B-School vs Starting a Business

You've got a business idea. It's somewhat viable, or so you think. You're getting anxious, you’re bored with the everyday that work brings. You are realizing that school might buy you some time, which do you pursue. The MBA or the Business?

So the question becomes: which is a better use of time – gaining additional knowledge about the business world or jumping right in and starting the damn thing? I don't know.

But what I do "know" is:

• Cost: MBA’s are at approximately 60-100K today, this is a significant amount of money. Depending on the type of business you have in mind, this amount might be good to start.
  
• Utilize those around you. Old Professors. Graduate (MBA) students, find a mentor!!
  
• What do you know: Evaluate what you know. How does what you know and the business you are considering correlate. Do you know enough about business to be in business?
  
• Are you ready: What are you ready for? Are you ready for books and study? Or are you ready for the blood and sweat it takes to start and maintain a business – are you up for the challenge and are you cut out for it? Be honest in these answers, businesses aren’t easy and they aren’t for everyone
  
• Consider others that have succeeded: We've all heard the Bill Gates, Michael Dell, Steve Jobs' stories about how they realized college wasn't the place for them. Do you possess these same qualities? Do you need further development?
  
• What are your friends good at: Know the skill sets of some of your friends. Guaranteed there are some web design wizards, database doctors, lawyers and graphics gurus you could tap for free or cheap that can help you get where you need to be.
  

The point? Some view an MBA as a waste of valuable time and resources. But also understand that a lot of "learning" does take place there and it also allows for personal growth. MBA’s can also be good for networking – no this isn’t a solid reason on it’s own to go, but should be considered. You are surrounded by similar minded people (smart, I hope) people that might be able to help you further define the business path you want to take. Food for thought: the google guys dropped out of college to launch what today has earned them billions, nonetheless, they did go back for their MBA. Hmmm.

Now playing: Life is a highway, Rascal Flatts