Glengarry Glen Ross
Sales = everything. Yeah, a bleak look at life on the financial edge. A-B-C is philosophical hold, however.
tomtermite
joined 1 year ago
Life is hard because we get the test before the lesson — and if school can help someone avoid that costly treadmill, why isn't it a more efficient approach?
In the free market of ideas, if your approach was vastly superior, there'd be no universities.
From my perspective, an MBA remains a valuable investment, particularly for entrepreneurs, as it equips individuals with a multifaceted skill set essential for navigating the complex landscape of business. When I attended a Jesuit institution in the late 1980s, the "ethical" MBA program was a great mix, featuring a blend of Toyota Production System, financial and managerial accounting, statistics, and marketing — and reflects the robust foundation crucial for effective business leadership.
Firstly, an MBA imparts strategic thinking and decision-making skills. Entrepreneurs often face unpredictable challenges, and the analytical abilities honed during an MBA can guide informed choices, fostering sustainable business growth.
Moreover, an MBA offers a holistic understanding of business operations. Exposure to Toyota Production System exemplifies the practical knowledge gained, enabling entrepreneurs to optimize processes and enhance operational efficiency. This proficiency is pivotal for startups aiming to scale effectively.
Financial acumen, a core aspect of the MBA, is indispensable for entrepreneurial success. Entrepreneurs must navigate budgeting, resource allocation, and investment decisions. An MBA equips individuals with the financial literacy crucial for prudent financial management.
As others have said, networking is another invaluable asset of an MBA. The connections formed during the program provide entrepreneurs with a diverse and influential network, offering mentorship, collaboration opportunities, and potential investors crucial for business success.
In the dynamic landscape of entrepreneurship, adaptability is key. For me, exposure to various business disciplines in my MBA program ensured a versatile skill set. Entrepreneurs need to wear multiple hats, and an MBA prepares individuals to seamlessly transition between roles — not only theoretical knowledge but also practical tools that can significantly contribute to entrepreneurial ventures.
I can relate... when I started my first company, I had -US$5k ... I borrowed a $5,000 cash advance on my credit card! Wow, that was... ill-advised. But I made it... first, if I knew I had money coming in at the end of the week, I was happy. Then, the end of the month. Then, the end of the quarter.
Eventually, I figured out to (a) be personally debt-free (no revolving debt, no car loans. A mortgage was ok, but I purposely paid off my student loans as quickly as possible); and, (b) to keep a couple of months' living expenses in my short-term savings so I could absorb the ups-and-downs.
Weirdly, as I close in on the end of my career, I am back in that same situation (divorce, lost my business, kids in university, emigrating)... cash flows are less predictable, and I rely on my short-term savings to provide a cushion.
Long-term, my recommendation remains the same as when I was young: minimize recurring expenses, have a fund to absorb the dips in income, and plan for the future (with savings for a house or other big investment, and a private pension fund).
Also -- sell more!
A few thoughts, from me:
Other commentators have said everything else you should consider.