I have wavered back and forth on the decision to go get an MBA for years. It has always appeared so prestigious and valuable to me. But I have always wondered, is it really that valuable? I have even gone through the trouble of thoroughly researching schools that I would go to, weighed the pros and cons and even spoken to friends who have gotten their MBAs from local state schools all the way up to Ivy League. Every time I venture into those deep waters I come out with the same conclusion; as valuable as it may seem from afar an MBA is not worth the money. Today I was having coffee with an entrepreneur who has those three letters after their name and they confirmed my thoughts.
Their perspective was that starting a business or helping build one early on is just as good and most likely better, than getting an MBA.
Ultimately it boils down to practicality versus theory. Working on a brand new business, such as a startup, is real life hard knocks business school and experience is the best professor. The resounding answer I hear from people who went to business school is that theory can only teach you so much but the network you gain is invaluable. I have a hard time ponying up $100,000+ for a network, some theory and a lot of times a stigma that you don’t deserve. People, unfairly, tend to turn their noses up at those three letters.
There are cases where getting an MBA is worth it, but they are increasingly becoming edge cases. One of my friends who went to Harvard Business School specifically stated that getting an MBA didn’t make sense unless you own a balance sheet. That helps move past theory into the realm of practicality.