Do I Need to Go to College for Business?

Summary

• If you want to go into Finance, Investment Banking, or management consulting, then an MBA is valuable.
• For entrepreneurship, it's better to spend money on tactical skills around promotion and selling.
• Consider the cost of an MBA and the income you're giving up while studying.
• Weigh if you can match the outcome of an MBA by using that same time and money to learn business skills.

Video

How To Take Action

I would suggest implementing a few key strategies to get the most out of your time and money if you're interested in personal growth, entrepreneurship, or scaling a small business. Here’s how you can do it:

1. Focus on Tactical Skills:

• Invest in online courses or workshops that teach you how to sell and promote your business. These are usually more affordable and can be completed in your spare time.
• Use free or low-cost resources like YouTube tutorials, podcasts, and blogs to develop your marketing and sales skills. Consistent learning here can pay off big.

2. Network Smarter:

• Attend local networking events and business meetups. These are often free or low-cost and can offer valuable connections that an expensive MBA network might provide.
• Leverage social media to connect with mentors and industry experts. Platforms like LinkedIn are excellent for reaching out and asking for advice.

3. Weigh the Costs:

• List out the total cost of an MBA (tuition, lost income, etc.) and compare it to the cost of building your own learning plan. This helps you see the value clearly.
• Allocate the money you would spend on an MBA to practical business expenses, like hiring a coach, getting better advertising, or upgrading your tools.

4. Take Action Immediately:

• Start a side hustle or part-time business to get hands-on experience. The sooner you start, the faster you'll learn.
• Test different strategies quickly; don't wait for the perfect plan. Learn from each attempt and iterate.

5. Time Management:

• Set aside a specific amount of time each day or week exclusively for learning new skills relevant to your business.
• Create a schedule that allows you to practice and apply these skills immediately, ensuring that your learning translates into action.

By focusing on these low-cost, high-value items first, you'll gain practical experience and skills that can directly benefit your business or personal growth.

Full Transcript

are there unique considerations to business school the network of an MBA if you want to go into Finance so if you want to go Investment Banking you want to go to management consulting you want to go the corporate route then obviously you need to do it if you want to go into entrepreneurship then I recommend going into entrepreneurship I would rather take that money probably spend a fraction of it to get the far more tactical skills around promotion and selling really weigh out the not only the cost of it but how much income you're giving up and then can you match that outcome if you spent that same period of time and money on learning skills related to business