Today I read an article in the September edition of Men’s Health that resonated with me. It was an article comparing the value of an MBA, Master of Business Administration and an MBR, Master of Business Reality.
As I am sure you know, an MBA is a highly sought after degree that many aspiring business men and women spend a great deal of money and time to obtain. An MBR, however, was described as a Master of Business Reality where you earn your degree by letting the real world be your professor. It’s certainly a tough teacher, but it can help you get rich.
Few things cause me to scratch my head in confusion and frustration more than the person that uses a formal education to climb the ranks of business. I often find these individuals are extremely intelligent and adequately equipped to make great money, however they continue to pay for degrees. I believe, in many cases, the pursuit of degrees is simply a way to avoid facing certain fears.
Fear of taking action! Fear of failure! Fear of risk! Fear of reality!
If you are reading this and believe I am not an advocate of education you are wrong. Remember, I was a school teacher and find great value in education. This post is not in reference to a college degree, I would encourage everyone to attend college. There is great value in this experience and the education you receive. I even find great value in obtaining an MBA, but only for the correct reasons! What I am not a proponent of is thinking that in order to do great things in the world of business you must have an MBA.
The article was full of interesting facts and interviews with multimillionaires and billionaires on the subject. Below are some of the quotes and statistics that justify my thoughts:
Average tuition and fees at the nation’s top 25 MBA Programs = $99,561
Average startup cost for a small business = $30,000
“The problem with business schools is that a lot of the most successful people have never been to one.” says Philip Delves Broughton, author of the memoir Ahead of the Curve: Two Years at Harvard Business School. “You can’t say that about medicine, for example, or law school. Every good lawyer has been to law school. Every good doctor has been to medical school. But not every successful businessman has an MBA.”
For most, the main purpose for earning an MBA is to earn more money. That, however, is the wrong attitude. When deciding on a career do not pursue just dollars, pursue an occupation and company that matches your passion!
“Most MBA students are trying to buy a ticket into a world that is already set up. They are looking to fit themselves into an existing corporate structure. But, the most successful business people make the world work around them.” – Keith Steiner
1 in 25 of the world’s 25 richest people, only one has an MBA. Thirteen founded a business that helped them make billions. So the potential for big bucks is highest for guys with the great ideas, regardless of education. – Forbes
“Everything a person needs to be successful has already been written, but only 3 percent of Americans have a library card.” – Jim Rohn
This is in line with one of the principals I contribute to my success. “Formal education will make you a living; self-education will make you a fortune.” – Jim Rohn
If you have the chance I would recommend this article as a great read. A formal education is a great thing, but not if we are using it as a way to procrastinate and prolong taking action. If you have great ideas and thoughts; if you have passion and drive then get started! It’s time we start putting more faith in ourselves then the schools that teach us! The education does not do great things, YOU DO!
From where do you feel you have gained the most useful knowledge and abilities: school or work experience? Click here to leave a comment.