Hi Everyone, Well, I am a technical guy. So, now I am starting my own business without business education nor experience. However, I do have my own business vision on the company I am starting up. I have learn from day to day regarding to business administration. Honestly, to me I feel that I would gain more knowledge and experience for every business issues I encounter over classroom. Is that the case, or just my perception?
Some simple business advice, call it my free to use one minute MBA (there I saved you $25k and used a degreeinfo ad word so everyone is happy): 1 – do figure out how to charge more for your products and services than you spend 2 – do copy what your competition is doing well and actively target their weaknesses 3– do figure out what your products and services are worth to your customers, not what you customers are worth to you 4 – don’t get into a market where you cannot perform every job function necessary yourself. Not that you will have to, but if you rely on outside advice or expertise you will fail or lose money 5 – in the end, it is about price, volume, and repeat business, so they better like you
If you want to see what an MBA is all about, check out QuickMBA: Accounting, Business Law, Economics, Entrepreneurship, Finance, Management, Marketing, Operations, Statistics, Strategy. Its a free site with all the top MBA and undergrad business topics in one place. You should also purchase "The Portable MBA". You could learn how to run a business by trial and error but then again, you could learn how to do open heart surgery by trial and error. You do not need to take classes but please do not discount the knowledge that scholars have created over the years. Especially when it is your own time and money you are investing.
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It sounds like you could really benefit from receiving an MBA. Starting your own business is very difficult so having a background of business knowledge would be incredibly valuable. I began my own business after taking some Executive Education courses at Babson College and they have truly helped me be successful. Looking back, I do not think my business would taken off like it has if I hadn't gained a more in-depth knowledge of how today's business world works.
I concur. Entrepreneurialism is an entirely different monster that most MBA programs won't prepare you for unless it has an extremely strong Entrepreneurship program. You'll learn more from forums, books, mentors, and friends than from an MBA program.
If you have access to someone working in the world of VC or PE (especially VC as your business appears to be in its infancy), I would recommend running your business plan by them. They can typically give you advice on where weaknesses in your model lie. I know you earned a degree from Georgetown, you might want to run through the alumni database for people working in VC and just shoot them an introductory email. Alums are usually willing to help fellow alums. Just a thought.
+1 for SCORE. It's an excellent resource. I contacted them once regarding a state-specific business structure question I had when I first moved to Tennessee. SCORE had a local businessman give me a call to get me straightened out. The guy was super-nice, extremely helpful, and best of all....there was no charge. SCORE does offer some courses you can take (for a fee) but you don't have to take them. There's plenty of free help available through them.
Read this book for a foundation - The Ten-Day MBA 3rd Ed.: A Step-By-Step Guide To Mastering The Skills Taught In America's Top Business Schools: Steven A. Silbiger: 9780060799076: Amazon.com: Books
