More people than ever say they want to start their own business. This is partly due to the increasing disillusionment with climbing the corporate ladder. Past financial crises have made the reliability of steady jobs less certain and gainful employment has become hard to come by. In addition, the percentage of college graduates is at an all-time high. This means that the workforce is oversaturated with educated young professionals. Skilled workers have more reason than ever to go it alone as an entrepreneur.
Many recent young grads are unsure what career direction to take. Similarly, experienced professionals looking for a change, may not know the best way to pivot their careers towards entrepreneurship. That’s why going back to school can be an attractive option for people who want to pick up the skills they need to start a business. You can learn to network with like-minded professionals, and become more desirable to investors and employers.
Is business school for you?
However, going back to business school is not the right solution for everyone. It can cost upwards of $200,000 and lasts several years. This is a tremendous amount of time and money that some argue would be better spent starting a business. In addition, many of the skills necessary for running a business can only be learned through hands-on experience. Business school can help you learn more about small business accounting and marketing, but the drive and versatility required to start a business are harder to learn.
It’s important to consider what you hope to gain from going back to business school and if that’s really worth the cost in time and money. Depending on your current skillset, assets, and which schools you can get into, you may find you don’t need an MBA to ensure your business’s success after all.
If you’re still uncertain about whether you should get an MBA or not, check out this helpful infographic below by our friends at Fundera.