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What are your thoughts on getting further studies like an MBA or master’s degree? Do you think it’s still important for an entrepreneur?
Jayson: As long as you’re doing it for the right reasons. Because there are a lot of people who take MBA for the wrong reasons.
They think that it will add more credibility for them. But if you’re doing it to really learn and to upgrade, enhance yourself, yeah, there’s nothing wrong with it. You can pursue it. The challenge with MBA, it’s better if you have an entrepreneurial background. In my opinion, you’re supposed to have an entrepreneurial background because MBA teaches you how to be a good manager.
So if you start with an MBA, and you don’t have a business, you become a good manager. But if you’re an entrepreneur, then you get an MBA. Now you have a business and then now you’ve become a better manager or you have an idea how to scale your business. Then it would be around two sides of a coin that you will fill.
Have you known someone who’s very good with managing? But if you ask them to start a business, it’s. They can’t do it. They won’t be able to do it. And then you meet an entrepreneur who doesn’t have any capital. no managerial background, no knowledge on management and that stuff. But after a week, they suddenly have a business. They find a way around it. So the street smarts and book smarts. And also the competency. This is from the E-Myth. E-Myth mastery. I forgot the title.
He shared there, the three qualities of an entrepreneur. So he mentioned the entrepreneur, the manager, and the technician. So the technicians are those who do the dirty work. You do the labor, hands-on. The manager is the one who creates the system. The entrepreneur is the one who has the vision, sees the future, and finds ways to get there. There are entrepreneurs who are very good with those qualities, being an entrepreneur. Then the majority of them are technicians, but they’re not managerial.
There are those as well who are managerial but have no vision when it comes to business. So those factors are what we need to weigh. To be honest, MBA is good, but there are millions of people who have an MBA degree so if you’re just looking at it to add credibility. Yeah.
The reason why it’s better is if you already have your own business or you’re more entrepreneurial, one of my relatives who owns a huge business, I talk to that particular relative when we have family occasions, okay. Always a wonderful question, always about business, and then after he took an MBA he knew how to manage his business better.
So creating the systems and also allowed him to establish contacts. So for him, it worked out because of his motives, the objective is to find ways to build or create a system, especially when it comes to numbers, it helped him. So there are, there are pros and cons about that.
Maybe an example would be driving a car. For me, this is my opinion, it’s like driving a car.
For example, you took a driving class, then that’s okay.
But if you took a driving class without a car, you forget what you learned. And then you will tell people how to run their business without really understanding how they’ve set up the business. There are a lot of consultants like that.