MBA diaries: B- Schools - The place to be for Entrepreneurs

When we think about the top successful entrepreneurs the words like MARK ZUCKERBERG, STEVE JOBS, RICHARD BRANSON, BILL GATES etc comes to my mind.

But surprisingly none of them had an MBA degree, most like them were college or school drop outs. They were the creators, innovators who challenged the management mainstream with their revolutionary ideas and gave us a better world to live in. It’s no coincidence, as their stories of world-changing innovation and industry transformation follow a similar trend: one or two college drop-outs work around the clock on an idea that most people dismiss early on as trivial or unremarkable. This is usually followed by a breakthrough and massive, global success.

I very rarely read cases where MBA's who made it as a successful entrepreneur. Even non mba entrepreneurs the MBA graduates are stereotyped as business stoppers rather than growers because of their text bookish knowledge and limited thinking

Why most MBA's (Even Me) are reluctant to become entrepreneurs?

A student who has chosen MBA as his career destination is bounded by various things. Going to business school requires sacrifices: there’s the opportunity cost of getting less actual work experience while you’re in school and the potentially significant debt of school itself. And then there’s the perception that MBA students at B schools are risk-averse people looking for the next big brand to add to their resume – a safe, well-paid job.

My views differs(I hope to implement them too)

1. You can always Learn from role models via case studies, frameworks, and colleagues.

Cases like that of Steve Jobs, Bill Gates, Branson always tell us the stories and give us a chance to fell how it feels to be in their shoes. Case studies might help us learn how others have succeeded and help us build confidence in your problem-solving abilities.

2. Benefit from the collision of different disciplines and culture.

Like i have mentioned in my previous blog that MBA contains a mix of diverse people with various backgrounds. A doctor, an air-hostess, a bio engineer, a IT professional and list goes on.

Breakthrough innovation often happens at the intersection of industries. The bio technology revolution that has fundamentally changed the world over the last few decades is a good example.

Outside thinking, perhaps from a related industry, brought into a new context can have a similar impact. A standard approach in one industry might affect real, positive change in another. Areas like self-driving cars, where software meets auto technology, are very exciting examples. Earning an MBA provides a number of opportunities to apply new ideas or approaches from different areas to solve problems and drive innovation.

3. Resources and network

You can’t overstate the positive impact of having access to global experts on pretty much every major discipline, all within one campus. Having these types of resources on hand is incredibly valuable. My university had got almost all disciplines imaginable, for some it may not be that good, for me i think its a great hub for ideas, networks and innovations

Also, the network and brand of a good business school gives you easier access to acquiring some of the most important ingredients for any new company, including capital and talent.

4. Space to be creative

Taking a break, having perspective, and giving yourself time to think is critical. To come up with big ideas, you need to step away from the day to day. The academic environment provides the opportunity to think big about solving big problems.

5. A safe place to fail

Failure is an important part of every entrepreneur’s journey. Being in B school provides an ideal environment to test ideas – and fail with less-harsh consequences. Over time, this type of learning helps entrepreneurs hone their decision-making capabilities and build confidence.
B Plans competitions give a perfect platform to bring forward your own ideas.

Don’t disregard the possibility by thinking business school isn’t a place for innovation. On the contrary, business school is the just the place to be exposed to inspiring people, powerful ideas, and creative thinking in an environment that encourages experimentation and new ideas. Essentially, it’s a proving ground for up-and-coming entrepreneurs.