To MBA or not. (some feedback)

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matterhorn762 · Answer

First, I don't know why the competitive factor of business school or the potential of not getting a high enough GMAT score would influence your decision on whether or not to even try.

Just ask yourself two questions:

1) Where do I want my family's business to be in 20 years?
2) Will an MBA help me achieve this?

You will need to answer these questions anyway if you plan to apply, so you might as well start now. You might not realize it yet, but answering these two questions will be the hardest part of your entire application process. Best of luck! Many wish they could be in your shoes.

I met several applicants who were planning on going back to take over their family business. They seemed like really strong candidates and I think your circumstances would give you a really good position to apply. For somebody like yourself - and I think there would be many who would love to be in your position - an MBA seems to make a lot of sense. It can open your horizons to take the business in expansive directions you never thought possible. It will also free you of falling prey to business "experts" who might try to leverage their so-called expertise in their own interests (and against yours).

Just ask yourself two questions:

1) Where do I want my family's business to be in 20 years?
2) Will an MBA help me achieve this?

You will need to answer these questions anyway if you plan to apply, so you might as well start now. You might not realize it yet, but answering these two questions will be the hardest part of your entire application process. Best of luck! Many wish they could be in your shoes.

triple5soul · Answer

Thank you! Much appreciated.

ko · Answer

And from a practical standpoint, if you've already invested months in studying for the GMAT, what do you have to lose by taking it? You'll only have more options later by taking the test. That's what I would do, at least.

riverripper · Answer

Several people I know here are being groomed to take over family businesses, some of which are very large enterprises...and know there are alums who will be taking over multibillion dollar businesses someday. The skills that you need to run a family business are the same you need to run any business. So an MBA is actually a great investment in someone who will one day be running a decent sized business...whether they want to start it themselves, buying an existing business, or will be taking over from their parents.

I know kellogg has a family business club, I would bet there would be something similar at some of our peer schools. It might be a good resource to reach out to and get an idea of what the true value an MBA would be for someone in your situation.

https://www.kellogg.northwestern.edu/student/club/family/Family.htm

89nk · Answer

Two very good points.

flood · Answer

In my mind an MBA will be very beneficial for you. Why? Well, once you graduate you can use a lot of the skills you learned at an MBA program immediately. Plus, your family will automatically listen to your input and value it as well.

You won't have to work your way up from some glorified grunt job and you won't have to deal with a lot of BS politics or bureaucratic red tape. You can use your knowledge to impact your family’s business immediately.

Additionally the network you gain from your MBA may help with financing contacts for expansion/new equipment/new division etc. for your business.

triple5soul · Answer

Thank you again for the input. Some of the comments are definitely shaping some important questions I want / have to answer.

To MBA or not. (some feedback)

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