June 09, 2009

Which MBA specialty should an entrepreneur who wants out pursue?

If you're an entrepreneur hoping to sell off your business and join a corporation, play to your strengths, but keep in mind the differences between running your own business and being a part of somebody else's

Dear Bob ...

I was reading one post with regards to choosing an MBA specialty. You recommended finance as having the best prospects as having a higher demand-to-supply ratio for those looking for a career change.

Well, I too am in this position, but with a twist. You see, I moved to an Asian country almost 10 years ago and started my own manufacturing company. Prior to that, I had been self-employed through importing household goods from the same country.

[ Get sage advice on IT careers and management from Bob Lewis in InfoWorld's Advice Line newsletter. ]

Over the years and current situation here I have gained great experience through managing and being an entrepreneur in a foreign country, with exceptional language skills, which you would expect after 10 years living and working in a country.

Expansion, though, has never taken off, due mainly to financial restraints, due both to not being able to get local bank investment in my company and some personal challenges related to multiple divorces. The result has been having to grow at a very slow pace.

Having said this, the foundations are solid. The small buyer base we have is solid, and it is growing with us. The problem is I feel I am missing out on earning my true potential, which I could if I was working for a large company.

So I have enrolled into an MBA program and doing quite well in the first semester with an A grade average so far.

I am thinking that, at the end of 2010 with an MBA under my belt, I'll pursue that corporate option of a salary instead of being an entrepreneur with not enough financial resources. So I too am in the position of choosing which specialty to direct my MBA toward. Should I specialize in international business, entrepreneurship, project management, information systems, or, as you suggested, finance?

No one can really give me a clear cut answer to my prospects of employment having been self-employed for the past 20+ years, which means no history of working for any known companies and references are from me, as I am my own boss.

So what would you suggest for someone in my position, so I can move back into the world of working for a salary? And like you suggested -- could finance be a good option for me in case of an MBA specialization?

- Coming in out of the rain

 


Dear Coming in ...

 

Yes, that's a twist alright. Interesting challenge.

A few thoughts occur to me, for whatever they're worth:

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bgawne 9-Jun-09 10:38am
Hi Bob, I was in the a very similar situation to what you are describing except I had no capital problems, I just wanted a change. I completed my MBA a few years back. I sold my business and joined the purchaser in an executive position. After the first year, I haven't had a day since when i dont stop thinking about one day returning to my own business. You should look inward first and make sure this is the right change for you. If you are making good money and there are prospects, I would say evaluate hard because the grass always looks greener in the other pasture until you reach it. It took you years to build what you have, dont give it up with impunity unless you are absolutely sure your life goals (be they financial or personal) will benefit. If you think you can handle being told what to do, when to do it and have your input in cases ignored or overridden which is something many of us entrepreneurs aren't used to , then perhaps you are ready to settle down. Not being able to control ones destiny is a big, big huge step. In my case, I used my less frenzied work life to help me focus on family, but the longing to be in control of my own destiny is something that i wont be able to ignore forever. Remember the old saying, nobody ever got rich working a job, they did it working for themselves. This is painfully true unless you are in a high value executive position in a bank or other such area and trust me those jobs are coveted and guarded by their own circles for the most part. When I get cast in a position (having gone through many talks with other companies), most of the time it is newer companies looking for someone with experience in the sectors i have specialty and because of my background, i am almost always cast as a business development or sales guy which means i am making money for someone else without usually a great stake in it. For your business, have you thought about some way of continuing on in a different capacity, looking for fresh angles or perhaps considering partnerships in an equity swap? It really depends on your industry, but sometimes there are creative answers that an outsider can see that you cant. One thing about MBA or any other education, its your ticket to get into a theater but by no means is any magic bullet. What you do once you gain entrance to the theater is totally up to you as an individual. The knowledge you gain in the MBA is not nearly as important as the contacts you will make during the course of your program so make sure you network if at all possible, as much as possible ! I think after running your business for so long, you will find a lot of the standard MBA courses simply reinforce what you already knew and you will get a framework and some fancy terms to provide the theory behind many of your already existing practices ; at least that's what i found. We have a group of entrepreneurs that seek to network and help each other. If you are interested send me an email. I left my address at the bottom. Best of luck... -brad bgawne@gmail.com
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