mbafwi wrote:
monkbent wrote:
Jerz wrote:
As for your question about being an entrepreneur, even if the economy was still growing at 4% a year, an MBA would still cost about $150k, and you'd still be graduating with the same amount of debt, so I don't see how the current economy means you'd graduate in any worse financial position than you would have in any other economy. I don't think an M7 for entrepreneurs would automatically generate seed money from alumni, but I do think that the M7 alumni network would at least get you in the door to sources of funding that you may not otherwise have access to.
Quoted for truth. And beyond this, the opportunity cost of an MBA has rarely been lower! You probably wrote on your essays that you're a leader willing to seize opportunities even as others are paralyzed by fear and groupthink, why don't you prove it?
Well I didn't write that, but I think you are proving my point for me. Its fear and groupthink that led many of you to want an MBA in the first place!!! If you wrote that, you should prove it and go out on your own now and make money while things are cheap. When Bill Gates was presented with a great opp, did he say "I'll take advantage after I get my Harvard degree?"... nope, he dropped out and jumped on it. Yes I would graduate with the same debt now as in a good economy. My point is these low prices on real estate and stocks won't last forever. As Buffet says, if you're going to buy socks, might as well buy them at a low price!!!
Anyways, I'm not trying to convince anyone. I think most have made up their mind, and many are just punching their ticket. There are pros/cons to both sides, so for those who don't want to work 80 hours for some bank their whole life, there is real opportunity cost. I can argue it either way, which is why I've applied and am still 50-50. Either way, I do want a biz education so I can make intelligent biz decisions going forward. I guess its just does M7 increase my ceiling to say a 100M biz instead of a 10M biz... I don't know, but I do think network is huge in life, just look at the Bushes!
domtri, I would not have to stay at my company if I went part-time...
LOL - if you knew my background you would know that fear and groupthink are hardly an issue with my decision to go to business school! Anyhow, I was probably a bit harsh in my response. In your situation, it may make sense to do the part time thing and save IF your goal is to start your own business. But I have to ask - is that your goal, or is your goal to make money? Your points about stocks and real estate seem focused on the latter. Not that there's anything wrong about that, mind you. Rather, your motivation should be the big factor in your decision. I'm going to business school because I think the field I want to go into looks fascinating and I'm looking for a job that is challenging and fulfilling. I honestly don't care about making a lot of money (although I obviously want to be comfortable). The idea of using my savings to invest in stocks and real estate while staying in my current career sounds horrible - I have no interest in being an unhappy rich man.
That said, if making money is your ultimate goal, well, it's easy to see how spending $150,000 + and forgoing that much in income, and even more in missed investment possibilities, may be a hill t0o far. That's fine, I can respect that, and wish you luck if that's what you decide.
(And there's of course the third option, where the business you want to start is your passion, and the part-time MBA more easily leads to success - that sounds awesome. No debt, and achieving your goals. Go for it!).
I guess what I would say to anyone reading this thread and to the original poster is first know your yourself. The right decisions will flow from that.