A couple of weeks ago the FT published an article citing research that indicated that MBA graduates are more likely to become successful entrepreneurs than non-MBA graduates. The conclusion was that MBA programmes are better at preparing people for the world of entrepreneurship.
We, at Assembly App, had a different opnion and wrote a letter to the editor. To our surprise, the letter was published in today's print and online versions of the FT.
Here is what we wrote:
Sir, As a recent MBA graduate from the Cambridge Judge Business School, I read your article “Startup costs for MBA graduates pay off” (January 19) with great interest. I question, however, whether having an MBA is a determinant factor for success in launching a start-up.
Having cofounded a start-up shortly after completing an MBA, I would argue that success is dependent on the predisposition of the individuals starting the business, in particular whether they are driven by ambition, willing to take risks, blessed with interpersonal skills and resourceful in finding solutions to the countless and diverse challenges that one faces in the process.
According to your article, business school faculty welcomed your finding that 84 per cent of those who started their own business after MBA were still operating after three years. This is indeed impressive. However, to establish a direct link between an MBA and survival in the start-up world could be missing the point. If business schools are to be congratulated, it should be for their rigorous student selection process, which is aimed at attracting the most driven students who are willing to give up well paid jobs, subject themselves to GMAT (Graduate Management Admission Tests) and write endless essays to pursue a dream and take risks by venturing into new areas. Maybe it is this predisposition that makes MBAs successful entrepreneurs, not the course itself.
What do you think?
(To view the article, click on the following link)