My Introduction and Dilemma

[youngG]

Hi Everyone,

I just recently finished the book during my trip to China. I took this trip because my cousin was getting married over there but really I just needed a break and take some time to reflect over my life. I'm Chinese and just turned 26 BTW.

When I was reading the book, I couldn't stopped reading because it clicked with me on some many different levels. Especially about the part talking about money in relations to time (reminded me about the money In Time). It made me really value my time now that I came back (cutting off TV, video games and even porn) and I started to read more and take time to learn life skills such as selling and marketing. Before I was just wasting my time doing nothing productive and half-assed my businesses.

I graduated at the height of the recession in 2008 so the job market was pretty much dead. At the time in college, I was already making pretty good money buying/selling/repairing Apple related products like iPhone and Macbooks. My ex suggested I should do real estate since it was just like what I was doing but on a bigger scale. So I got my real estate license at year. During that time, I started to read investment/financial books like "Rich Dad Poor Dad" and believed that to accumulate wealth, real estate was the way to go instead of the traditional investments like 401K and stocks. I still believe it right now.

Soon afterwards, I got my loan officer license as well by working as a loan processor for a mortgage company for about 5 months. I did a dozen of transactions for each area but still didn't have the motivation to hustle. Basically, I wasn't going out everyday to chase business instead letting the business come to me. Soon enough, I went into the insurance business as well because I heard the residual income was good once you built up your clientle. I got my license, received some training and started my short-lived time as an insurance agent. They don't tell you the hard work you would have to put out initially to actually make the business work.

It was during that time that I discovered Internet Marketing which sparked my interest because of the possibilities it has. My boss at the mortgage company exclusively used IM to get leads for his company. So I believed its power. I sunk my teeth into it as soon as I could learning everything from building WordPress websites to doing SEO. I built up several sites as well as created marketing company that deals with small businesses(got it ranked first page of Google for local SEO keywords). I started prospecting and saw little results so my confidence has been taking quite a few hits. I know it takes a while to get things going your way. Mostly what I don't have is the experience and making enough mistakes that I can learn from.

Seeing my non-results, my mom questioned my ability and told me that I need to get back to school for MBA so I can get a decent job. She knows I want to start my own business and supports me but she thinks I don't have enough experience to start it. In her opinion, I should work under someone else for a few years and learn from them, then I can start my own business. In a way, her opinion is valid but I just hate working under someone else.

I talked with my uncle in China who's a businessman. He told me I should start a business in one of two ways. One, work for a US company that is looking to expand in China. Then work hard enough to have them send you over to China as their company representative. Develop relationships(guanxi which is really important in China especially in business) with other important people in China. After a few years, quit and start your own company. Two, start a small company and undercut big company's price to get business in the beginning. Once you established your company as the go-to company, increase the price and expand.

Here is my dilemma, my parents will pay for my MBA as long I get in and look for a job afterwards. In the beginning, I resisted the idea but I'm kind of sick of complaints and arguments with them. MBA does grant me the ability to network with other students and maybe create a valuable product/service in the process. On the other hand, I'm starting to put my heart on learning how to sell and taking steps to learn that skill for myself. Through that I'm looking to build my business as a SEO/internet marketing consultant.

I'm conflicted about this situation. Anyone has any insight/opinion on this particular situation?

 

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[theag]

I think we are in comparable situations, although you are a few more years down the road (I'm 1/3 through my bachelor right now).

From what you describe, I think you are mainly lacking focus, because you are switching from thing to thing a lot (I was the same in the last 1 year so not in the optimal position to give advice, but nonetheless...).

Concerning internet marketing you probably know that there are a lot of people trying to make money with it so you have to invest a lot of time and effort to make it. I read a great thread on this on BHW a few days ago (not sure if sharing it here is ok, please remove if it is not): http://www.blackhatworld.com/blackh...l-always-fail-no-matter-how-hard-you-try.html Right know you seem to be the type A he is describing and need to turn into type B. So if internet marketing is what you want to do you should give it a few more trys with a positive attitude. Even I you dont strike it big with IM, the knowledge you gain wont hurt you in the future as it is and will be very valuable.

Concerning your MBA: I cant really comment on that from my own experience, because I dont have an MBA or the opportunity to get one, but from my point of view of being at university for 1 year now I can say that being here is only holding me back in my entrepreneurial efforts and I'm not sure if I will finish my degree. This depends on how my projects will be going in the near future but I am almost sure that I will quit if a project turn out to me successful enough to at least cover my living costs and provide me with enough savings for a few months (right now my dad is paying for my living costs, which I honestly dont like at all).

In my opinion an MBA is a great thing, but probably not for an entrepreneur. Sure, you will make a lot of great connections, but that is maybe the only value you will get out of it. An MBA is the corporate way.

Until approx. 9 months ago I was determined to become an investment banker, work 2-3 years as an analyst, then get my MBA to be promoted to associate and eventually get into private equity. On this track an MBA was almost a prerequisite to advance, so I did a lot of research on MBAs (yes, even if it was still a few years till I would get there). When I read about different programs the consensus on the boards and from talks with people who have MBAs from prestigious schools (HBS, LBS, INSEAD, etc) I found it to be true that the connections you make and the pedigree that comes with an MBA are really the only value you get out of it, as the coursework is mostly stuff you wont need in real life (as most of the stuff at university, probably). But if you want to be an entrepreneur nobody cares about pedigree from prestigious universities, and if you spend 2 years working on entrepreneurial efforts you will probably make even better connections as they are more related to what you are doing (as most MBAs pursue careers in consulting, banking and other big corporates).

So much for my 2 cents, I'm sure there are people on here who can give better advice based on more life experience. Speed+ for your thread.

 

[healthstatus]

Do you NEED your parents approval. If yes, then do what they tell you to do. If you like it, but can live without it, start being in charge of your life.

 

[Noel]

Hi Young - firstly let me commend you on your respect for your parents. That's a core to your being and will sustain you. Already you mentioned many things that I got tired or exhausted reading. MJ mentions in the book that when you always follow what is popular he always did the opposite. A big lesson to think about. You don't sound ready to do the right thing yet. I strongly believe you will get there. At this time in your life focus on your family and if it makes them happy for you to do the MBA it still does not stop you learning or applying or doing Internet business? When younger I worked 3 jobs to achieve what I needed. I had young children. I had debt and a mortgage. I worked till I sorted all this and I also studied at same time. Now I am able to fastlane. Time and circumstances make a marked difference. Just decide and plan and stay motivated. Good luck.

 

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[MJ DeMarco]

How about doing what's going to make YOU happy?

 

[DeletedUser2]

How about doing what's going to make YOU happy?

Will an MBA make YOU happy?

 

[youngG]

Thanks everyone for your insights and opinions.

I think my biggest problem is that I lack focus like theag said. I have been indecisive in the past and as a result I have been lazy because I have no direction.

I have decided I will give MBA a shot and I'm in the process of preparing for GMAT. You know what? After I set that goal for myself, I felt instantly better because I feel like I have something I need to accomplish. This in turn made me consider setting goals for myself in every part of my life including: wealth, relationship and health.

While studying the GMAT, I will continue my Internet Marketing business to make side income. I realized before that I wanted to avoid failures because they strike blows to my ego. Now I think that's just part of life and failures will help me grow as a person.

As for the question for what makes me happy. I think my happiness comes from accomplishing the goals I have set for myself. Not from result oriented perspective, but a point of actually taking actions. A form of self-validation.

Thanks to everyone to who contributed to this thread!

 

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