Not sure if an MBA is right for me
Long time lurker of this sub, first time poster. Most people in this sub have already made the decision to get an MBA, or are considering it to further their professional careers in terms of promotions or applying to a higher paying job.
My situation is a little different. I started my own business 3 years ago, and we have been successful by most measures. We are profitable, and experiencing growth. We started with 4 employees and are now at 31. I have a very qualified CFO and a well qualified operations manager. Both of them have over 30 years of experience each, but neither have any formal education in management.
My question is whether an MBA would be worth it for me?
I studied Political Science in college, and only ever took 1 business related class. It was more of an Intro to Business, and not much else. I have had to teach myself (watching YouTube and Coursera videos mostly) how to read financial statements. I knew very little about marketing and so I have hired some people to help me with that, and I am continuing to learn. HR issues are a new topic which I have only begun to scratch the surface of.
One area I am very interested in learning about is Organizational Strategy. We are in an industry with a lot of opportunity for the service I provide, but I am not sure which rabbit hole to go down. I have read a bit about performing ROI calculations, but I still don't have a good grasp of that. Obviously I have picked up a ton of practical knowledge to get where I am now, and so I just don't know if spending the money is really worth it, or if the information I would get is too rudimentary and theoretical for where I am in the business.
Thanks for your responses.
tl;dr I started my own business and am looking for knowledge, not a promotion. Is an MBA worth the expense?
Posted Nov 23, 2018, 3:56 PM UTC
Well, there are a couple different types of MBAs:
I think it's safe to say you shouldn't be doing a full-time MBA while running your company. If it's knowledge you're looking for, it sounds like you have explored the free resources/classes available online, and now you want a little more structure. It will depend on how much of the "classroom" environment you want, as well as what schools are close to you. A part-time MBA or an executive MBA would have that in-person environment and engagement you might benefit from, but if you live in North Dakota, you're not going to find a good program nearby, in which case online would be a better option. If you have a good program nearby, it isn't too much of a commute and you don't mind the restriction of actually having to be in class at a certain time, you may find a part-time or executive program a good fit and it will provide more networking (even if that isn't your primary goal it's good to have the option). Otherwise, an online program sounds best for you. Good luck!
Rollins College (in Florida) is very near to where I live, and I have been considering their Executive Program. I have also been considering an online option. However considering that an online only program is at least $30,000 and the Rollins in person program is $60,000, I would rather do the in person program. I am just not sure I am going to get $60,000 in value out of that experience.
Why not hough? Higher ranked program, but also ~18k a year instate.
Edit* Warrington technically
Edit2* Thought you were instate for FL. Still a fairly inexpensive program.
I am not sure I understand your question, but during Undergrad I did much better in class than online. And I want to get as much out of the experience as possible. I got the impression that online programs were more to just check the box, and not so much to learn.
The question is, why not a better program that costs less? I think you're conflating the real value of an MBA. Although I share your sentiment with online programs, KF/Smeal/Cmu? (I think they have one) will better prepare you for entrepreneurship.