Is Real Life Business Experience Better than B-School?
I’d like to start out by saying IMHO, real-life anything experience is more valuable than what you can learn in schools. With that being said. I’d like to follow that quickly up with saying going to school, whatever it is, can help you in ways real-life experience can’t.
So which one is it?
I’ve already gone through the undergraduate degree learning all the world of biomedical engineering had to offer. Now I’m working at a start-up company in Hawaii, learning about product development, both the business side and the engineering side, as well as learning the workings of a company trying to create value in anothers investment.
On the side I’m also working to try and build legitimate businesses, mainly through the internet. The reason for building businesses on the internet is that you can more easily build assets with little to no money, just using time.
In doing all of this business building I’ve been contemplating what the potential plus side would be to going back and getting a Business Degree, possibly and MBA, through a night masters program here in Hawaii. I would continue to work at the current startup I’m at while also going to classes but would most likely need to stop building my own businesses. I do most of my business building at night, when I’d be going to class and doing homework.
So I ask you this? Would I learn more trying to setup my own businesses, learning a more organized approach, teaching myself. Or would I be better off learning those approaches through schooling?
Comments
Comment from Carlos
Time: April 17, 2007, 4:48 am
I would say the education is most important. Having a strong foundation of overall business knowledge will take you very far in the long run. Much farther I would think than experimenting.
You could go to formal classes or you could try what I’m trying, finding the classes you think you might like and then buying the books and reading them on your own. With this option you may be able to do all three - build, work and study business.
Comment from Erik
Time: April 17, 2007, 8:13 am
As you probably would imagine from reading my post I can agree with you both.
However, Dale you make some points that I really think are true. In this day and age, if you want to “move up the ladder” and further your career you need more education (or to know the right people).
If you are motivated enough and can push yourself to learn even when you are failing, you don’t need the education. (Especially if you don’t want to work for someone your entire life).
As for the education route, you do meet a lot of people and make connections during a B-School tenure. Connections that you might not be able to get yourself in front of while your off making websites.
Both good answers!
Comment from Josh
Time: April 17, 2007, 12:23 pm
My short answer, real life experience. This isn’t just for business, but anything, nothing you learn in school can ever match what you learn in life and real people (which is why it’s become a requirement to intern before you graduate).
But of course, I will admit my proud bias due to the fact I have never taken one business course. I learn by common sense, basic laws of economics, and always keep my eyes open. Sure, school is a good place to network, and yes, if you do good in school you’ll get good recommendations to start good. But I’ve so far done comparably good as a non-business student when it comes to responsibility of managing money.
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Time: April 18, 2007, 4:33 pm
[...] response to my previous article asking should I go to business school I’ve jumped full force into researching what it takes to start a legitimate business in the [...]
Comment from Dale
Time: April 16, 2007, 11:06 pm
Interesting question Erik.
IMO, the answer depends on what type of person you are in several areas: organization skills and learning preference.
If you’re organized to a degree where you know when to set your time schedules for learning, then I believe it would be better for you to teach yourself as you go along.
However, if you’re more comfortable learning in a classroom environment where there is interaction and an exchange of ideas, then going to school might be something to consider. In addition to that, B-school also gives you a tremendous networking opportunity.
There are also other things to think about:
Keep in mind that the most successful entrepreneurs of our time have not even finished college, let alone business school. These are people who were forged by business experience that no school can match. It’s like sales: you don’t learn a lot by reading a book about selling; you learn a lot by actually trying to sell.
On the flip side of the coin, there are a lot of people who earn their MBA and actually form successful companies. One could say that business school gave them the preparation they needed to increase their chances of succeeding. However, how many business school graduates have you met who have actually gone into business themselves? From my own personal experience, a lot of them get their MBA not to increase their skill set as they try to start a business, but as a leverage for a higher position in their chosen careers. This is particularly true for people who finished an undergraduate degree, joined the workforce, and then went back to school to earn their MBA.
I say go for it if you can afford sacrificing something in your life time-wise to warrant the promise of knowledge. It’ll not only help your career, but your business ventures will benefit from it as well.