Four Questions Entrepreneurs Should Ask When Considering an MBA Degree

There is a strong correlation between an entrepreneur’s success and their professional network. Whether you are looking for advice/mentorship, investment, professional services, or just early customers; having a strong professional network will often be critical to getting your venture off the ground. As a working professional, it is often difficult to get out and build a truly diverse professional network. The best MBA programs are those that bring together a range of individuals and build a broad community of students and alumni. Not only will you have the opportunity to build relationships with your peers, but as they take roles across different industries around the globe you often find you are just an introduction away from whoever you need to connect with, when looking to expand your professional network.     

Aside from entrepreneurial skills and expertise, you should ask yourself what resources you need to be successful. For most early stage entrepreneurs, that is time and access to capital. You will certainly be busy as an MBA student, but you will have flexibility in your schedule. It is difficult to step out of the office at your job to make customer calls and manage the day-to-day activities of starting a new venture. Whereas during your MBA program you can often carve out the time you need for those things – without worrying about your boss catching you. There are also plenty of opportunities for funding through various programs and competitions (at Kellogg for instance, there is US$250k+ available for student entrepreneurs each year through the Zell Scholars Program, NUVC pitch competition, LaunchU program, and more).

Depending on the type of venture you want to start, it will be important to have deep industry knowledge in the function or industry it focuses on. Not only will it give you credibility with potential customer and investors, but will help make sure you can see around corners and understand the trends in your space. If you look outside the classroom in most MBA programs you can find ways to develop that expertise. Through experiential learning opportunities, internships, side projects, and club activities you have access to opportunities to build the expertise that is hard for working professionals to explore.

The MBA degree is not for everyone, but can certainly make a world of difference for many. In my case, I have had access to amazing resources that helped me explore entrepreneurship while a student. The recent Kellogg Innovation & Entrepreneurship Initiative (KIEI) has also gained a lot of momentum in student entrepreneurship recently and will continue to pay dividends to future students. Taking time to reflect on the questions above will not only help you decide if an MBA is right for you, but also help you make the most of your time in whatever program you choose.

Jeremy O’Briant is a graduate student at the Kellogg School of Management. Prior to Kellogg, he worked in strategy, and merger and acquisition, functions in the healthcare industry. While at Kellogg he has held internship positions with Merrick Ventures, OCA Ventures and TechStars. He is also the founder of License Buddy, a platform for continuing professional education management. He enjoys technology, travel (25 countries, 49 states, and counting), cycling, and skiing.  You can follow his thoughts at his personal blog or on twitter.