post-mba entrepreneurial goals? (essay help)
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06 Dec 2012, 18:31
Hi,
I'm wrestling with my essays here and would like some advice. I'm applying to some b-schools and listing entrepreneurship as my post-MBA goal. It seems to me that most of the advice out there says that (A) this is usually not a good idea unless you're a previously successful entrepreneur and (B) either way you need a solid business plan to discuss in the goals essay.
First of all, is this true? Secondly, please consider my thoughts: I've been working in IT for the past 5 years and studied it in undergrad I've had lots of ideas for businesses, even (very) briefly tried/failed at one, and given my lack of formal business training, I'm not surprised. I'm looking for an MBA to teach me the ins and outs of business planning, of financial analysis, of identifying winning ideas, sourcing funding, etc. The business stuff that I believe is separating me from success.
Is this not valid for a goals essay? I'm trying to take my career in a new direction. I recently quit my job at the big fortune500 and am working my dad's very small family business (in an IT/marketing capacity) to get more exposure to small business/entreprenurial environment. My thoughts are that the MBA will give me the skills that I've been missing which have held me back from achieving success.
I've also heard that AdComs are concerned about post-MBA employment for entrepreneurs. Given that I have access to family business, would it be advisable to list, say, continued development of the family business as a short-term and a long-term one of starting my own?
I've also heard advice saying that I could write that i envision achieving my long-term goal [of startup] in one of two ways: either by starting a new business straight out of school or by continuing to gain business-starting expertise at family company until I'm able to strike out on my own. I've heard this characterized as indecisive-sounding. Is this advisable at all in your opinion?
Thank you in advance for your help,
-Ed