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Significant Life Crossroads...

calveless wonder

calveless wonder

New member
I'm facing a major life decision soon and I always appreciate the input from (certain) peeps here.

I'm about to graduate and I basically have a choice between two major commitments. I can either go get my MBA (1 year if i stay at UF, 2 year if i go somewhere else) or I can start the business I have been sitting on for 3 years, but only now have the partners/accessible capital resources and investors to start.

Given my GPA, undergrad school,work history, and practice GMAT scores (obviously i need to get the real GMAT done before anything), I feel pretty confident in being able to get into a top 10 MBA program.

On the other hand, me and my good friend (who is now my partner in this venture) sat down last summer and discussed this business.
We basically launched the first phase/entity of this and it's about to open in the next week or two. He spearheaded almost all of this project because i was in school and have been busy as hell, and we agreed that when i graduated we'd launch the 2nd phase (which is our primary way we're going to make income).
I don't want to divulge the business this prematurely,although a few of you already know, but the first entity opening now is to create an initial buzz and brand.

The business idea and model is rock solid, and it's really an under served market. We'd probably need 3-4 locations throughout florida to really make serious bank, but i think that'd be feasible within a few years. This is something that we could eventually launch in dozens of different markets once we grow. We'd be bootstrapping at first to an extent to make the most of our capital, but once we get things going we'll be able to focus more on business development.



So i'm not sure what to do. Obviously i need to take my GMATs first, but i'm very confident i can land in a top 10 program. I'm thinking my scores will be good for 5 years,so i could take them now while i'm still in study mode. If this business doesn't work for some reason, i could still have those scores and go to grad school. But if harvard/stanford grad school came knocking now for example, it might be pretty hard to turn down.

But realistically, this business will mean cutting back personal expenses BIG time and working 14-15 hours a day for awhile. There's also a bunch of stuff i've had to learn that we're using outside people for, and eventually need to be able to do/teach ourselves. The amount of work it would take is almost overwhelming, but if we stuck with it for a few years it could blow up into something huge.


I'm at a stalemate, but fortunately i have some time to think about it, and both are good options. i'll know more when i take my GMATs, but this is all stuff i need to think about now.
 
Impossible for us to really help not knowing specifics IMO. If you have significant start up fees I would be a little afraid of jumping in unless I was really sure. It can take a awhile for a business to start generating income too. You know all this though.. which way are you leaning and why?
 
Dude get the GMAT done now. Get it out of the way while you are in study mode like you said. You even said the scores would be good for 5 years, and that you would pass.

But can you afford to take a risk at this business? Do the business now bro, youll always have time to go back and get that degree. Imagine in 2-3 years, how much you will have helped your business grow, compared to if you still went to school and the biz was still nowhere. Take chances, take risks, you deserve it bro you have worked hard
 
lartinos said:
Impossible for us to really help not knowing specifics IMO. If you have significant start up fees I would be a little afraid of jumping in unless I was really sure. It can take a awhile for a business to start generating income too. You know all this though.. which way are you leaning and why?
Click to expand...

Start up isn't terrible, we had way more startup costs involved for the first part of this, most of which came from my partner's personal funds. The first part will be an income producer and therefore some of the profits can be reinvested to run the other part.

Lets put it this way. it involves food.

My plan as of right now is to take the GMATs and see, if i do not as good as I expect, then it'll be easier to choose the business.

I really believe in the idea and believe in my partner. The opportunity is there, but i just wonder if i'm really ready for the challenge. If i eat sleep and breath it, i can succeed. but that's a big commitment, even more so than grad school which is easy to me.
 
Agreed with Lartinos. It's hard to say without knowing the business.

An MBA at a top 10 program could possibly open some awesome doors and introduce you to some good contacts that would only help your business though. That's one of the reasons I'm trying to hopefully end up in one, to help out my NPO.

Drive about 2 hours southwest and be my GMAT study buddy lol.

Is there a reason you can't do both, though? Time involved, I'm assuming?
 
it depends on what your goals are...an mba, particularly one from a major university will obviously make you attractive to fortune 500 employers and they'll pay you a nice wage and provide you with great benefits and you'll have a real nice (enviable) life...however, if you're interested in creating real wealth for yourself, an mba is about as useful as a screen door on a submarine, because real wealth is self-created (i.e., with your own business ventures).

the fortune 500 route is lower-risk and moderate reward...the business venture route is high-risk with sky's-the-limit reward (i'm giving you the benefit of the doubt as to the feasibility of your business plan).

so whaddaya wanna do???
 
the.gladiator1987 said:
Dude get the GMAT done now. Get it out of the way while you are in study mode like you said. You even said the scores would be good for 5 years, and that you would pass.

But can you afford to take a risk at this business? Do the business now bro, youll always have time to go back and get that degree. Imagine in 2-3 years, how much you will have helped your business grow, compared to if you still went to school and the biz was still nowhere. Take chances, take risks, you deserve it bro you have worked hard
Click to expand...

very true man, that is a big thing. it'd be MUCH harder to take this risk several years down the road because who knows what's going to happen as far as marriage, etc. my life circumstances might be significantly than, and it'd be a lot harder to create a startup than it would be getting my MBA ( a lot of working professionals get their MBA while still working).

you give good advice sometimes bro lol
 
AFeedz said:
Agreed with Lartinos. It's hard to say without knowing the business.

An MBA at a top 10 program could possibly open some awesome doors and introduce you to some good contacts that would only help your business though. That's one of the reasons I'm trying to hopefully end up in one, to help out my NPO.

Is there a reason you can't do both, though? Time involved, I'm assuming?

Drive about 2 hours southwest and be my GMAT study buddy lol.
Click to expand...

when do you plan on taking your GMATs? I need someone to push me lol. you good at math? I crush verbal, but my math section needs work.
 
oh and, before you answer, remember that your opportunity to create and enjoy real wealth for yourself diminishes with each passing day...you only get so many years to make it happen (you are gonna die some day) and, the older you get and the more responsibilities you have, the less attractive the brass ring will look...trying and failing, maybe even numerous times, is easy while you're young...what's the downside?? there are some.

but, once you have a wife and a mortgage and kids and all the responsibilities that come with those things, your ability to stomach risk will diminish significantly.
 
oh and, there's nothing wrong with a nice job and a nice house and a nice wife and 2.3 kids and a nice retirement plan...that's why most people take that route...everyone isn't cut out to be a captain of industry...but, if you think that you are, well, whaddaya wanna do??? :)
 
calveless wonder said:
when do you plan on taking your GMATs? I need someone to push me lol. you good at math? I crush verbal, but my math section needs work.
Click to expand...

In the next 2-5 months. I'm great at the verbal and the writing, pretty good with the math - I just dislike doing it. My math scores are slightly lower than my verbal, but they're definitely solid. I'm not really worried about either one, my score is fine as it is, but if I can practice & get better, why not?

Plus, my dad likes to be all "You know when I took the GMAT I scored in the 90-something-eth percentile". Motherfcker (figuratively and literally lol).
 
calveless wonder said:
very true man, that is a big thing. it'd be MUCH harder to take this risk several years down the road because who knows what's going to happen as far as marriage, etc. my life circumstances might be significantly than, and it'd be a lot harder to create a startup than it would be getting my MBA ( a lot of working professionals get their MBA while still working).

you give good advice sometimes bro lol
Click to expand...


I try :D

And like you said, right now you are in a better position to go for the food biz, the door will always be open for the MBA
 
You need to weigh the risk/reward ratio of the business, but I'd strongly suggest taking the GMAT now just to have a score (you can always retake) and know where you stand. The cost and time requirements are trivial at this stage, so buy the protective put now.

Given that there exists no time constraints for getting an MBA, it's a judgement call: the choice between pursuing one opportunity you have now and one that will be available at any given time, now or in the future.

Also consider that going the startup route can be a positive factor in top MBA admissions -- some even require work experience between UG and grad school -- and give you a huge soft for reach schools.

It really comes down to where you are in life, what risks you can (or are willing to) take, and what your potential exit options will be for both choices.

If you'd be willing to take H or S over the startup, and the startup over the lower T10, go ahead and apply while simultaneously going the startup route. Chances of any given person getting into these programs are low, but there's no reason you can't puruse both interests and give yourself a better hand to work with.



:cow:
 
Thanks Digi and Samoth, both very insightful posts.

LIke you said digi, when it really comes down to it, the core question is whether i want the relatively comfortable life but secure life or if i want to be a jet setter.
 
I believe you saying you wanted to ultimately be your own boss and own your own business. Forget the MBA, thats for cubicle warriors and people who work for others. Graduate with BBA, dont make your business partner wait anymore, chase your dream, get the fuck on with life.
 
superdave said:
I believe you saying you wanted to ultimately be your own boss and own your own business. Forget the MBA, thats for cubicle warriors and people who work for others. Graduate with BBA, dont make your business partner wait anymore, chase your dream, get the fuck on with life.
Click to expand...

I wouldn't say just that.

I learned A LOT going back to school about business. I was very street business savvy and not structured. A lot of concepts I understood maybe but didn't formally know the structure for. Starting a company is much easier now because of that. Education combined with experience, wspeixally after experience is actually very beneficial.

And a harvard/Sloan/wharton MBA is something no ever can take away.
 
superdave said:
I believe you saying you wanted to ultimately be your own boss and own your own business. Forget the MBA, thats for cubicle warriors and people who work for others. Graduate with BBA, dont make your business partner wait anymore, chase your dream, get the fuck on with life.
Click to expand...

Yeah! From SFA State!
 
Well if your BBA is not very good i can see going for MBA. Otherwise i say just get on with life because you arent some 21 year old with no brain or experience that needs that extra sheepskin. 5 years after going into business for yourself you will wonder why you bothered with an MBA i think.
 
calveless wonder said:
very true man, that is a big thing. it'd be MUCH harder to take this risk several years down the road because who knows what's going to happen as far as marriage, etc. my life circumstances might be significantly than, and it'd be a lot harder to create a startup than it would be getting my MBA ( a lot of working professionals get their MBA while still working).

you give good advice sometimes bro lol
Click to expand...


This was going to be my advice. Much easier to take the risk now and do school later than school now and risk later.

Any time you start your own business there is going to be a lot of question marks. I don't know you well, but from what I do know of you I think you have that genuine entrepreneur spirit. An MBA will open doors, but those doors it opens will make it much harder to step away and be willing to live in the instability of a budding business again. Not saying you couldn't manage that....but I do think right now is the perfect time in your life to make this kind of choice if this is something you believe in.

As samoth said, the work experience will often help your admissions anyway if you decide to go back that route. Take the GMAT, then take the leap. My .02.
 
calveless wonder said:
I'm facing a major life decision soon and I always appreciate the input from (certain) peeps here.

I'm about to graduate and I basically have a choice between two major commitments. I can either go get my MBA (1 year if i stay at UF, 2 year if i go somewhere else) or I can start the business I have been sitting on for 3 years, but only now have the partners/accessible capital resources and investors to start.

Given my GPA, undergrad school,work history, and practice GMAT scores (obviously i need to get the real GMAT done before anything), I feel pretty confident in being able to get into a top 10 MBA program.

On the other hand, me and my good friend (who is now my partner in this venture) sat down last summer and discussed this business.
We basically launched the first phase/entity of this and it's about to open in the next week or two. He spearheaded almost all of this project because i was in school and have been busy as hell, and we agreed that when i graduated we'd launch the 2nd phase (which is our primary way we're going to make income).
I don't want to divulge the business this prematurely,although a few of you already know, but the first entity opening now is to create an initial buzz and brand.

The business idea and model is rock solid, and it's really an under served market. We'd probably need 3-4 locations throughout florida to really make serious bank, but i think that'd be feasible within a few years. This is something that we could eventually launch in dozens of different markets once we grow. We'd be bootstrapping at first to an extent to make the most of our capital, but once we get things going we'll be able to focus more on business development.



So i'm not sure what to do. Obviously i need to take my GMATs first, but i'm very confident i can land in a top 10 program. I'm thinking my scores will be good for 5 years,so i could take them now while i'm still in study mode. If this business doesn't work for some reason, i could still have those scores and go to grad school. But if harvard/stanford grad school came knocking now for example, it might be pretty hard to turn down.

But realistically, this business will mean cutting back personal expenses BIG time and working 14-15 hours a day for awhile. There's also a bunch of stuff i've had to learn that we're using outside people for, and eventually need to be able to do/teach ourselves. The amount of work it would take is almost overwhelming, but if we stuck with it for a few years it could blow up into something huge.


I'm at a stalemate, but fortunately i have some time to think about it, and both are good options. i'll know more when i take my GMATs, but this is all stuff i need to think about now.
Click to expand...

step 1) bolded
step 2) listen to your heart
a) provided you are into it mentally, the 13-14 hours will be your life, but enjoyable
b) this can also work against you
step 3) emotional profit
a) life is made of feeling, which one will "fullfill you" the most
b) sometimes even the hardest journey can be the most exciting, and if you are truly passionate, the success and hours in will be the new reward system of your brain, but if you do it just to get it done, you will not succeed

hope this helps, even though you already know what you are going to do and what feels like the best path for you..we will be here to cheer on whatever decision you go for
 
"It is not the critic who counts; not the man who points out how the strong man stumbles, or where the doer of deeds could have done them better. The credit belongs to the man who is actually in the arena, whose face is marred by dust and sweat and blood; who strives valiantly; who errs, who comes short again and again, because there is no effort without error and shortcoming; but who does actually strive to do the deeds; who knows great enthusiasms, the great devotions; who spends himself in a worthy cause; who at the best knows in the end the triumph of high achievement, and who at the worst, if he fails, at least fails while daring greatly, so that his place shall never be with those cold and timid souls who neither know victory nor defeat."

Will you enter the Arena or go for the safety net MBA rob?
 
I'd go to school, as you said it would just be 1 or 2 years and you would have an excellent degree to fall back on, the longer you wait the harder it is to go back to school,I can tell you that out of experience bro, if you launch your business and it doesnt succeed you might not have the drive or means to go back to school, or if the business is only mildly successful just to pay the bills you will stick with it thinking it will take off any time now and will delay going back to school, no one can take education from you, tome it's always the #1 option, I slept just like 4 hours a day or less while going to get my PhD because Ialso worked and I dont regret it, but despite the potential it has for me I havent found the push to finish my thesis because I know it will take me bard tests and 2000 hours to maybe get accredited here in FL... what I'm trying to say is we will always find ways to procrastinate, so you should get it done now....
 
Your heart says go for the business, your head says MBA. That's a simplification, but I'm simple-minded, so I'll go with it.

If I believe anything about you, it's that you want this kind of life, and also that you want to take this leap now.
You can feel it, almost taste it. The vision in your head will drive you, and putting in the work won't be a problem.
You've done it before, and for lesser reasons than this.

You want to go for it now, but it's the prudent part of you that considers his alternatives carefully. Despite the additional advantages an MBA could
provide, you're already in a good place to kick things off, right? Better than others have been in when starting their ventures, perhaps?

As others have said, time is valuable. Carpe diem and all that shit.

You already know that you're taking the exam, and that's fine. Once you've got the results, I'd focus on only two questions:

1. Is the MBA opportunity something you can't pass up (or something that very few others in your place would pass up)?
2. Are there significant unresolved doubts or barriers to the startup route that give you pause, beyond general uncertainty and
the risk associated with such ventures (which will always be there)?

If the answer to these questions is no, then just do it.

Can you PM me with the details of the idea and plan (whatever you're willing to share)? I don't think you've told me about it.
 
calveless wonder said:
I'm facing a major life decision soon and I always appreciate the input from (certain) peeps here.

I'm about to graduate and I basically have a choice between two major commitments. I can either go get my MBA (1 year if i stay at UF, 2 year if i go somewhere else) or I can start the business I have been sitting on for 3 years, but only now have the partners/accessible capital resources and investors to start.

Given my GPA, undergrad school,work history, and practice GMAT scores (obviously i need to get the real GMAT done before anything), I feel pretty confident in being able to get into a top 10 MBA program.

On the other hand, me and my good friend (who is now my partner in this venture) sat down last summer and discussed this business.
We basically launched the first phase/entity of this and it's about to open in the next week or two. He spearheaded almost all of this project because i was in school and have been busy as hell, and we agreed that when i graduated we'd launch the 2nd phase (which is our primary way we're going to make income).
I don't want to divulge the business this prematurely,although a few of you already know, but the first entity opening now is to create an initial buzz and brand.

The business idea and model is rock solid, and it's really an under served market. We'd probably need 3-4 locations throughout florida to really make serious bank, but i think that'd be feasible within a few years. This is something that we could eventually launch in dozens of different markets once we grow. We'd be bootstrapping at first to an extent to make the most of our capital, but once we get things going we'll be able to focus more on business development.



So i'm not sure what to do. Obviously i need to take my GMATs first, but i'm very confident i can land in a top 10 program. I'm thinking my scores will be good for 5 years,so i could take them now while i'm still in study mode. If this business doesn't work for some reason, i could still have those scores and go to grad school. But if harvard/stanford grad school came knocking now for example, it might be pretty hard to turn down.

But realistically, this business will mean cutting back personal expenses BIG time and working 14-15 hours a day for awhile. There's also a bunch of stuff i've had to learn that we're using outside people for, and eventually need to be able to do/teach ourselves. The amount of work it would take is almost overwhelming, but if we stuck with it for a few years it could blow up into something huge.


I'm at a stalemate, but fortunately i have some time to think about it, and both are good options. i'll know more when i take my GMATs, but this is all stuff i need to think about now.
Click to expand...

School first. i can't stress that enough. Life could be cruising along just fine, or even a little rocky, and you could be one ambien away from scrambling to keep things together for the rest of your life. I think your business idea/ plan is solid as fuck. Just take care of your business first.
 
IF you don't do the business now, your partner may move on and do it without you. If he succeeded you would forever be "what if'ing" yourself. If it flops you can go do the MBA. MBA probably won't help you much at the business. Business may help you with MBA (as samoth said). Even if business succeeds you can go back and get MBA later. That may actually help you with expansion.

Business, then MBA.
 
right...school will always be there...ivys and otherwise arent going out of business anytime soon
 
Thanks guys, I appreciate. You really helped me achieve some clarity on this and validated my initial instincts.

Seeing nan's post (which was disagreeing with everyone else and not really valid reasoning) made me also see the reasons I WOULDN'T do the MBA first. That type of safety net afraid to take on challenges thinking is not for me.

PMs coming to the few who requested about the business once I get on my laptop. Replying from my iPhone at the moment.
 
Didn't read everyone's response, but have you factored in the additional college loan debt you'd accrue with grad school and how that might impact your credit and ability to get loans, etc?

If it's paid for then get the degree, otherwise I say get the business rolling now before someone else has your idea.
 
all i can say is that at your age your thinking is totally different then they are at my age.

when i was your age i was like "screw school, i want to start up a business NOW NOW NOW, i'm sick of being poor.. i want a bmw, i want a big house, i want pussy!!"

now my thinking is "i cant wait to start my tren cycle and take the dogs to the park, oh and it would be nice if i had a degree and a cushy job cause i have gray hairs and don't pay myself a thing being a business owner. just bust my ass for nothing"

I do not see why you cannot do BOTH. and then as things progress you can choose to finish college or stop college and continue with the business. this is what i did. if my biz didn't work out i would just continue school.. no biggie besides crushed dreams. bill gates did this and michael dell and countless other businessman
 
stevesmi said:
all i can say is that at your age your thinking is totally different then they are at my age.

when i was your age i was like "screw school, i want to start up a business NOW NOW NOW, i'm sick of being poor.. i want a bmw, i want a big house, i want pussy!!"

now my thinking is "i cant wait to start my tren cycle and take the dogs to the park, oh and it would be nice if i had a degree and a cushy job cause i have gray hairs and don't pay myself a thing being a business owner. just bust my ass for nothing"

I do not see why you cannot do BOTH. and then as things progress you can choose to finish college or stop college and continue with the business. this is what i did. if my biz didn't work out i would just continue school.. no biggie besides crushed dreams. bill gates did this and michael dell and countless other businessman
Click to expand...

You and CW are about the same age, I'm pretty positive. Just sayin.
 
Don't most MBA programs prefer candidates who have some real-world business experience?

I'm thinking take the GMATs while you're fresh, then concentrate on the business for a year or two.
 
Mr. dB said:
Don't most MBA programs prefer candidates who have some real-world business experience?

I'm thinking take the GMATs while you're fresh, then concentrate on the business for a year or two.
Click to expand...

I think the old age is effecting your memory

not even going to bother to explain why
 
calveless wonder said:
I think the old age is effecting your memory

not even going to bother to explain why
Click to expand...

Or maybe I never knew. I'm not familiar with your past at all, I'm going off this thread and that you're just finishing a bachelor's degree.
 
Mr. dB said:
Don't most MBA programs prefer candidates who have some real-world business experience?

I'm thinking take the GMATs while you're fresh, then concentrate on the business for a year or two.
Click to expand...

Pitt has an 11-month program that is geared toward recent undergrads...i'm sure a lot of other universities do too...especially now with the job market being what it is and so many undergrads choosing to go straight to grad school rather than floundering around in a shitty job market.
 
stevesmi said:
all i can say is that at your age your thinking is totally different then they are at my age.

when i was your age i was like "screw school, i want to start up a business NOW NOW NOW, i'm sick of being poor.. i want a bmw, i want a big house, i want pussy!!"

now my thinking is "i cant wait to start my tren cycle and take the dogs to the park, oh and it would be nice if i had a degree and a cushy job cause i have gray hairs and don't pay myself a thing being a business owner. just bust my ass for nothing"

I do not see why you cannot do BOTH. and then as things progress you can choose to finish college or stop college and continue with the business. this is what i did. if my biz didn't work out i would just continue school.. no biggie besides crushed dreams. bill gates did this and michael dell and countless other businessman
Click to expand...


I dont think he could do both and be effective at both without suffering at the very least...serious burnout and mostly failing at one or both.

there are a LOT of MBA programs out there geared towards working adults but I'm not sure this is really the caliber of education he was looking towards (not with the schools mentioned) otherwise I think this is a totally valid idea
 
shirlene29 said:
I dont think he could do both and be effective at both without suffering at the very least...serious burnout and mostly failing at one or both.

there are a LOT of MBA programs out there geared towards working adults but I'm not sure this is really the caliber of education he was looking towards (not with the schools mentioned) otherwise I think this is a totally valid idea
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I guess it would depend on how much of a time commitment the business would be. My brother got his MBA at Kellogg which is one of the top MBA schools in the country and he did it while contnuing in his executive position at Cigna. But, my guess is, starting up your own business would require many more hours than even a full-time executive level position at a large company. So, in the end I think you're right. Trying to do both would be a recipe for disaster.
 
Smurfy said:
I guess it would depend on how much of a time commitment the business would be. My brother got his MBA at Kellogg which is one of the top MBA schools in the country and he did it while contnuing in his executive position at Cigna. But, my guess is, starting up your own business would require many more hours than even a full-time executive level position at a large company. So, in the end I think you're right. Trying to do both would be a recipe for disaster.
Click to expand...


well thats just it...maybe if he could get the initial startup going where its not a total and constant energy and time demand he could do it..and hell..maybe he could do it anyway..idk
a lot of execs do pull it off and seemingly effortlessly

I know it would be biting off more than I could chew for myself but then, Im not that ambitious unless Im incredibly passionate about something
 
School and that is not an option. Shir is spot on and steve is dreaming. Besides , the schools I'd want to go would be in different parts of the country than where I'd need to launch my business.
 
I spoke to the head of the entrepreneurship department (a very successful several times over businessman as well as a professor who taught several of my classes) at my school today about my business because i had a few questions. I'm not going to say he crushed my dreams, because he didn't, but he kind of made it seem smaller than I had envisioned. He described it as a niche market, which i guess it is, and a "lifestyle" business. He said it could do well relatively speaking, but it's scaleability is limited (basically a way to say you could earn a pretty good living with a few locations but you won't be a millionaire), and it probably wouldn't be something that would be funded by angel investors or the like.

he suggested that i grow the business organically, which was kind of the idea all along (use the profits from venture A to fund venture B etc etc).

It's definitely something im going to use as motivation (make it as big as possible so one day i could say i told you so), but i don't think his intention was to deter me. it just kind of annoyed me because i don't think he really saw the potential for this.
 
cw vision >>>>>>>>>>>>>>>>>>>>>>> head of entrepreneurship successful several times over businessman professor guy vision
 
bigpokey said:
cw vision >>>>>>>>>>>>>>>>>>>>>>> head of entrepreneurship successful several times over businessman professor guy vision
Click to expand...

he admitted he's been wrong before.

there was one student who went to him a few years back about those iphone/cell phone charging mats, and he told him it wasn't possible. the guy went out and created that and made millions, and said i told you so lol.

he's told that story a couple of times in the classes i've had him for, and he says it's not the first or last time.
 
I can't tell you whether to go get an MBA or not or start a business now. Personally I believe that working for a few years and then getting my MBA helped me immensely in starting my business, but I also feel like if I had worked for a few years and then gotten my BBA that I would have derived much of the same benefit. The degrees have so much overlap that it's almost a waste of time unless you plan to use the MBA to go to a high powered corporate career. I can tell you personally since I was a kid I always started little businesses and wanted to have my own, but after my MBA I thought hey I can be the CFO of a big company someday - they get paid a shit load and I spent all this time in school, why not? So after MBA I worked for 2 years got 3 promotions then got laid off when housing crashed. So it didn't work out for me and I was kind of forced into the entrepreneur path I always wanted by virtue of no great job prospects really being around in '09.

A little advice from my experience. The business will take longer to start than you think, and it will cost more than you think, in almost all aspects. However, if you already have one location you know a lot of the unanticipated costs that pop up. You are talking about the business:

1) Supporting both you, and your partner's living expenses I assume? and
2) Over and above that generating enough income to open a new location.

Even if you guys are going to live on savings and put all the company's profits into new locations, just remember to consider your run rate on your personal savings, your personal mental threshold on how low you can allow that to go without puking, etc.

Make sure you have enough money, or as I call it, "staying power" to get you through that time.

Don't spend money on anything you don't absolutely need. If it isn't literally, directly helping you sell your product now, don't buy it.

I'm not sure if you were an independent contractor when you were in the mortgage business so you might already know a lot of stuff below, but I didn't. Please don't be offended if you already know it I don't mean any harm.

Make sure from Day 1 you have a system for keeping track of all your accounting shit. I was careless with that for the first year and I had to spend about 3 weeks of wasted, useless useless time assembling it all at the end of the year because I didn't have a system for organizing receipts, tracking expenses etc. Not only that it became a source of anxiety for me because I knew I wasn't on top of that portion of my business and it consumed valuable mental energy. And this was after I had my MBA. I was so focused on growing that I fell into that stupid inexperienced entrepreneur trap. For business receipts I have found a smartphone camera combined with Evernote is a life saver. As soon as I get handed a receipt or invoice I snap a high res picture of it, label it on my phone, tag it and 1 button hit Upload to Evernote and it's done and organized for the CPA at the end of the year. For tracking income/expenses there are lots of systems.

Taxes are HIGH for small business owners. You will pay not only your usual tax rate but also 15.2% on your first $100,000 of income for Medicare and Social Security, far more than an employee pays. You do get to deduct a lot, but just realize that and put them aside every month without fail.

You don't pay taxes once/year when you are self-employed. You have to pay quarterly estimates to the IRS. If you don't they penalize you. I learned that too.

I don't know what your business is so I can't tell you much else, but in general those are some real world observations. All I've ever heard people say is that food is tough, tough tough. But most people say all businesses are too hard to start, already been done, etc., and look at all the restaurants/new foods out there. If it's a food store or restaurant make sure you factor in the cost of a GOOD manager to take over when you guys go to start new locations, not some monkey. The extra money to get someone competent to be responsible and a good steward while you aren't around will be worth it. And still put cameras everywhere anyway :) trust is one thing but your business is another.

Of course do your GMAT!

Oh yeah also it will be the most fun, exhilarating and stressful thing you've ever done in your life. Once you do become established it's a feeling of accomplishment like you could never imagine. And I always thought people were full of BS when they said it wasn't about being wealthy, it was about time and freedom to do what you want with your time, I said BS I want to be RICH. but now I realize the wisdom of those words. I'm not saying I'm wealthy but I can do what I want with my time. And I don't play golf so whenever I want to I can just sit on my couch with Lawrence and do two chicks at the same time.
 
If a top-10 MBA program is a possibility for you, I'd jump on that.
 
Hey did you say anywhere in this thread what you would do if you got an MBA? Which of your major life interests would it allow you to further? And also how you would feel about living in NYC/Connecticut where a lot of those graduates head?
 
so the MBA program from Duke i'm potentially looking into is.....

only $125,000 lmao

but it's pretty awesome. you do residency's around the world for each term, in between doing online classes. spend two weeks each in Dubai, Shanghai, London, St. Petersburg Russia, and New Dehli.


average salary after graduation is $120k though
 
Dude I just seen this thread and I apologize for not getting in here sooner, cause I know I was one of the peeps that you were counting on for advice. So here ya go bro, stop mooching off your friend. Your partnership is gonna go to hell, cause he's doing all the work while you sit on your ass. Quit school and start snorting coke, so you can work late hours to catch up with the time and effort your bro has put in. This is the only way you nuggas can stay partners. You can thank me with Karmaz
 
CW should at least thank me for making this thread fucking awesome now.
 
calveless wonder said:
so the MBA program from Duke i'm potentially looking into is.....

only $125,000 lmao

but it's pretty awesome. you do residency's around the world for each term, in between doing online classes. spend two weeks each in Dubai, Shanghai, London, St. Petersburg Russia, and New Dehli.


average salary after graduation is $120k though
Click to expand...

my used car dealer clients are pulling that down...plus distributions...and i don't know if any of them even have a college degree of any sort...but, even if they do, i doubt that they got to travel to all those bitchin' places while they were in school :)
 
digimon7068 said:
my used car dealer clients are pulling that down...plus distributions...and i don't know if any of them even have a college degree of any sort...but, even if they do, i doubt that they got to travel to all those bitchin' places while they were in school :)
Click to expand...

Are you seriously still being serious about this bullshit. Also this is my thread now, direct your posts to me, before I flex abs on your lil chuncky ass.
 
Strongbow said:
Are you seriously still being serious about this bullshit. Also this is my thread now, direct your posts to me, before I flex abs on your lil chuncky ass.
Click to expand...

i am neither chunky nor little...thank you very much...now go back to chewing snuff and flexing your bi's...that is all.
 
digimon7068 said:
my used car dealer clients are pulling that down...plus distributions...and i don't know if any of them even have a college degree of any sort...but, even if they do, i doubt that they got to travel to all those bitchin' places while they were in school :)
Click to expand...

commissioned sales jobs have very quick burnout points. i know this from experience. Not to mention income fluctuates all the time.

and i'm assuming they own the dealerships, not just sell cars there.
 
digimon7068 said:
i am neither chunky nor little...thank you very much...now go back to chewing snuff and flexing your bi's...that is all.
Click to expand...

Are you watching me? :confused:
 
calveless wonder said:
commissioned sales jobs have very quick burnout points. i know this from experience. Not to mention income fluctuates all the time.

and i'm assuming they own the dealerships, not just sell cars there.
Click to expand...

yeah...they're the owners...i guess my point is that there's lots of ways to make big jack...and, for what it's worth i have a masters degree and, looking back, i'd do it again...double my income two weeks after i received my degree.
 
I apologize to Digi, I sometime forget he is like 80 years old.
 
Lololololololol
 
Bump part2
 
Well the first 8 pages or so fucking suxed but the last couple of pages have been chock full of awesomeness
 
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