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Should I do MBA or Not ?

Discussion in 'Education, Learning, Books' started by Bhanu, Oct 23, 2017.

  1. Bhanu
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    Bhanu Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    Guys I need some help and this is the best place to ask :
    I am in dilemma currently : To do MBA or continue with current Job ?
    MBA pro:
    - I am doing business in education sector ,an MBA will add to my credentials and help boost my business in long run.(My logic is if you want to take advice for clearing SAT/GMAT you should take it from someone who has cleared the exam ..like a Harward or Stanford graduate)
    - I personally don't want to continue my Job and focus entirely on my business, but I am married and have not sold enough(through business) to sustain my family so can't leave the job.
    -Doing MBA will allow me to build network with some very bright people.
    -Work pressure on Job is increasing day by day .I am hoping MBA will ease this problem and allow me time to focus on business
    -I hate coding,Linux ,SQL blah blah and my job requires me to be proficient in these. MBA will be my escape from these dreadful stuff.
    - My business is in education sector and if I prepare for MBA I can leverage the knowledge gained from preparation for my business .Its like killing two birds with one stone.
    MBA cons
    - I will have to pay huge fees . I will be paying the debt for at least 5-7 years
    - I will have to leave the city I am living in . I love living here and don't want to go to some megalopolis like Mumbai, Delhi (40-50 million people live in these places :( ).Unfortunately post MBA you get placed in these cities only.
    - I will have to stop working on my Business and prepare for MBA(1 year). Then 1 more year for MBA degree .So I will be losing two years of business work.

    In short : Do I endure the suffocation of doing the Job which I don;t like and continue with my business or do I leave everything do MBA and start again with my Business.
    Leaving Job is not an option for me currently .
     
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  2. 404profound
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    404profound Gold Contributor I've Read UNSCRIPTED Speedway Pass

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    I didn’t see anything written about goals. What are your goals? Is the MBA a requirement to achieve them?
     
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  3. James Fend
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    James Fend Gold Contributor Speedway Pass

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    NO.

    We used to have to memorize things (aka knowledge) because books aren't really portable. Now at the power of a touch, we have access to billions of books & content. This is no longer 2500BC to 2002 (cellphone ability for data).

    Seriously, I mean look what I just said and compared.

    2500BC to 2002 = ~4500 years of how one would be "smart" by memorization
    2002 to 2017 = 15 years vs. ~4500 years

    Don't fall for the business of education. This is the same as you riding a horse everywhere vs. me just jumping in my car and driving - or - would you bring a rock to a gun fight (where they have assault rifles)?
     
  4. Bhanu
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    Bhanu Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    My Goals >> Help people in education field through my business . And once I succeed in that spread the gospel of fastlane in my country .
    MBA helps :
    - It adds good credentials to my name .This will help me in selling my product as people (specially in India) in India treat someone who has done MBA from IIMs(Indian Institute of Managemet) very respectfully . For some you are no less than a genius . Basically they will be more willing to buy education material from someone who has a MBA degree from IIMs than someone who has not.
    - It helps in improving my network .
    MBA in itself does not affect my business ,just makes me more eligible and legit in eyes of people . Someone they can trust while buying exam material .

    My Business: I am creating preparation materials for competitive exams like NABARD,RBI, Bank Probationary officers. In India you are selected in these jobs through an entrance test . I am creating material to help student clear these exams . Last year almost 2 million+ people gave these exams in India.
     
    Last edited: Oct 23, 2017
    Nik@16 likes this.
  5. The-J
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    The-J Legendary Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    Real question is, why isn't your business able to support you financially?
     
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  6. MJ DeMarco
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    MJ DeMarco Raving Lunatic Staff Member Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    Admin Post
    Most of the people here are NOT from India. Therefore you really can't trust our advice as we aren't privy to the local economic climate, demand, entrepreneurial opps, etc.
     
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  7. Bhanu
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    Bhanu Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    I have just started and doing job does not leave me with much time . I made 2000 Rs in last one year ...very little to support myself let alone my family .
    Reasons I think:
    - Product needs massive improvement
    - Marketing was lacking
    - Need to put in more efforts . I got married last year so trying to balance 3 things family,business and my crappy Job .
    But I firmly believe you will either find a way or you will find an excuse . Currently I fall in the second category . Need to work more without any doubt .
     
  8. Bhanu
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    Bhanu Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    Agree M J ..plus this is a big decision to make . However with more inputs I will be able to make better decision . I feel like standing in front of two roads and not clear which one to take .
     
  9. The-J
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    The-J Legendary Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    India is rife with opportunity. 1.3 billion population. They speak English, they use FB, they have money, and the ecommerce infrastructure has yet to be fully developed. India has broadband Internet and secure banking. They have high educational attainment and entrepreneurial spirit. India is a capitalist nation with freedom of movement and trade. There's a lot of room for growth.

    Fortunes (talking billions of dollars) are waiting to be made in India. They're already being made in India. And you don't need to be a MBA to make that money. Don't entrap yourself in debt to support a business that you haven't even proven.
     
  10. Interesting Life
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    Interesting Life Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    Yes to this. I know that people in India look at education and certifications very differently. Most people in the US that I know that have gotten their MBAs aren't really using them. They can be doing the EXACT same thing as if they didn't have it. Every situation is different though. I heard educational programs are big business in India right now.
     
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  11. Bhanu
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    Bhanu Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    Thanks !! Yes Education programme are huge in India .
    - We have almost 100 million students in India .
    - Every year almost 20-30 Million students compete for various entrance exams (ranging from Banks to railways). So a person who can teach well can earn millions of dollar.
    - There is one guy Byju if you get time you can check out his story here 2 lakh to 3300 crore: The BYJU's Classes success story .He started with 3000 Dollars and now has net earnings 507,419,082 Dollars .

    Now here are my competitors :
    Anuj Jindal:Expert in RBI Grade B Examination. Finance bachelors and Masters from Hindu College and Delhi School of Economics respectively.
    Sushil Ragade:Ex.Manager, Reserve Bank of India.

    If you see they show their degrees/accompolishment etc for attracting more kids to purchase their products . I do not have such credentials as yet . Hence my query regarding MBA. I am not going to stuck in a job ,my plan is to leverage that credential to increase my business in the long run .
     
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  12. Interesting Life
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    Interesting Life Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    This reminds me of the part in MJ's book Unscripted where he discusses Crowdfeeding Entry Violations...

    Make money off of the rush of people that plan to make money by getting an education over there.
     
    Bhanu likes this.
  13. Bdenner64
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    Bdenner64 Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass Summit Attendee

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    What do people care about? Do they care more about your credentials or your product?

    I know when I buy something I don't give a single sh*t about whether the guy selling it has a masters from an Ivy league school or is a high school dropout, I spend money on things because they are what I want, what I need. Not because some fancy prefix attached to a name.

    Show the market that you have the best goddam learning material out there and it will have no choice but to respond.
     
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  14. WJK
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    WJK Gold Contributor Speedway Pass

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    If I was in your situation, I'd find all the ways around going back to school. Where is this education available without going through the university experience and taking on the debt load?

    When I was going to school, college educations were a lot more rare and prized. Now they are a dime a dozen and the cost doesn't jive with the benefits. And yes, I have 4 college degrees, including a Juris Doctorate, so I have first hand knowledge. Now, in this day and age, I'd find other ways to get that education, even if it was one bite at a time.
     
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  15. Bhanu
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    Bhanu Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    Wow!! just realized that M J has given one of the most authentic tool to make me come out of dilemma. Use of decision matrix (from TFM) .
    Let me use it to come to a conclusion .
    Will share it with you guys if interested.
     
  16. Interesting Life
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    Interesting Life Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    He is looking to get the credential to create a more marketable product (himself) rather than to apply for a Slowlane job.
     
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  17. Bhanu
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    Bhanu Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    Yes ,thats exactly I am planning to do . Use my MBA credentials for my business . I want to move out of Slow lane race forever and feel alive !!
     
    Interesting Life likes this.
  18. FastLaner007
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    FastLaner007 Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    Basing a higher education decision on a business idea is a big no-no. What if you found a better opportunity that doesn't need an MBA or lost passion for the old idea?
     
  19. Manchild_Unbound
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    Manchild_Unbound Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    wrt to your decision:
    HelpMyDecision.com - Get Help Making Tough Decisions

    Then there is the issue of getting an MBA. You mention the pros and cons. One pro of an MBA is the professional network that you'll form in there and that truly is one of the biggest benefits of an MBA, more so than the education.

    You can network wherever you are.
    Here's some notes on Never Eat Alone by Keith Ferrazzi, a bible of networking:
    Never Eat Alone

    If, however, you feel that you can get the benefits from the things you learn, I have a thread just for you:
    How to Recreate an Elite Ivy-League MBA Education at Home

    And note, that although my thread is about online courses, they are not without networking features-- you can connect with other students. HBX CORe, for example, has hundreds of students that you can email, you can get to know each other over Facebook, LinkedIn and many others.
     
  20. Nik@16
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    Nik@16 Contributor

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    Dude . If you don't have to
    Dude .If your folks are going to pay for your B-School do it. You can make about 30k dollars teaching stuff by just working on weekdays but it's not going to be a fastlane business. Customer Retention Cost is really high in this business because if once someone is done they will never come back .
     

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