MBA and own a biz
Why do people who already own a business going to b school? What can they get out of? Thanks
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Same can be asked about those wanting to be entrepreneurs. Networking and to take classes about management, strategy, and finance. While not absolutely necessary, if you have the money, its a worthwhile experience.
There are a number of reason - off the top of my head, to name a few: want to/have sold the business and want to either go back into the corporate world or start a new business and need to build a skill set in management, finance, accounting, etc.
Another reason, although related, could be the need to learn more of the hard skills associated with running a business in order to expand their current venture. One of the most common reasons involves one of everyone's most common reasons for attending B school - the network and networking. For people owning a business, they could be looking to expand, find potential partners, even find some seed money to launch something new, etc.
In short, there are a lot of reasons, and I'm sure I've missed a bunch.
Thanks a lot gentlemen.
as a business owner im looking to go for an mba for the following reasons:
Network/networking More knowledge & gain credibility in business by having top MBA Ability to career switch into something like VC/IB Take a well deserved 2 year break. Running a business is a 24 hour job
i sold mine.. but still in corp amer so looking to change path
Frankly the two reasons I'd go for an MBA would be:
A) Networking, you're likely to meet a lot of people who can help you get your ideas up and running.
and
B) Credibility, if you're talking to potential clients/customers, saying you got your MBA from wherever adds credibility (as long as people know the school, that is, University of Phoenix doesn't cut it).
At the end of the day, a customer is going to do business with you because his friend had a good experience. In terms of VCs and investors, I'm sure there are cases where having an MBA from X school will help, but I think most of it comes down to the actual business and your ability to run it and sell it.
If you're already running a moderately successful business and you're really passionate about it and you know it's going to be a success, your time and money might be much better spent on your customers- and a few courses on basic finance, accounting, and business law at the local state school or 4-year community college if you don't already have them.
i dun think they teach u anything in business school that is useful to start your own business... the best way to be successful as an entrepreneur is to work and learn from successful entrepreneurs, and learn their skills, mentality and approach to business...
i believe the MBA is a diploma, meaning it helps you become more employable...
my personal expectations align with guest and mas, plus one more:
networking - i am very much looking forward to being surrounded by a concentration of highly successful, intelligent, motivated and well connected people. as an entrepreneur you carry the bulk of your business' mental responsibility - i dont need a vacation from it, but it is very taxing. i am looking at bscool as a long term recruiting event for future business partners.
creditability - when people find out my professional background theyre fairly impressed, but wary. when people find out my top 5 mba credentials (that i havent even earned yet) you can tell by the look on their faces that i have gained instant respect. from experience, short of being a superb conman/politician this kind of advanced credit makes getting or doing business so much easier.
knowledge - beyond the required business classes (which will be mostly redundant for me), i can push into exploring new frontiers. things i am planning through the school like international exchanges, interdisciplinary courses, customized seminars, etc will allow me to educate myself in ways that are not easily structured or convenient in the real world. running a business is a lot about being good at/understanding a lot of very different things. also working backwards from experience to academics tends to allow you to make better connections when analyzing your past success and trying to extrapolate into future ones.
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