‘MBA’ it is a dream for many individuals which might be helpful to become an entrepreneur. MBA is a powerful degree to hold if the student has obtained it from a well-reputed university. .But a question arises that is it absolutely necessary for an individual to get an MBA degree? Being an MBA graduate or a non MBA graduate does not really matter for business to flourish.
A smart investor would skip doing M.B.A. If those students who intend to do MBA took the same amount of money and invest it in themselves, how would they be compared after two years? The candidate will get two years of experience as to how the administration of the company he invested in works and will get to know about many things regarding entrepreneurship. Obviously, companies will hire the candidate who built a profitable business in two years, rather than the MBA graduate who sat in lectures. To find and build a network is much more valuable than getting graduated because the network we build depends on our relationships with people and on trust we have on them. For example who would have guessed that, Henry Ford the billionaire founder of ford motor company will be a person who did not attend even college and doesn’t have an M.B.A.? Theodore Waitt, billionaire founder of gateway computers dropped out of college one semester before his graduation.
But doing an M.B.A is not a bad thing either, because if it were a useless thing then there would not be thousands of institutes offering MBA programs and no one will struggle in taking coachings and take competitive exams. MBA is not a bad option but not compulsory either. Doing an MBA is, of course, a traditional way, but not the only way. Based on the data received by conducting an annual survey by Inc.5000, 19% went through B-school and another 19 percent completed a graduate degree in another subject.
The teaching in the B-schools will be about a set of tested rules and ideas and is not about the practical issues. It is almost like a dead investment if the degree is from non-influential universities. A recent study has proven that despite the fact of producing about 3,00,000 MBA graduates by over 3000 business schools across the nation only 10% of the graduates get the jobs they like i.e. their dream jobs.
Doing an MBA will only give the direction to implement the plan. Idea, a dream, and an accurate plan are the most important factors for entrepreneurship that will not be taught in a b-school or any other institute for that sake. A determined, practical person with a wee bit of luck doesn’t need any course to pursue their career. Entrepreneurship is the application of the knowledge of a person in a well-planned practical way. The knowledge a person gets by attending an institute is mere bookish knowledge these days. In addition, MBA programs are very expensive. The student loans available for a student to pursue their MBA will only leave burdensome and unresolved debts in one’s career. One cannot be sure to achieve success in their first attempt. So starting a career in a clean slate without any financial situations is always an added advantage. Given the availability of loan facilities, the need for capital in starting a business, and considering the state of entrepreneurship today, it may be worth considering an MBA as a future option, rather than as a necessary starting point. Personal creativity and hard work, are sometimes strong enough for a person to become a successful entrepreneur.
As said by Henry Mintzberg who is the most outspoken critic of the MBA that ‘People should get smart and educated but mostly they must find a business or activity that he/she really loves and get immersed as deeply as possible before taking a bold step to create something.’ After starting a firm if an entrepreneur feels that he lacks knowledge in marketing, he will always have the power to appoint MBA graduates as many as they need to guide them in the marketing ways.