Do You Need an MBA to Run a Successful Business, or Vision?

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Do You Need an MBA to Run a Successful Business, or
Vision?

- by Todd Jensen

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Is a strong vision for your business more important
than an MBA? Should you go to school or go to the
school of hard knocks?

When the cost for an MBA ranges from $15,000 to
$50,000, you need to consider whether the traditional
MBA program will meet your needs as a business owner.

First, please keep in mind that most business school
programs are not designed to teach you how to start a
business, but how to contribute to running and managing
an existing large company. Starting a business from
scratch requires a completely different skill set.

So, why even bother going to business school?

Business school can provide you with some very strong
theoretical skills, including the ability to read and
understand financial statements, as well as
understanding market trends and economic theory. Most
importantly, an MBA program can help you develop
relationships with mentors and others that can help you
build your business down the road.

It can also give you an inflated image of your
entrepreneurial abilities.

The last thing I want to do is discourage anyone form
pursuing an education, as a college education can be a
valuable tool. If you are pursuing a career, an MBA
has been proven to help you command a higher salary.

Unfortunately, I have seen absolutely no correlation
between educational level and success when it comes to
running a business. In fact, in the last ten years I
have spent helping business owners grow their
businesses, I have never found a college education to
make a difference in business success.

The deciding factor in the success or failure of a
business owner has absolutely nothing to do with
education level.

It is the strength of the business vision.

Successful business owners have a plan. They know what
they want for themselves and their business, and they
do whatever it takes to make it happen. They have a
strong vision in front of them at all times-a picture
in their minds of where there business will be next
year, five years from now, and beyond.

If they don’t know how to read a financial statement or
run a marketing campaign, they find someone who can.
They don’t let education or a lack of education stand
in the way of growing their business.

They just do whatever it takes.

Creating a successful business is rarely a straight
path. Two steps forward and one step back is normal.
Business owners with vision are the ones that don’t get
caught in those backwards steps. In fact, they tend to
brush them off quickly, refocus, and take a bigger step
forward. Successful business owners are not afraid to
admit they don’t know everything.

This is not a trait of the typical MBA graduate.

Successful business owners are always looking to make
themselves and their business better, faster and
stronger.

If you want a career in business, by all means pursue
an MBA. If you have a personal goal to get your
Masters Degree, an MBA is a great choice. Just don’t
be surprised to find that you have a lot more to learn
when it comes to being an entrepreneur.

Find a mentor, or a business group that can help you
along the way. The best teachers are the ones that
have already created a successful business. Regardless
of how you pursue your education, just remember to
never stop learning.

Success is a journey, not a goal. Your business vision
is your guidebook.

Use it.

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Todd Jensen, “The Profit Engineer”, has helped hundreds of
business owners make their businesses more successful and
profitable. For tips and strategies on how to boost your
business success as well as increase your profits, visit
http://www.theprofitengineer.com or http://www.maxqtc.com
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