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11 Mar 2011, 16:27
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Hi all,
I am in a sort of dilemma right now (good one). Was accepted to both, MIT & INSEAD, and am looking for an entrepreneurship career Post-MBA. I'm near 30's, from an emerging market (in America), and will probably start a CGP company (still thinking) after my MBA.
My research tells me that both schools offer good entrepreneurship focus. My estimated cost w expenses are INSEAD: $125 K USD, MIT: $190 K USD (inc. partner). I can expect to reduce 20% of the cost of each of them w scholarships or by participating in the TA program (MIT).
From INSEAD I expect to obtain a richer network, a more global experience (which I like), a lower cost (and opportunity cost), entrepreneurship and business plan "coaching".
From MIT I would expect to get a more focused entrepreneurship track (2 years, more time for planning, etc.), a better manufacturing and techie experience (love it), a prestigious school name that can open doors w customers and suppliers, and a school that is closer to the market I will focus on.
On the other hand, I am being presented the opportunity to lead a business, which would postpone (maybe cancel) my MBA plans.
My logic says "No MBA if you want to be an entrepreneur, you will carry a financial burden that might delay your intentions", my heart says "do it now or you will never have that 1-2 year experience to refocus and plan". If graduated from an MBA, I would earn maybe $55 K p year at the beginning (entrepreneur), and would have to spend nearly $15 K p year to pay off my MBA loans.
I guess there might not be many entrepreneurship focused readers, but if there are, I could appreciate your opinions and points of view. I guess the question also applies to "One Year vs Two Years MBA for Entrepreneurs"
I am in a sort of dilemma right now (good one). Was accepted to both, MIT & INSEAD, and am looking for an entrepreneurship career Post-MBA. I'm near 30's, from an emerging market (in America), and will probably start a CGP company (still thinking) after my MBA.
My research tells me that both schools offer good entrepreneurship focus. My estimated cost w expenses are INSEAD: $125 K USD, MIT: $190 K USD (inc. partner). I can expect to reduce 20% of the cost of each of them w scholarships or by participating in the TA program (MIT).
From INSEAD I expect to obtain a richer network, a more global experience (which I like), a lower cost (and opportunity cost), entrepreneurship and business plan "coaching".
From MIT I would expect to get a more focused entrepreneurship track (2 years, more time for planning, etc.), a better manufacturing and techie experience (love it), a prestigious school name that can open doors w customers and suppliers, and a school that is closer to the market I will focus on.
On the other hand, I am being presented the opportunity to lead a business, which would postpone (maybe cancel) my MBA plans.
My logic says "No MBA if you want to be an entrepreneur, you will carry a financial burden that might delay your intentions", my heart says "do it now or you will never have that 1-2 year experience to refocus and plan". If graduated from an MBA, I would earn maybe $55 K p year at the beginning (entrepreneur), and would have to spend nearly $15 K p year to pay off my MBA loans.
I guess there might not be many entrepreneurship focused readers, but if there are, I could appreciate your opinions and points of view. I guess the question also applies to "One Year vs Two Years MBA for Entrepreneurs"
11 Mar 2011, 16:39
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dreamcatcher
Lead "a business" or lead your business? Also, depends on the business. Depending on the business and industry, suppliers and customers could care or less about your degree. However, in certain industries some customers may care. B-School can help your business get started and provide the right contacts for financing, but, again, depends on the business. If you have a great idea for a business capitalize on it now. However, if you are doing something that is not that extraordinary then go to b-school. In other words, only forgo an MBA if you have a worthwhile business or business opportunity.
11 Mar 2011, 18:35
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Being in love with the idea of entrepreneurship (without a specific business in mind) is sort of like being in love with the idea of marriage (without a specific person in mind).
Too many people have romantic notions of what entrepreneurship is about, and it's what draws them - the vague idea of independence, being your own boss, etc. And that romanticism dies VERY fast when you are in the thick of running a biz. Now, of course most people who have run their own businesses would have a hard time wanting to go back to work at a big company, it's not without a lot of tradeoffs that they are willing to accept.
How successful you are at running your business has almost nothing to do with "entrepreneurship" as a concept or some romantic notion or passion for "being my own boss." The success of the business lives and dies by your FOCUS on the actual business itself - whether that business is your own, or happens to be a division within a larger company.
Don't force the issue (i.e. "I am going to have a business idea by the time I graduate") because it will be driven more by your desire to be an "entrepreneur" more than your desire to make the specific business work - if you force the issue, there's a greater chance it won't work out because your passion won't be specific enough to the business itself and you'll likely not have the stomach or heart to endure the tough times (which are inevitable).
Of course, keep an open mind. A lot of b-school alums do end up starting their own businesses - but most of them don't do it right out of school. It's not because they can't, but simply because most don't have a SPECIFIC business they want to start. And most of the businesses that do get started by alums tend to come from a more organic and natural place (i.e. circumstances and experience, rather than some 100% theoretical or abstract "problem solving").
It's easy to get caught up in this mad rush to achieve career nirvana within the first 5 years post-MBA - rather than seeing yourself on a much longer path (hopefully). A lot of alums start businesses anywhere from 3-15 years after b-school. You can afford to be more patient than you actually feel (i.e. having to do everything "now" and get results "now").
So when it comes to schools, worry less about "entrepreneurship" and more on which school you'll likely enjoy more and yield a richer life experience. Especially when you're dealing with two schools that are roughly comparable in terms of overall reputation.
And finally, once you start a business, no one cares about your pedigree (which school you went to). Employees care that they get their paycheck on time. Customers care about getting the product you sold them. Investors only care that you are running the business responsibly. The government only cares that you pay your taxes. It's really easy for many MBA prospectives, students (and even recent alums) to overstate pedigree - like as soon as you get an MBA the whole world will bow at your feet or that they should treat you differently.
Again, don't get too caught up in wanting to start a business for the sake of it. If you have a vague idea, then let it simmer - if it evolves into something compelling to the point where you are absolutely OBSESSED to the point where you are willing to drop out of school - then it may be a business worth starting (because you care that much). Otherwise, keep an open mind - and it's perfectly fine to work for someone else post-MBA for a few years, and have your life/career evolve to a point where an opportunity presents itself that you may find compelling enough to really pursue - and not because you're interested in "entrepreneurship" but more because you are obsessed with the specific business idea itself.
Too many people have romantic notions of what entrepreneurship is about, and it's what draws them - the vague idea of independence, being your own boss, etc. And that romanticism dies VERY fast when you are in the thick of running a biz. Now, of course most people who have run their own businesses would have a hard time wanting to go back to work at a big company, it's not without a lot of tradeoffs that they are willing to accept.
How successful you are at running your business has almost nothing to do with "entrepreneurship" as a concept or some romantic notion or passion for "being my own boss." The success of the business lives and dies by your FOCUS on the actual business itself - whether that business is your own, or happens to be a division within a larger company.
Don't force the issue (i.e. "I am going to have a business idea by the time I graduate") because it will be driven more by your desire to be an "entrepreneur" more than your desire to make the specific business work - if you force the issue, there's a greater chance it won't work out because your passion won't be specific enough to the business itself and you'll likely not have the stomach or heart to endure the tough times (which are inevitable).
Of course, keep an open mind. A lot of b-school alums do end up starting their own businesses - but most of them don't do it right out of school. It's not because they can't, but simply because most don't have a SPECIFIC business they want to start. And most of the businesses that do get started by alums tend to come from a more organic and natural place (i.e. circumstances and experience, rather than some 100% theoretical or abstract "problem solving").
It's easy to get caught up in this mad rush to achieve career nirvana within the first 5 years post-MBA - rather than seeing yourself on a much longer path (hopefully). A lot of alums start businesses anywhere from 3-15 years after b-school. You can afford to be more patient than you actually feel (i.e. having to do everything "now" and get results "now").
So when it comes to schools, worry less about "entrepreneurship" and more on which school you'll likely enjoy more and yield a richer life experience. Especially when you're dealing with two schools that are roughly comparable in terms of overall reputation.
And finally, once you start a business, no one cares about your pedigree (which school you went to). Employees care that they get their paycheck on time. Customers care about getting the product you sold them. Investors only care that you are running the business responsibly. The government only cares that you pay your taxes. It's really easy for many MBA prospectives, students (and even recent alums) to overstate pedigree - like as soon as you get an MBA the whole world will bow at your feet or that they should treat you differently.
Again, don't get too caught up in wanting to start a business for the sake of it. If you have a vague idea, then let it simmer - if it evolves into something compelling to the point where you are absolutely OBSESSED to the point where you are willing to drop out of school - then it may be a business worth starting (because you care that much). Otherwise, keep an open mind - and it's perfectly fine to work for someone else post-MBA for a few years, and have your life/career evolve to a point where an opportunity presents itself that you may find compelling enough to really pursue - and not because you're interested in "entrepreneurship" but more because you are obsessed with the specific business idea itself.
