Doing business without an MBA. Is it possible? If so, how successful can one be without a business degree? Many people have asked me this question many times. Today, in this post, I want to discuss about doing business without an MBA degree.
I value education greatly for myself. And it’s one that I value for my children as well. I believe that education is one thing that I can give them that will not be taken away from them. Education is “power” that can not be depleted. That is why it is not a problem for me to invest in anything that will make my children better persons – good school, sports, music, etc. Education is the one gift that will last them a lifetime. My son learned how to play the piano but stopped after some years when he was 13. He didn’t touch the piano for 4 years, but now, he plays beautiful music and plays the piano whenever he wants to. I believe that anything you learn will always be with you. And it can make it easy to learn similar and related stuff – my son now plays the saxophone and the guitar as well.
But do I believe that MBA is necessary for one to become a successful entrepreneur? Not having a university degree but being a successful business entrepreneur, I can say that doing business does not require, not only an MBA but any degree for that matter. Bill Gates. Steve Jobs. Mark Zuckerberg. And some others. They do not wear square hats but we all know who they are now.
Of course, we can not discount the fact that there are a lot out there who do not have the Business School diploma and are not successful.
But then, the question I have been asked is how come I am successful even though I don’t have the MBA? My answer is why should I need one when I am already successful.
What I am saying is that it is not a pre-requisite. From my experience, I have proven that learning the trade is more important than learning the theories. I have applied this to my own businesses, and I have been successful. What are theories for if you are not able to apply them? What are theories for if you are already applying them even without you knowing it?
After being successfully running food, real estate, home building and dollar franchise businesses without any MBA to bank on, I can confidently assure you guys that there is absolutely no need for it. What are the pre-requisites to me then? Clear vision and mission, determination, motivation, hard work, positive tunnel-vision focus, drive. You don’t need to start small. Start with something that you can manage and sustain. Don’t swallow more than what you can chew. Get experience. Educate yourself. Learn from others. Most importantly, allow your experience – small successes to big failures – teach you.
I used to feel really ashamed of my lack of education about 20 years ago. I remember my BFF used to reassure me, “Those with university degree knows things you don’t but you know lot of things that they don’t know.” It took me over 10 years to actually understand this line… 🙂
But then, if I could have both, why not? I was told this line by a famous educator, John Dewey: Education is not preparation for life. It is life itself.” I am still alive so I continue to learn. And will only stop when I stop breathing.
As for my kids, I will make sure that they have the best of both worlds to the best of my ability.
Great message and so true. But you forgot one thing. And I’ll bet you know this. You gotta know what you don’t know. If you don’t know that you are sunk.
Yes, Steve, that’s true. Not knowing what I should know pushes me; as it pushed me then.