How do you know if you’re ready to start a business? Is it necessary to attend business school? Can you be successful without it? Do you have enough understanding of critical business concepts like merchant funding, cash flow management and operations?
Business school does offer rigorous training in how to run a business that creative, aspiring entrepreneurs need to be informed and feel confident. At the same time, these benefits are far from free. For the 2018-2019 academic year, the tuition cost at Stern is $71,676 – that’s not including room and board, books, transportation and other fees. Altogether, the cost of attendance climbs and exceeds $110,000 without financial aid.
For some industries, like fashion and art, a business education definitely has its advantages and can make all the difference. Business schools also offer peer-to-peer education where students can learn and challenge each other; the perfect combination to develop a big business idea.
On the other hand, entrepreneurs who opted out of business school have pointed out that there are plenty of free online courses today that can replace expensive education. If its skills and knowledge you need, an MBA is not necessarily the quickest and most effective way to go about it. It is possible to put your curiosity and resourcefulness to use and gain the exact same result, without the burden of debt.
Questions to ask yourself
If you are still unsure which route to take, take a look at the following questions. Many successful entrepreneurs say that successful small business people have certain common characteristics. How do you measure up?
- Do I persevere through hard times?
- Am I able to conceptualize the whole of a business?
- Do I have significant specialized business experience?
- Can I handle the long, demanding hours?
- Do I have a strong desire to be my own boss?
In the end, the key is to take an honest look at yourself: your passion, your drive, your skills, your goals and your abilities. Only you can decide if you have enough experience to brave a business launch, or if you would feel more prepared with a business education. Just as every business is unique, so is every entrepreneur.
Author Bio: As the FAM account executive, Michael Hollis has funded millions by using business funding and merchant funding solutions. His experience and extensive knowledge of the industry has made him financeexpert at First American Merchant.