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Get an MBA to expand connections or save-up to bootstrap first business?

Fast_LAne27

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At the moment, I have very limited connections and limited cash too, so wondering the best way to make use of such initial capital.

I'm 23 and badly need great advise.
 
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adoredunchin

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HelpMyDecision.com
 

theag

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Definitely MBA and minimum 10 years work experience. Otherwise you wont make it as an entrepreneur.

But seriously, MBAs are worthless unless you go to a top school. So, if you're accepted into HBS, do it. If not, get to work on your business.
 

Lex DeVille

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At the moment, I have very limited connections and limited cash too, so wondering the best way to make use of such initial capital.

I'm 23 and badly need great advise.


Do you really have limited connections? Do you really have limited cash?

Or is your mindset what limits you?

What kind of connections do you think you need to make?

How much cash do you think you need to have?

Do you badly need great advice, or can you start today and learn?

What skills do you have? How can you connect those skills with somebody else's problem to solve it?

What are you trying to accomplish anyway?
 
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obrian

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it seems like you have a long way to go my friend,the first thing and one of the most important things i would advise you to do set some goals what do you want to achieve in the nex 6 months, a year a decade from now that's really important because if you don't know where you going in life it doesn't matter because you are just gonna make life push you around like the other 95% of the world population.22AC-THE MOST SUCCESSFUL=HISTORY副本.jpg
 

ZCP

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Sign of a great entrepreneur is the ability to throw their hands up and say they are totally limited with no shot and then ask people on the internet to tell them what to do.......
 
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Blkmagic19

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I went back and forth on the decision to go for a MBA or not for a few years in my mid 20s but ultimately decided not to do it because I had no desire to be in corporate for the long haul. A couple of things...

1. You're 23 and probably don't have enough work experience to get into a MBA program worth going to.
2. MBAs are generally for people that want to be well paid cogs in the corporate machine.

If your end goal is to be an entrepreneur, skip the MBA and start working on your business NOW! If you want to be an executive in corporate America, go get a MBA from a top 25 program in a few years. As for what to do right now, if you're broke, get a job that pays enough to cover your living expenses and leaves a few hundred dollars a month to invest in your entrepreneurial venture. If that means giving up nights out with friends and moving home for a year to have enough financial freedom to see your idea out, do it! Once you have some success with a business that you're building, you will make a very attractive MBA candidate to good schools, should you decide to go that route in the future.
 

Fast_LAne27

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Thanks guys for your responses. Glad to see some wise folks putting their comments and that's the reason I did not hesitate to post my question here.

To give you a bit of background, I'm a business graduate and been working for a Silicon Valley based E-Commerce company for almost 3 years. A huge chunk of my savings (though not that huge) are currently held on equities and real estate and I'm pretty willing to take all of them out and put into better use (not blindly though, that's why I've been accumulating knowledge for the past few years and now, seeking wisdom from entrepreneurs here). When I say very limited connections, I'm surrounded by either hitch-hikers or slowlaners, and some professionals that doesn't complement my skill set which are finance, operations/supply chain and technology. I want someone on my team with great marketing, sales, and human resource background. I have a fastlane mindset and business idea, just seeking advice from people who've been there regarding connections and education..
 
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Shirley

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Hi, it's good to know someone is going through the same decision as I am. I read MJ's book about 3 years ago, and it completely changed my outlooks on career and entrepreneurship.
I have dual degrees in business and engineering, and have been working for 3.5 years. I have had a series of business ideas, but realized that I lack partnerships, capital, and the experience to get any started.
I'm also surrounded by slowlaners, and it is not motivating at all. I have tried networking without much success.
Therefore, I have decided to apply the top MBA programs in the country for 2017 admission, at Stanford, MIT, and Berkeley.
This seems to be the best way to network and find partners. The cost of any of these schools are about $100k per year, but lots of opportunities for fellowship and other type of aids.
I have experience in the automotive industry, mainly responsible for domestic and international strategic sourcing.
 

Get Right

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I like MBA's, I hire them all the time (even the Ivy league guys). I don't understand what they teach however - you would think all MBA's would come out and start awesome businesses (but they don't).

So my personal preference was to take the 200k and invest in myself and fund my first few businesses. I like to think I got it right.

BTW - One of my long term goals is to get an Ivy League MBA. For fun. And guess what will pay for it - my businesses that I started without an MBA :)
 

Fast_LAne27

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Hi, it's good to know someone is going through the same decision as I am. I read MJ's book about 3 years ago, and it completely changed my outlooks on career and entrepreneurship.
I have dual degrees in business and engineering, and have been working for 3.5 years. I have had a series of business ideas, but realized that I lack partnerships, capital, and the experience to get any started.
I'm also surrounded by slowlaners, and it is not motivating at all. I have tried networking without much success.
Therefore, I have decided to apply the top MBA programs in the country for 2017 admission, at Stanford, MIT, and Berkeley.
This seems to be the best way to network and find partners. The cost of any of these schools are about $100k per year, but lots of opportunities for fellowship and other type of aids.
I have experience in the automotive industry, mainly responsible for domestic and international strategic sourcing.

Hi Shirley, great to hear your thoughts and plans. But have you ever considered that once you complete your MBA, your job will give you a really high pay and stability (i'm assuming you'll still be working while taking MBA) and the decision to leave it and start your entrepreneurial venture would be much harder?
 
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Growth & Learn

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Personally I would bootstrap and put your time, money, and energy into your business. Just make sure you allot your time properly.

You'll learn way more from actually doing real business. Amazing things happen when you have to actual come up with real solutions to business problems as opposed to discussing theoretical problems in school.

I really enjoyed college and even went to an 'elite' college. Sure I learned some good stuff but If I was starting over now though I wouldn't have spent all that money on college.

Instead I would have immediately built a business, invested my time in learning how to market it. I also would have found a couple legitimate mentors who were already doing what I wanted to do and built relationships with them.

Which reminds me…I need to find more mentors now! Never stop learning.
 

Shirley

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TheKing,
Yes, I have thought about that possibility after completing the degree. But my ultimate goal is to work for myself, instead of being employed. By being in one of the top programs in the country, I'll hopefully find cofounders to kick off the venture
 

Growth & Learn

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TheKing,
By being in one of the top programs in the country, I'll hopefully find cofounders to kick off the venture

Let me save you $25,000- $75,000 per year. Start going to networking events in your area. Do this regularly for a year. Build your connections that way. You don't need to go to school to find cofounders.
 
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Choate

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I meet tons of chicks from top business schools on TInder and OkCupid. Regularly go out on dates and most of them I just remain friends with. Its just a matter of putting yourself out there. Thought I'd throw this out there for shits and giggles...

On a serious note, I would read The Personal MBA by Josh Kaufman. There's also other MBA books out there. The knowledge you can teach yourself is going to be infinitely more powerful than the limited course information and constraints you place on yourself by taking it to a classroom. Wasted time commuting, wasted time waiting for other students to catch up, reviewing information you may already know, opportunity cost of using the time for other means, money, etc...
 

Shirley

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I have tried local networking without much success, the majority of the population are slowlaners
 

Shirley

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On another note, a 2 year peogram is pretty short, and I know lots of women candidates who got into the top programs with full ride, and that's what I'm aiming for. I agree that it's true that entrepreneurs aren't necessarily born in schools like Stanford, and not all graduates from top schools end up starting their business. But if I could do it with low investment, I don't see why not.
 
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pickeringmt

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To me, the MBA route is basically a subtle way of saying you aren't really serious about being an entrepreneur.

Im not saying this to offend anyone - God knows there are plenty of entrepreneurs out there with MBAs that put me to shame.

But saying "this or that" is basically saying "do I commit to making this work, or do I go to school for several more years to really build a plan B if starting my own business doesn't work?"

There is really nothing that an MBA will add to you that you cant do yourself if you are committed, and that money could be spent in a much more focused and intelligent way if your goal is to be an entrepreneur. You could buy a decent eCommerce business for that kind of money, or spend the money to build your own.

Just my opinion.
 

Fast_LAne27

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I meet tons of chicks from top business schools on TInder and OkCupid. Regularly go out on dates and most of them I just remain friends with. Its just a matter of putting yourself out there. Thought I'd throw this out there for shits and giggles...

On a serious note, I would read The Personal MBA by Josh Kaufman. There's also other MBA books out there. The knowledge you can teach yourself is going to be infinitely more powerful than the limited course information and constraints you place on yourself by taking it to a classroom. Wasted time commuting, wasted time waiting for other students to catch up, reviewing information you may already know, opportunity cost of using the time for other means, money, etc...

Thought about it too. Been self-studying for the past few years and felt more control than before when I was in the academia..
 

Johnjohnson

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On another note, a 2 year peogram is pretty short, and I know lots of women candidates who got into the top programs with full ride, and that's what I'm aiming for. I agree that it's true that entrepreneurs aren't necessarily born in schools like Stanford, and not all graduates from top schools end up starting their business. But if I could do it with low investment, I don't see why not.

Let me save you 200k. The vast majority of top MBAs head to F500 management for high paying careers. Very few even consider starting a startup, as it would ruin their chances for F500 because they only recruit people straight out of graduation. About 100% of the startups you hear about at these schools occur among undergrad students only. Also, 40% of HBS is female. Being a woman doesnt help THAT much.
 
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