Entrepreneurs Don’t Need an MBA. But the Degree Has Benefits

If you’re set on going the entrepreneur route, an MBA isn’t necessary. In fact, more than half don’t even have a bachelor’s degree.

That’s something that Patrick Mullane, Executive Director of Harvard Business School Online and Harvard Business School Executive Education, fully agrees with. But Mullane also believes that an MBA can add value for entrepreneurs in specific scenarios.

“While I see the value of an MBA in some instances, I’m not here to make the case that it makes sense in all scenarios,” Mullane says for Forbes. “Rather, I draw on my own professional life—one that includes entrepreneurial experience—and my knowledge of what an MBA can do for you to make some recommendations about when it might be prudent to pursue the advanced degree.”

SCENARIO 1

An MBA might make sense if you have no baseline knowledge of business. This is perhaps the most obvious reason to pursue an MBA, Mullane says.

“Any decent MBA will get you grounded in the fundamentals of leadership, finance, accounting, strategy, economics, and marketing,” he says. “Also note something that a lot of people miss: an understanding of these areas is necessary not just to run a for-profit venture. Nonprofit organizations need and use all these same skills, so don’t think you’re off the hook if you plan to be a non-profit entrepreneur. If you don’t understand foundational business concepts, an MBA might be for you.”

SCENARIO 2

One of the biggest benefits of business school is the network that people gain. For entrepreneurs, an MBA network can lead to invaluable knowledge and big opportunities.

“This diversity of experience means that each person you meet may be able to help you fill gaps in your thinking—or maybe even gaps in your startup team—that can be invaluable,” Mullane says. “The converse is also true: you may be invited by others to join their startup teams because of your previous experience and unique skills.”

SCENARIO 3

Most big ideas don’t happen overnight. As a professor, Mullane knows that. A large number of his own students have interests in starting a business but also have no idea what that business might do.

“A big part of why they decided to get an MBA was to give them the time and mental space to think deeply about and study purposefully what market need isn’t being addressed and how they might meet that need,” Mullane says. “They use our traditional two-year MBA as an exploratory opportunity.”

Sources: Forbes, CNBC

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