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What is your opinion on this : Should i start my business now only without doing mba and saving 30 lakh education loan and put it here or should i do mba and do job for 5 year repay education loan and again take loan and start a business ?
Currently i have job of 5 LPA at IT . I am not interested in IT field but want to switch to finance or money . I already have education loan of 10 Lakh for Btech . So i am planning to get into mba college in india via CAT which will require at least 30 lakh which i can take as a education loan so it will be of 2 years course. My currently goal is to go to mba college take job of at least 20lpa and do job for at least 4-5 years and do my own business by taking loan from bank again of nearly 30 lakh .
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Susan Su’s Answer
Starting a business is always a risk. It depends on whether you have a good idea and the determination to work hard on it. Before deciding, consider these points:
Evaluate Your Idea: Ensure you have a solid business idea, a clear plan, and know how much capital you need.
Income Potential: Determine how soon your business can generate income.
MBA Benefits: An MBA is more beneficial for a corporate career. It can provide valuable skills and networks but comes with debt.
Financial Readiness: Can you afford to start a business now, or is it better to gain experience and financial stability first?
Long-term Goals: Consider whether you see yourself as an entrepreneur or if you'd prefer a stable job post-MBA.
Decide based on the realism of your business plan and your career aspirations.
Evaluate Your Idea: Ensure you have a solid business idea, a clear plan, and know how much capital you need.
Income Potential: Determine how soon your business can generate income.
MBA Benefits: An MBA is more beneficial for a corporate career. It can provide valuable skills and networks but comes with debt.
Financial Readiness: Can you afford to start a business now, or is it better to gain experience and financial stability first?
Long-term Goals: Consider whether you see yourself as an entrepreneur or if you'd prefer a stable job post-MBA.
Decide based on the realism of your business plan and your career aspirations.
I will use this advice as I prepare for my career.
Tyshawn
James Constantine Frangos
Consultant Dietitian & Software Developer since 1972 => Nutrition Education => Health & Longevity => Self-Actualization.
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James Constantine’s Answer
Hello,
Here's an enhanced evaluation of starting a business versus pursuing an MBA:
When weighing the decision to leap into entrepreneurship without an MBA, using the 30 lakh you would have spent on education, against obtaining an MBA, working for five years to repay the loan, then launching a business with another loan, it's crucial to think things through carefully. Let's look at some key considerations:
1. Entrepreneurial Aptitude vs. Business Acumen:
Launching a business without an MBA demands robust entrepreneurial abilities, inventive thinking, a willingness to take risks, and deep industry insight.
On the other hand, an MBA equips you with crucial business acumen, leadership skills, networking possibilities, and access to resources that can be advantageous in starting and managing a business.
2. Financial Implications:
Embarking on a business venture without an MBA lets you sidestep additional debt from further education.
However, an MBA could open doors to more lucrative job prospects in the future, easing the path to secure business funding or repay existing loans.
3. Industry Shift:
If you're considering a transition from IT to finance or related fields, an MBA with a finance focus can arm you with the skills and knowledge needed for this shift.
Starting a business without relevant industry experience or education could present hurdles in grasping the intricacies of the new field.
4. Long-Range Career Aspirations:
Reflect on your long-term career ambitions and how each route aligns with them. An MBA can unlock a variety of career paths beyond entrepreneurship.
Starting a business sooner may offer hands-on experience and potentially fast-track financial independence.
5. Risk Assessment:
Launching a business without prior entrepreneurial experience or education carries inherent risks.
An MBA can help you manage these risks by arming you with strategic planning abilities, market analysis techniques, and financial management knowledge.
6. Personal Evolution and Advancement:
Both routes offer personal growth and development opportunities, albeit in different ways.
Starting a business sooner can offer valuable real-life experiences and challenges that foster personal growth.
An MBA provides structured learning environments, exposure to diverse viewpoints, and mentorship opportunities that encourage professional development.
In conclusion, the choice to start your own business now without an MBA or to pursue further education first hinges on various factors such as your entrepreneurial skills, financial status, career aspirations, risk tolerance, industry transition needs, and personal growth preferences. It's crucial to balance these factors carefully before making a decision that aligns with your long-term goals.
Top 3 Credible Sources Used in Answering this Question:
Harvard Business Review: Delivers insights on entrepreneurship, business management strategies, and the value of an MBA for budding entrepreneurs.
Forbes: Features articles on career guidance, financial planning for entrepreneurs, industry trends in finance and technology sectors.
Financial Times: Discusses topics related to finance careers, market analysis reports, investment strategies for startups and established businesses.
Best Wishes,
JC.
Here's an enhanced evaluation of starting a business versus pursuing an MBA:
When weighing the decision to leap into entrepreneurship without an MBA, using the 30 lakh you would have spent on education, against obtaining an MBA, working for five years to repay the loan, then launching a business with another loan, it's crucial to think things through carefully. Let's look at some key considerations:
1. Entrepreneurial Aptitude vs. Business Acumen:
Launching a business without an MBA demands robust entrepreneurial abilities, inventive thinking, a willingness to take risks, and deep industry insight.
On the other hand, an MBA equips you with crucial business acumen, leadership skills, networking possibilities, and access to resources that can be advantageous in starting and managing a business.
2. Financial Implications:
Embarking on a business venture without an MBA lets you sidestep additional debt from further education.
However, an MBA could open doors to more lucrative job prospects in the future, easing the path to secure business funding or repay existing loans.
3. Industry Shift:
If you're considering a transition from IT to finance or related fields, an MBA with a finance focus can arm you with the skills and knowledge needed for this shift.
Starting a business without relevant industry experience or education could present hurdles in grasping the intricacies of the new field.
4. Long-Range Career Aspirations:
Reflect on your long-term career ambitions and how each route aligns with them. An MBA can unlock a variety of career paths beyond entrepreneurship.
Starting a business sooner may offer hands-on experience and potentially fast-track financial independence.
5. Risk Assessment:
Launching a business without prior entrepreneurial experience or education carries inherent risks.
An MBA can help you manage these risks by arming you with strategic planning abilities, market analysis techniques, and financial management knowledge.
6. Personal Evolution and Advancement:
Both routes offer personal growth and development opportunities, albeit in different ways.
Starting a business sooner can offer valuable real-life experiences and challenges that foster personal growth.
An MBA provides structured learning environments, exposure to diverse viewpoints, and mentorship opportunities that encourage professional development.
In conclusion, the choice to start your own business now without an MBA or to pursue further education first hinges on various factors such as your entrepreneurial skills, financial status, career aspirations, risk tolerance, industry transition needs, and personal growth preferences. It's crucial to balance these factors carefully before making a decision that aligns with your long-term goals.
Top 3 Credible Sources Used in Answering this Question:
Harvard Business Review: Delivers insights on entrepreneurship, business management strategies, and the value of an MBA for budding entrepreneurs.
Forbes: Features articles on career guidance, financial planning for entrepreneurs, industry trends in finance and technology sectors.
Financial Times: Discusses topics related to finance careers, market analysis reports, investment strategies for startups and established businesses.
Best Wishes,
JC.
Updated
Patrick’s Answer
Choosing between launching a business right away or first getting an MBA requires a thoughtful review of your financial situation and career goals. If you start your business now, you could avoid the cost of an MBA and use that money for your enterprise.
But without the basic knowledge and connections an MBA offers, you might face more risks and hurdles as an entrepreneur. On the flip side, an MBA gives you a structured education, chances to network, and a route to high-paying jobs in finance or management after you graduate. This could make it easier to get money for your future business projects. Given your current IT job and your aim to move into finance or entrepreneurship, it's vital to assess your long-term career goals, financial security, and risk comfort level. Think about whether getting more work experience first fits with your career path and whether an MBA could greatly boost your abilities and reputation in the finance industry before you start your journey as an entrepreneur.
But without the basic knowledge and connections an MBA offers, you might face more risks and hurdles as an entrepreneur. On the flip side, an MBA gives you a structured education, chances to network, and a route to high-paying jobs in finance or management after you graduate. This could make it easier to get money for your future business projects. Given your current IT job and your aim to move into finance or entrepreneurship, it's vital to assess your long-term career goals, financial security, and risk comfort level. Think about whether getting more work experience first fits with your career path and whether an MBA could greatly boost your abilities and reputation in the finance industry before you start your journey as an entrepreneur.
Updated
Sajid’s Answer
Your question is indeed insightful and pertinent. However, please note that my response, like any other, may be influenced by my personal experiences, so consider it accordingly.
The answer to your question, in my view, hinges on your age, which is a good indicator of your risk tolerance. Starting a business is inherently risky and is more suitable for those in a position to shoulder such risks - typically, the younger you are, the better. The sooner you embark on your entrepreneurial journey, the more time you have before reaching an age where responsibilities make you more risk-averse and prompt a shift towards a steady income, which a job post-MBA can offer.
An MBA can certainly aid in securing a job, but its contribution to establishing and running a successful business is somewhat limited. The advantage of an MBA is that prior experience can enhance your chances of getting into a reputable program and succeeding thereafter. Therefore, experience gained from running your own business, even if it doesn't succeed, can enrich your MBA, should you choose to pursue one later.
The answer to your question, in my view, hinges on your age, which is a good indicator of your risk tolerance. Starting a business is inherently risky and is more suitable for those in a position to shoulder such risks - typically, the younger you are, the better. The sooner you embark on your entrepreneurial journey, the more time you have before reaching an age where responsibilities make you more risk-averse and prompt a shift towards a steady income, which a job post-MBA can offer.
An MBA can certainly aid in securing a job, but its contribution to establishing and running a successful business is somewhat limited. The advantage of an MBA is that prior experience can enhance your chances of getting into a reputable program and succeeding thereafter. Therefore, experience gained from running your own business, even if it doesn't succeed, can enrich your MBA, should you choose to pursue one later.
Updated
Chinyere’s Answer
Hello MR. K,
Starting a business without an MBA can be a viable option. Many successful entrepreneurs have built their businesses without formal business education. However, it's important to assess your own skills and knowledge in finance and money management before taking this route. Consider if you have the necessary expertise or if there are alternative ways for you to gain those skills through self-study, workshops or mentorship.
On the other hand, pursuing an MBA can provide valuable knowledge and networking that may benefit your entrepreneurial journey later on. It can enhance your understanding of various aspects of business such as finance, marketing, strategy, and leadership.
However, taking on another large education loan might impact your financial situation in the short term. The costs of tuition and other expenses will need to be factored into your budget. It's important to carefully evaluate whether it is financially feasible for you to take on more debt at this point in time.
Ultimately, the decision depends on various factors such as your risk tolerance level and confidence in starting a business without formal education but with practical experience gained through work experience or other means of learning money management skills.
Seeking advice from professionals who are experienced in entrepreneurship or financial planning before making a final decision that aligns with your long-term goals and personal circumstances is recommended.
Best wishes.
Starting a business without an MBA can be a viable option. Many successful entrepreneurs have built their businesses without formal business education. However, it's important to assess your own skills and knowledge in finance and money management before taking this route. Consider if you have the necessary expertise or if there are alternative ways for you to gain those skills through self-study, workshops or mentorship.
On the other hand, pursuing an MBA can provide valuable knowledge and networking that may benefit your entrepreneurial journey later on. It can enhance your understanding of various aspects of business such as finance, marketing, strategy, and leadership.
However, taking on another large education loan might impact your financial situation in the short term. The costs of tuition and other expenses will need to be factored into your budget. It's important to carefully evaluate whether it is financially feasible for you to take on more debt at this point in time.
Ultimately, the decision depends on various factors such as your risk tolerance level and confidence in starting a business without formal education but with practical experience gained through work experience or other means of learning money management skills.
Seeking advice from professionals who are experienced in entrepreneurship or financial planning before making a final decision that aligns with your long-term goals and personal circumstances is recommended.
Best wishes.
Updated
Stephen’s Answer
I would say it depends on where you get your MBA. How good is the employment track record of the program you choose, does it have a loyal alum network, etc. I would weight that against what you think is the five-year ROI on starting your own business. Good luck.
Katherine Avery
Run a music studio and teach private music lessons; teach college-level religion classes
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Katherine’s Answer
The two best resources I know of for starting a business don't require an MBA; they are the book EntreLeadership by Dave Ramsey, and this workbook (https://www.churchofjesuschrist.org/bc/content/ldsorg/topics/self-reliance/2017/14678_sgmb_book_eng.pdf?lang=eng).
Updated
Carol’s Answer
Hello,
While your question was to seek advice on starting business vs. MBA, I want to answer it from a different point of view:
Consider the financial factor first. Ask yourself these questions:
- Is there a way I can get my MBA education for free or as little as possible? Some companies offer tuition assistance for their employees to pursue degrees, you could earn your MBA (for free) while you are working and accumulating work experience. Of course, this will require some commitment, working full time while getting a degree is not for the faint of heart, but this will put you ahead financially and career wise.
- Do I already have the experience, idea and capabilities that required to start my own business? Sometimes working full time, while starting your business as a side hustle is a good way to test the water, also reduce your risk.
I always caution people taking on large loans to first think through all the options. After all, having a good financial foundation will set you up for better life where you will have more freedom to choose, and reduce stress down the road.
Hope this is helpful, best luck on whatever you choose to do.
While your question was to seek advice on starting business vs. MBA, I want to answer it from a different point of view:
Consider the financial factor first. Ask yourself these questions:
- Is there a way I can get my MBA education for free or as little as possible? Some companies offer tuition assistance for their employees to pursue degrees, you could earn your MBA (for free) while you are working and accumulating work experience. Of course, this will require some commitment, working full time while getting a degree is not for the faint of heart, but this will put you ahead financially and career wise.
- Do I already have the experience, idea and capabilities that required to start my own business? Sometimes working full time, while starting your business as a side hustle is a good way to test the water, also reduce your risk.
I always caution people taking on large loans to first think through all the options. After all, having a good financial foundation will set you up for better life where you will have more freedom to choose, and reduce stress down the road.
Hope this is helpful, best luck on whatever you choose to do.