Do You Need an MBA to Get Your Venture Going?
by Sumona Entrepreneurship 10 February 2022
If you are hoping to start your own business in the future, going for an MBA first might look like the most logical option. By acquiring this degree, you will learn the basics of business operations and management and gain a whole range of skills that can help you set up for success. But is it really necessary?
While many believe that an MBA is a ticket to success, surveys reveal that only 22.6% of entrepreneurs actually hold it. So, even though it might give you some benefits, it doesn’t seem to be a fixed requirement. After all, there are many success stories of entrepreneurs who don’t have an advanced degree.
Yet, if you need more, let’s look at the main pros and cons to understand whether getting an MBA degree is a requirement or just an option for a future entrepreneur.
Con: It Takes Too Much Time and Money
There is no secret that getting an MBA requires quite a lot of time and money. While receiving your degree, you will be loaded with homework, lectures, academic papers, and other challenges that will leave you with barely any time left for other things that matter.
Of course, you will always have a chance to pay for a paper on Writepaper.com to save time and ease the struggle. But you will still have to spend several years of your life in college.
Are there better ways to apply your time and financial resources? Probably yes. In most cases, starting a business doesn’t at all require a degree. And whether the process will be straightforward or challenging for you, there is no guarantee that an MBA will make it any easier.
Given the time and money you will have to invest into it, it is fair to say that sometimes an MBA might be overkill. There is always an option to spend the same time and money on your venture instead of a college. This way, in a few years, you might end up holding a successful business instead of a simple piece of paper.
Pro: Learning From Experts
The first point for getting an MBA is that such programs are often being taught by people who have actually been through entrepreneurship themselves.
Though there are plenty of business-related books, articles, and other materials that can provide you with certain knowledge, nothing can actually compare to learning from a real-life experience of another person. So, having an opportunity to learn from experts is truly valuable.
A professor who has faced the challenges of launching and operating a new venture can become the most crucial resource for your future venture. And this is the reason to get an MBA.
Con: A Degree Isn’t a Guarantee of Success
According to studies, about 45% of new ventures fail within the first five years. These stats suggest that there is nearly a 50-50 chance that your business will survive and prosper. But, if you are looking to get an MBA just to boost your chances, don’t because, as we already said earlier, a degree is not a guarantee that you won’t fail.
A good program can provide you with knowledge and skills that will come in handy when launching and running a venture, but no one can teach you how to come up with a brilliant business idea and bring it to life. This means that there are no reasons to spend many years of your life trying to get a guarantee of success.
Pro: Better Job Opportunities
If you are thinking about entrepreneurship, the chances are that you are not looking into any other career opportunities, at least for now. But what happens if your venture fails? Or what if you manage to start a business but then realize that it’s not a good fit for you? In this case, having an MBA can be to your benefit.
If you decide to quit the business and build a different career, a degree will significantly expand your horizons. With an MBA diploma, you should be able to land a solid job without a hassle. This degree can be applied in a variety of industries and positions. So, you can think of it as your plan B.
Con: Real-Life Experience Is More Valuable Than a Diploma
Another reason why you don’t need an MBA to get your business going is that real-life experience is much more valuable than a diploma. Hands-on experience is what can help you solve real-life problems and come up with brilliant business solutions. In contrast, a diploma is just a diploma.
Okay, but what if you lack skills or knowledge? It is natural to seek opportunities to improve your own skills and knowledge to ensure success. However, going through an MBA program is not the only way to gain them. In fact, there are many other options too.
These days, there are plenty of great opportunities for gaining the necessary knowledge and skills. Instead of spending 3+ years in college, you can opt for online courses or even engage in self-education. If you are dedicated and purposeful enough, you can fill the gaps in your knowledge and skills even by simply reading business-related blogs. You don’t need to go to college for this.
Pro: Greater Networking Opportunities
Finally, if you want one more reason why you need a degree to get your venture going, receiving an MBA can also provide you with plenty of great networking opportunities.
Being a student of a business school, you will be meeting other students who are as ambitious as you, alumni, some of whom might’ve already succeeded in business, and even industry experts. All these people can become valuable connections.
By using these networking opportunities, you can reach many short-term and long-term goals. Your contacts can provide you with advice and support at different stages of your venture. They can get you inspired, share ideas and experiences with you, and even become your partners or clients in the future.
If you don’t go for an MBA, you can still leverage networking as a tool for your business success. However, it will be much harder to meet the right people.
The Bottom Line
Starting your own business venture can be thrilling and terrifying at the same time. Every aspiring entrepreneur is hoping for success. But, as you already know, only a half or so succeed.
On the one hand, acquiring an MBA might sound like a solution. Having a degree surely has a number of perks – it allows you to collect all the knowledge and skills you need to launch a startup, it offers great networking opportunities, and it gives you a plan B.
But do you really have to hold it to get your venture going? – Not necessarily. Going for a degree, you will waste many years on receiving it. Now, if you think that you could’ve spent the same time on creating and growing your business, it can sound like overkill.
So, how do you decide what’s right? There is no one-fits-all answer. There are plenty of success stories of entrepreneurs who hold an MBA, as well as of those who don’t. So, the best advice we can give you is to listen to your inner voice and do what feels right!