An MBA can lead to a promotion and a bigger salary in the corporate world. But if you run your own business, do you need an MBA?
In the two years between my time as a park ranger and launching my own business, I went back to school to get an MBA. Now, nine years later, I look back and consider if an MBA has given me an advantage as an entrepreneur.
Reasons Not to Get an MBA
-Student loans can limit your opportunities.
-Time and money spent getting an MBA could instead be used to become an expert in one thing, and being an expert can create more opportunities than higher education.
-Nobody cares if you have an MBA. They care about the results you can create for them. People want to know you have the solution to their problem, not your educational background.
-Experience and exposure as an entrepreneur can be more valuable than education.
-You can learn more from a mentor than from a textbook.
-You can learn more specific targeted knowledge from the right conference or course.
Reasons to Get an MBA
-Getting an MBA is a long, arduous process. You will build a lot of confidence if you can stick with it and do the hard work it takes to graduate.
-You will become a big picture problem solver, and you can see the entire puzzle of a problem and understand all aspects of a business.
-There are situations where the credibility of an MBA will open doors for you. Having an MBA signals you understand a business before you even enter the room.
All things considered, no, you don't need an MBA to be a successful entrepreneur. Instead, you need to focus on being yourself and becoming an expert in your work. Find the right conferences to attend and groups to be a part of.