On Mon, Sep 8, 2008 at 12:51, EddieN wrote:
… On another thread here, we were talking about the merits of getting an MBA. I wonder, could getting such formal education ever help one to develop the mentality necessary to go from zero to being in the top ten richest people in the country? Eddie
any idea how many MBAs they have working for them? i wonder how it would be possible to understand, evaluate and successfully act upon the dreams of the founders. they may not have MBAs, but i sincerely doubt they could be this behemoth without a lot of support from people who have been formally trained in all disciplines. it would be like relying on self-taught programmers, unless you’re suggesting that a simple bachelors in computer science is sufficient for the incredibly high-level / complex systems they’re dealing with. any upper-level formalized education is simply a shortcut for experience. you’re basically learning from lots of other people’s mistakes and successes. you can get that on your own, but, opportunity cost says that there may be better ways. as in everything else, you get out of something what you put into it. an MBA is not a panacea, but it can be an accelerant. i know that i learned things in my MBA that either i would never have been exposed to or would have been very expensive lessons to learn were i to try it on my own.though, i’m not sure how that question is relevant, there will always be spectacular successes and failures from people with and without graduate level education, looking at the outliers exclusively is misdirection. here’s a little article that talks about some of the ROI for an MBA:
http://www.financialdominance.com/category/mba/ and one talking point: The overall return on investment (ROI) for an MBA is 177% (assuming only 10 working years after graduation). these numbers are pulled from surveys and hence, much more relevant to the average person than outliers like google or microsoft. some additional background in a research paper from the Graduate Management Admission Council (GMAC):
http://www.gmac.com/NR/rdonlyres/6B81E15E-0A57-4E84-B39D-E3B57483B4BD/0/RR0616_ValueAdded.pdf here’s a little series on how to choose an MBA program, a pretty good little read:
http://cashmoneylife.com/2007/08/08/im-researching-mba-options-introduction-to-a-series/ is an MBA necessary for an entrepreneur? not even close.
will it help me in my business? not likely immediately.
should i hire someone with an MBA? only if you’d hire the same person without that MBA (as in, don’t hire just because of piece of paper). my 2 bits, hth
randy – Randall Noval