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bebienalin
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Joined: 29 Aug 2013
Last visit: 26 Feb 2015
Posts: 4
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Schools: Babson '15 Foster '16 IMD '16 HEC Jan'16
Schools: Babson '15 Foster '16 IMD '16 HEC Jan'16
Posts: 4
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Can my short-term goal consistent with the long-term goal? 19 Dec 2014, 05:43
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My short-term goal is about doing my family's business, but my long-term goal is to start my own business.

Is this gonna be ok?
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cgottuso
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Joined: 28 Apr 2014
Last visit: 09 Oct 2020
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Location: United States (PA)
Concentration: General Management, Finance
Schools: Wharton Exec '21 (M)
GMAT 1: 730 Q48 V41
GPA: 3.93
WE:Corporate Finance (Energy)
Schools: Wharton Exec '21 (M)
GMAT 1: 730 Q48 V41
Posts: 162
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Can my short-term goal consistent with the long-term goal? 19 Dec 2014, 05:58
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I work with closely-owned middle-market businesses on a daily basis. It's unlikely that a member of the adcom would have a background like mine, but based on my experience, second and third-generation family members generally tend to go out and test the waters immediately after undergrad. If their plans or venture fails, they come back to the family business and stick around for the majority of their careers. I've never seen an instance where someone stuck around the family business for a while and then split off to start their own company.

So really, my question is more out of curiosity and may or may not be something you might consider fleshing out in your goals essays - what will you learn in a post-MBA role at your family business that will help you start your own company that you can't learn without an MBA? If you're working in your family business now, I'd think you won't get much by returning there after an MBA (unless you just wanna drop some newly acquired MBA knowledge on the family business out of the kindness of your heart), so why not start your own company immediately post-MBA?

I don't mean to grill you, they're just questions to consider...
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bebienalin
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Joined: 29 Aug 2013
Last visit: 26 Feb 2015
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Schools: Babson '15 Foster '16 IMD '16 HEC Jan'16
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Can my short-term goal consistent with the long-term goal? 19 Dec 2014, 07:22
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cgottuso
I work with closely-owned middle-market businesses on a daily basis. It's unlikely that a member of the adcom would have a background like mine, but based on my experience, second and third-generation family members generally tend to go out and test the waters immediately after undergrad. If their plans or venture fails, they come back to the family business and stick around for the majority of their careers. I've never seen an instance where someone stuck around the family business for a while and then split off to start their own company.

So really, my question is more out of curiosity and may or may not be something you might consider fleshing out in your goals essays - what will you learn in a post-MBA role at your family business that will help you start your own company that you can't learn without an MBA? If you're working in your family business now, I'd think you won't get much by returning there after an MBA (unless you just wanna drop some newly acquired MBA knowledge on the family business out of the kindness of your heart), so why not start your own company immediately post-MBA?

I don't mean to grill you, they're just questions to consider...
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Thank you for your suggestions. Actually, I meant that I want to change something in my family's business because it has not changed for 30 years while the market trend has changed. I want to expand my family's business e.g. adding more services. Moreover, I am not sure that my brother is going to take over the family's business. So, I think I'm going to start my own venture. Actually, I already have an idea about the new one, and maybe I am going to start it at the same time. So, I'm very confused now how will I write it down on my essays. Should I be specific what the business is?