How To Know If an MBA Is Right For You

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Rosemary Cochrane July 30, 2014

Many believe an MBA degree teaches critical skills and could lead to increased hiring potential, networking opportunities, and a future salary boost. This may be true, but you need to look closely at your own situation.

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Entrepreneurs fostering new ventures outside of well-developed entrepreneurial ecosystems like Silicon Valley face significant challenges. These markets are unlike Silicon Valley, and they will likely remain so. That doesn't mean they can't nurture and sustain new businesses. In transitioning markets that lack abundant private sector financing, creative approaches from government officials, donors, and business leaders can fill the void to support entrepreneurial activity. Northeast Ohio (where Cleveland and Case Western Reserve University are located) has become a laboratory for such innovative solutions. During our time together in this course, we will explore some of these creative approaches to promoting regional entrepreneurship. Northeast Ohio has seen a massive infusion of government and donor resources for over ten years. In that time, Northeast Ohio has promoted regional development (including job creation and follow-on funding) through alternative methods of financing startups. It has not been easy. The region has made progress, but it remains to be seen whether it has struck upon an enduring formula. A dynamic entrepreneurial ecosystem takes many years, even decades, to develop. Government policymakers and donors typically seek quicker returns on their support programs, which makes long-term support for entrepreneurship challenging. This course includes case studies and first-person testimonials from entrepreneurs who have launched products and services ranging from medical devices to LED lights to whiskey. You will learn how these entrepreneurs discovered and procured resources from various programs and intermediary organizations. You will hear from business people still in the process of developing their companies as well as those whose ventures have flourished. Our focus will extend beyond Cleveland to selected markets around the world, including Greece, Vietnam, Tunisia, Argentina, Rwanda and China. You will learn about international incentives and other supports available to developing startups and small businesses across the globe. This course examines how different communities around the world approach implementing strategies and methods to support businesses. I will ask you to reflect on how to apply the principles we learn to growing entrepreneurship where you live. The social interactive features of the online platform will enable students from around the world to share ideas and learn from one another. Most MOOCs rebroadcast professors’ lectures; this course is different. Don’t expect to see me standing in front of the camera, talking and lecturing every module. Instead, the lectures will be relatively short in length. They have more of the feel of an engaging documentary than a static classroom setting. ## __What type of person takes the *Beyond Silicon Valley* course?__ - Active and aspiring businesspeople in communities looking to initiate new startup ecosystems or bolster existing ones - Current and prospective entrepreneurs who want to learn about funding sources, risk management, and the lifecycle of startups - Professionals who work in government agencies, nongovernmental organizations, philanthropic institutions, and various private funds that fund startups - Anyone curious about how to create and grow startup ecosystems outside the major tech hubs - The principles Beyond Silicon Valley teaches have been drawn from and applied to startups worldwide, from small villages to megalopolises. You'll study success stories spanning the globe from Vietnam to Kosovo to Botswana. ## __What will you learn in *Beyond Silicon Valley*?__ - How and where startups can find funding to get their businesses off the ground - What role government can play in encouraging startups and a healthy startup ecosystem - How anchor institutions such as universities and healthcare systems participate in startup ecosystems - How nongovernmental organizations support startups - How to raise funds from venture capitalists, angel investors, and accelerators - How to navigate challenging periods in the startup lifecycle - The importance of mentoring in successful startups

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Many believe an MBA degree teaches critical skills and could lead to increased hiring potential, networking opportunities, and a future salary boost.

This may be true, but you need to look closely at your own situation — what job do you want after graduation? Is it with your current company or will you leave to pursue the degree? Are you hoping to switch fields? What effect will this have on your personal life?

Obtaining a degree purely for the sake of getting it isn’t a good enough reason and, depending on your goals, may or may not be the best next step. Consider JetBlue Airways’ Chairman Joel Peterson’s words : “ … the fact remains that many successful MBA alumni have the kind of drive that would've allowed them to flourish even if they’d never gone to business school. And some of them may have found success sooner."

For others, business school may be the launching pad for their success.

Where do you fall?
Do you hope to gain skills better taught in the classroom or on the job?
Would going back to school align best with your goals?

School Reputation and Cost

While considering the best option for yourself, you also want to be realistic about finances, which will include more than tuition (more than $60,000 on average). Experts warn that school estimates are conservative and oftentimes do not represent actual cost. For example, Columbia’s first-year tuition is $60,720, but the total first-year budget is estimated to be $93,288.

The most expensive schools are not your only options. Research more affordable schools and be open to those beyond your top choices so long as they are reputable, accredited schools. Regardless of your choices, look for financial aid, grants and fellowships.

Your Options

If you decide to pursue business school, cost will be only one piece of the puzzle in finding the right program for you. You can enroll in a program part-time, full time, in person or online. You can leave the workforce or you can work and join an Executive MBA program. You can choose a program focused in management, one customized to your industry, or a joint program. You can work with your employer while keeping your job (and possibly receiving financial assistance).

Do you want the networking opportunities that come from attending classes? Would an online format allow you to have family time? Or can you teach yourself the business skills you need? Take a look at each option alongside your situation and goals. Which gets you there effectively and efficiently?

Decisions, Decisions…

Always remember that any degree is not a guarantee, and that leadership is “…less about analysis than about synthesis," as Peterson said “[it’s] the art of putting together the puzzle pieces that an ever-changing marketplace is hurling at you."

Your mission, should you choose to accept it, will be to fit those pieces together, whether you have the letters “MBA" after your name or not.

Sources:

Kaufman, J. (2012, January 1). The Personal MBA. . Retrieved May 5, 2014, from http://personalmba.com

Loose, T. (2013). Master's Degrees That Could Improve Your Hiring Potential. Retrieved May 8, 2014, from http://education.yahoo.net/articles/master_s_degrees_employers_want.htm

Mondalek, A., & Rogers, A. (2013, July 23). Here's What Recruiters and CEOs Really Think About the Value of an MBA. . Retrieved May 5, 2014, from http://www.businessinsider.com/is-the-cost-of-an-mba-worth-it-2013-7?op=1#!JYnsD

Peterson, J. (2013, May 14). The $200,000 Question: To Get an MBA or...Not?. . Retrieved May 5, 2014, from http://www.linkedin.com/today/post/article/20130514070419-11846967-the-200-000-question-to-get-an-mba-or-not

R., B. (2013, January 8). MBA applications: No price too high?. . Retrieved May 4, 2014, from http://www.economist.com/whichmba/mba-applications-no-price-too-high

Scholtz, A. (2006). Know Thyself. . Retrieved May 5, 2014, from http://www2.binghamton.edu/cnes/docs/gnothi_sauton.pdf

Tuition and Costs. (2014). . Retrieved May 6, 2014, from http://www8.gsb.columbia.edu/programs-admissions/mba/financial-aid/tuition-costs

Warner, A., & Polland, J. (2013, July 26). The Most Expensive Business Schools In America. . Retrieved May 5, 2014, from http://www.businessinsider.com/most-expensive-business-schools-2013-7?op=1#!JYrel