Few people have been asking a question repeatedly that Do I need a business degree to start a startup.
Advantages of having MBA:
Let me give an example; We use to follow traditional waterfall model for software development until yesterday. However, Agile is the king today, Agile or Waterfall is just a methodology/process to execute a project; These methods are not one of the chapters from Bible or BhagavathGeetha. Apparently, every process has a limitation to handle. I would say you can define a sophisticated process than Agile either.
The point I would like to make here is: MBA is a process to learn if you know the process you can execute in a better way from the day one otherwise it may take few days to learn practically and execute.
Let me give one more example
If you pick a template from the internet to write a business plan, it could be generic but if you design on your own, it should be a right fit.
My point here is having MBA would provide you a generic business theory but you need to understand your startup practically to plan and execute well.
How does MBA help?
A degree contributes to apply for a job, it helps to increase your confidence level, and it helps to get filtered in the crowd.
Essentially, a piece of paper is creating a lot for your life. The same piece of paper helps you get social reorganization. Well, let me ask you a straight question. What is your academic curriculum? How much do you remember? Are you doing a job and making money based on the same course?
Except for the people, those who are in teaching profession the answer should be NO, how do academics help? Since the degree is being accepted by everyone in the society, it has value right? Since everyone is recognizing, you are feeling proud right?
If you don’t have that piece of paper and still you want to prove what you are? Go ahead; your confidence is your degree. Consequently, you decide how a degree does help in the life; I hope you should get the answer.
Theory vs. Practical:
Theory or Practical what is first? Chicken or egg which is first? To me, practicality is first because no book is published based on imagination except novels and story books for kids. Let me bring a point here, we all are following few intellectuals blindly. To my knowledge,
The academic curriculum is following something blindly, You agree or disagree, this is the fact.
The majority of the people are not thinking new because no time to innovate, not interested to find something new. Consequently, the point I would like to make here is, having MBA in business is an added advantage not mandatory.
Do you think, Bill Gates, Mark Jukeburg, Steve Jobs and much more?
It is just mindset:
For instance, you got promoted to a MANAGER from LEAD. One fine day you will come to know that you are a manager. Do you think you got all the capabilities to become a manager overnight? NO, by seeing the promotion letter you will start thinking as a manager.
What happened here? You don’t know about your skills unless someone is certifying you.
My point here is: It is just the mindset if you mentally prepare that you can startup, how does MBA degree matters?.
Every business is different, the strategy and execution should also be different. However, as an entrepreneur, no one bothers about what MBA program you have completed.It is all about execution and having the right knowledge and skill set to build and lead a company. I am sure no MBA program teaches you how to write a business plan, how to develop a marketing strategy for your new startup.
Also Read: How to develop an entrepreneur mindset
- Having an MBA is an added advantage. However, it is not mandatory.
- Having MBA is easy to be recognized by a common man. A real Entrepreneur will know the real difference.
- To my knowledge, your dedication, passion, and patience are the qualifications.
- Every business is different, business strategy and execution are not generic things to learn from books.
Also Read: A Report on Indian startups