Originally Posted by nateo
If you want to start your own business, do it. If you do, no one will care where you went to school, what your degree was, or how you did on the GMAT. If you don't have/want a life, start a business, because it will be your life. If you want stuff like "friends" and "free time" then don't start your own business. I haven't had a day off in years, and the only person I ever talk to is my wife. You'll likely make a whole lot less (cash) because you'll be building your business. So prepare for a massive short-term pay cut if you go that route.
If you just want show up and get a check, stick to your current plan. Get an MBA and get a cushy 9-5 job.
This is very true... owning your own business(businesses) is a different lifestyle than that "stable" cushy 9-5 job ha. However, entrepreneurs live the life most people won't so they can spend the rest of their life that most people can only dream about.
Here's my 2 cents if you should get an MBA or own your own business...
little background about me is that I'm a young entrepreneur and I also work part-time at a well-known commercial bank in Silicon Valley.
MBA FOR DUMMIES
This is a hot topic by the interns and fresh out of mba/undergrads at the bank.
One time I witnessed a heated discussion between interns, current bank associate (undergrad completed), and a VCRM (venture capital relationship managerment) director.
The interns and bank associate discussed possible B-schools to go to and asked the VCRM director: "Is it worth it?" "What about if we start our own firm?"
I think if memory serves about right... he said, "If you want to get promoted and work under someone then yeah go for it. If you want to have your own firm, not necessarily... won't hurt though."
Summary: If getting your MBA equates to a promotion that you want, then go for it.
YOU'RE THE BOSS
If you want to set up your own firm, then it's not entirely necessary to get an MBA.
As someone else noted about Silicon Valley, it's true that most successful entrepreneurs don't have a graduate degree (or degree). I know several successful entrepreneurs in different industries.... one's about to IPO soon ha. That said, the guy hasn't had a Friday off in 5 years... probably 7 years because that was 2 years ago when I talked to him.
One of the best life advices I received was from an Italian menswear business owner... "Don't get caught up in these benefits or salary, unless they're offering you a million dollars, say no! Be your own boss first!"
So if you're not committed 100% PLUS the extra 10% then watch out... the ones that are will take your business, your paycheck, and own up to being a boss. If you're gonna half-ass it, you're gonna get half-ass results.
Wanna be a better boss? Better business owner? Better get at it... practice makes perfect.
However, not all businesses succeed-- such is the gamble you take! :P