….And Why I’m Not Going to Get My MBA Afterall

*Learning opportunities*

What I am looking for is to get a lot of hands-on learning experience, the kind that I would only get by working with others in solving real problems and creating something of value. While I certainly could use a comprehensive, structured business education on topics such as marketing, operations, finance and strategy, there are other, less-expensive means to get that education – perhaps at a local community college, through an online resource or by reading books like The Personal MBA.

Still, I learn best by doing. If I went to school though, the entire academic experience would not be focused on getting me those hands-on learning experiences. There would be some opportunities for doing that, through experiential learning classes, clubs and internships inside and outside of school, but I would also have to spend time and energy on things that are less relevant to what I want to do.

Instead, I would rather participate in a startup incubator program like Y-Combinator or TechStars. Participants in those programs receive a small seed investment in their very early-stage companies, but more importantly, they receive constant mentorship and guidance, and also make very relevant connections with peers and potential investors, partners and customers.

As one interesting example, albeit not necessarily a representative one, two of the co-founders of Bump (a popular iPhone app where you exchange contacts with someone by “bumping” your phones) dropped out of Chicago Booth after their first year to build their company and enroll in Y-Combinator’s program. However, they did so only after co-winning Booth’s New Venture Challenge business plan competition in 2009.

So, business school can and does provide great value for entrepreneurs and small business owners; it’s just not the only game – or necessarily even the best game – in town.

*Time*

Going to a two-year, full-time MBA program means committing to about 21 months of school – meeting people, attending classes, doing homework and group projects, searching for jobs, travelling, and trying to take advantage of all the different social and professional opportunities available. For some, it also represents a two-year vacation from working.

Since I’m ready to begin the next stage of my career now, I’d rather not have to wait two years to do so. Similar to what I said above, I also don’t want to spend too much time and energy on things that are less relevant to me, particularly since I would be in my early-30s by the time I graduate. Instead, whatever I do next, I want to hit the ground running.

*Geography*

Going to school would also mean that I have to uproot my life and move across the country. When I applied, I thought that I would prefer to go to school away from home, because if I’m committing this much time and energy to something, it is only worthwhile if it is special and unique. But, as much as I love New York City, I’ve lived there already, and my family, friends and existing network are mostly here.

Still, even if I had applied to and gotten into schools around here, I would have made the same decision, because the fundamental opportunities are very similar among the top schools. Making it easier to get one kind of job here versus elsewhere doesn’t really matter if I don’t ultimately want the kinds of jobs that business schools are best at providing access to.

*Taking on risk*

One of the most persuasive arguments for forgoing business school now is that I can always re-apply later, but these next few years are a unique time in my life – without a family to support, a mortgage to pay or other significant responsibilities – when I can take a risk in joining or starting a not-yet-established company and be okay if it fails. But,that flexibility only works one way.