“Should I get an MBA?“
It's a question I get asked often.
Straight answer – for most people, an MBA is a waste of time!
The cost ranges between $40,000 to $150,000 for a 2-year program.
Most MBA programs require you to trade your employment for the classroom for a couple of years.
The opportunity cost, both in terms of time and money is forcing the question – what are the alternatives to an MBA degree?
The two most valuable components of a business school program are – curriculum and network.
If you can substitute those two factors in a smart and intelligent way – you can gain a lot more experience, street smarts, credibility and focus in the areas of business management you want to improve.
The following 5 resources are ways for you to invest in real-world education versus theoretical classroom training. None of them will cost you a six-figure sum or take two years to master.
Want Free Tools To Help You Start A Business? Click HERE to gain access to all the resources I used.
Before we get into the alternatives, let me clarify that graduate programs are helpful for some of you.
What Are The Incentives For Joining An MBA Program?
- An MBA is a credible and accepted international degree that justifies your abilities to an employer.
- In most corporate circles, it increases your chances of getting a higher compensation and a promotion.
- It offers to teach new business skills which increase your chances of landing a better job.
- A business school provides networking opportunities.
- Two years in a business school is a safe place to figure out your next step in life or work.
Who Is It Useful For?
If you are in the corporate world and you intend to stay there – an MBA is a smart choice to give your career a boost. Alternatively, if your education is paid for through a government grant or your current employer, a graduate school program is probably worth your time and effort.
However, for most people, an MBA is a waste of time.
Often, it's the lack of information on alternatives to an MBA that drives people to enroll in a graduate program. Some of the lessons I learned from my MBA degree were great in theory, but nothing taught me more about business than trial and error in the real world.
Here's a list of 5 alternatives to consider instead of shelling out a six-figure sum for an MBA:
MBA Alternative #1 – Free Online And Offline Resources
Spend 30 minutes a day learning on your own.
A good business school delivers two main values – quality educational content and a network for future business opportunities.
Information is no longer monopolized by universities. Search engines and various knowledge providers offer the same content for free.
Accessing content is simple. There are online courses such as OpenCourseWare or Coursera. You'll get to watch university lectures at no charge.
Prefer to hear stories from current and past successful entrepreneurs?
Listen To Podcasts
Learning on the go is easy with an easily accessible list of podcast interviews and talks. Here are two of my favorites:
- Entrepreneur On Fire: Listen to John Lee Dumas chat with inspiring entrepreneurs.
- Mixergy – Learn lessons from successful startup founders.
Read Books
Abraham Lincoln studied borrowed law books to pass the bar exam. A few classics to help you improve key skills:
- The Ultimate Sales Machine – Chet Holmes
- The Law Of Success – Napolean Hill
- The Mind And Heart Of The Negotiator – Leigh Thompson
- Influence – Robert Cialdini
MBA Alternative #2 – Specific Education Resources Online
I am not referring to online MBA courses. For ongoing value, sign-up for an ultra-specific resource based on your desired skill set.
For instance if you are looking to transform yourself into a man who is not only successful in his personal image, but also in business, his carrier and work, then consider joining a superb webinar where you will learn all this from top-notch experts that will share with you their keys to success.
Best of all, this webinar will get you moving on a definite path that will change your life.
Want Free Tools To Help You Start A Business? Click HERE to gain access to all the resources I used.
MBA Alternative #3 – Hire A Coach Or Find A Mentor
An experienced person can teach you more than what you learn from a degree. Their real-life experiences can shape your own journey of success.
Top athletes hire coaches – to correct them, keep them motivated, give structure to their training and systemize their routines.
A coach will make time to specifically train you but you will have to hire the right coach.
Mentors, on the other hand, are usually not paid. Think of them as a guide – someone who has walked the path and can show you the way.
A person who has already reached a position that you are working towards achieving.
In your quest to find a suitable mentor, meet and talk to as many leaders in your industry as possible. Ask them how they got to their current situation, what resources they recommend and what books they would suggest you read.
Make sure they are willing to spare time to meet with over lunch or coffee on a regular basis.
MBA Alternative #4 – Join An Organization That Develops Leaders
Real leadership is developed in the real world.
You can make a deep impact on communities by joining the Peace corps or the Salvation Army or contribute to the military's progress by joining the Marine Corps.
Whether your mission is to promote understanding between American volunteers and the communities they serve or to win battles for the nation, you'll quickly learn that a leader leads from the front and you always lead by example.
You may have to take a pay-cut and put off lucrative careers in other industries, but joining one of these institutions is a great alternative to an MBA.
The values you make part of your internal system through your experience with one of these institutions will guide you for decades.
Instead of relying on a business school education to help you succeed, you start to practice skills that make a tangible difference. You get to participate in projects that show your ability to impact in the real world, by working on practical problems.
MBA Alternative #5 – Start A Business
I highly recommend starting your own business – no matter how small.
Entrepreneurship as a subject has been added to many MBA curriculums in recent years. But you don't need to spend two years stuck in class and foot a hefty bill for tuition to get started.
For valuable lessons that can't be taught at school, you need to stop dipping your toes in the water and dive right in.
Operating a business is going to expose you to marketing, advertising, finance, accounting, operations, strategy and management. Key skills you may not get to learn through a fixed curriculum.
You will most likely fail initially, but stick with it and you'll get the hang of it.
It took 5 months for me to register my first sale.
If you had to hire someone to work in your company, whom would you prefer – a candidate who built a successful and profitable business in two years or a candidate who sat through lectures and reviewed case studies and business models to obtain a degree?
Click here for resources and practical tools to help you start and grow your own business.
An MBA is right for some people, but not for the majority.
Commit within reason to an action plan rather than resorting to the security of theoretical learning. Instead of cocooning yourself in the protective bubble of academic life, ask yourself some tough questions and choose to tackle problems and challenges in the real world.
Want Free Tools To Help You Start A Business? Click HERE to gain access to all the resources I used.
Click Here To Watch The YouTube Video – Real-World Alternatives To Business School Education
Click Here To Watch – 5 Alternatives To Consider Instead Of An MBA
