do.
BTW - it's a very cool way to live life (even with the setbacks and failures)!
The reason Im asking is that after working in IB, Im looking to make my next career move and Im wondering if its worth going into MBB for me if I want to start my own business down the road. Is there any skills transferrable to entrepreneurship that you can learn in consulting but not in IB?
Definitely. You'll learn a lot of strategic thinking skills and business ops skills. Banking doesn't really address that. Very different skillsets when it comes to operating and executing a business plan. Banking has very little to do with that.
Great de-risking and branding tool (Entrepreneur | Ex-McKinsey | Ex-HBS). That'd be the main attraction for someone on the fence, but I highly doubt two years at McKinsey replaces two years of what you could do right here right now... you can always hire McKinsey folks can't you. But I mean, if you don't think you're an entrepreneur "yet" anyway, what are your other options outside of McKinsey?
Im currently working at a tech focused MM IB. I received an offer for a full time position but Im leaving for my 1 year masters.
After graduating, I am planning to work a couple more years before I try my luck in entrepreneurship and I was wondering what path would maximize my chance of success. Originally, I had PE in mind but I saw a couple of posts saying that you dont get any operational experience there, while MBB consultants gain skills that are very transferrable to startups. Thats why Im having this dilemma whether a couple of years in consulting would be worth it or not. What skills would I learn there that I wouldnt in IB or PE? I never worked in consulting (did fairly well on case competitions though), so this 'strategy' skill and 'structuring problems' skill I keep reading about sounds vague to me.
Absolutely not.
Could you elaborate? What career path do you think would maximize one's chances of becoming a successful entrepreneur? Lets say I want to work 4-6 more years before trying my luck in entrepreneurship
The more I think about it, it would actually work the other way around. Entrepreneurs would make interesting consultants as they've been there, done that. Imagine the insight one would have in a specific industry if they successfully launched and operated a business.
No better training than just doing it.
https://www.mckinsey.com/alumni/news-and-insights/global-news/alumni-ne…
3.5% of all unicorn startups were founded by McKinsey employees, which is SO MUCH for one company. Also, 20% of all McKinsey employees found their own companies.
I think it must be good preparation then
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