MBAs in Silicon Valley

Stanford GSBWhile the fundamental principles of business never change, it has an inherently fluid nature. The idea is simple: you must adapt to survive. Big players like Google, Intel and Facebook have been drawing MBAs into the Silicon Valley at a steadily-increasing rate for years, however, startup companies are now also garnering a unique attraction for MBAs with brand new degrees and strong desires for innovative and creative opportunities, as well.

Despite a considerably large risk of failure, numerous startups are formed in the Silicon Valley every year. It is estimated that 33% of all startups will not succeed. For most MBAs, going to work at a startup company is a rather significant gamble, as startups are characteristically designated by businesses models that are very scalable yet invalidated. While this may seem like an unsafe bet for many people, it is actually fairly obvious why new MBAs are drawn to startups in the Silicon Valley.

In recent years, millennials have made a number of huge impacts on the workplace. They initially had a reputation for being self-entitled, narcissistic and lazy, however that negative connotation is quickly fading to a distant memory as companies adapt to accommodate this fast-growing demographic. Millennials now make up one-third of today’s workplace – that is over 54 million employees. Having an MBA degree, however, does not exempt this younger generation from the same characteristics that define their peers.

Tech startups in Silicon Valley offer many of the perks that millennials value in the workplace. At almost any startup, the rules are fluid and employees have a large influence on their working environment and capacity for productivity. Startups are also notorious for open workspaces, group collaboration and unique perks like massage tables and game rooms. These benefits are a huge attraction for a generation of MBAs that is likely to financially struggle more than its predecessors.

MBAs that go to work at startups in the Silicon Valley also often gain much more ownership of their projects and results than they would from traditional companies. Millennials are typically very passionate about what they do for a living – companies are likely to see many applicants from this particular age group when they create innovative environments that foster this passion.

For a generation that was raised with seemingly unconditional praise, recognition is important in the workplace, and startups give inexperienced MBAs a chance to prove themselves. It is no easy task to take a small startup company and make it an impressive success – the allure of potential for achievement and praise is one large contributing factor in the huge amount of MBAs that are going to work at this type of company.

It has been shown that many first-year MBAs are strongly attracted to working in the lucrative field of technology. This field has tremendously grown in the last twenty years, and is predicted to continue growing exponentially. Despite the amount of new and unproven tech startups in the Silicon Valley, it is easy to see why this area is anticipated to continue to draw numerous millennials with MBA degrees for many years to come.

Applying to business school? Call us at 1-800-925-7737 and speak with an MBA admissions expert today, or click here to take our Free MBA Admissions Profile Evaluation! As always, be sure to follow us on FacebookYouTube, Google+ and Twitter.

Should Entrepreneurs Go to Business School?

MBA AdmissionsShould budding entrepreneurs go to business school? It’s a question we get asked very often and it’s always a difficult debate. In some cases it makes sense, in others not. So let’s break down both options:

Against Business School 

In general, business school can be a very expensive proposition. So as an entrepreneur you will probably be asking yourself, “Why spend all this money on business school when I could just invest it in myself and my startup?” Many entrepreneurs would also say spending two years on attending business school is a waste of time.

Apu Gupta, who Co-Founded Curalate and is a Wharton MBA graduate thinks you can’t learn entrepreneurship in a classroom: “I think the notion that you can go to business school to learn to be an entrepreneur is a misnomer. I have always found it odd that people go to business school to study entrepreneurship. If you want to study entrepreneurship, you need to go and be an entrepreneur.” Also, there are now many online resources now where people can take MBA-like classes, learn some of the same skills they would in a business school classroom and not have to pay nearly as much, if anything at all. For example, the University of Illinois just made their MBA classes free online at Coursera.

For Business School

So why do we think it can actually make sense for entrepreneurs to go to business school? There are a number of reasons. First, business schools are consistently investing in their entrepreneurship programs. They have seen the rise of students either wanting to work for startups or be an entrepreneur themselves, and they are responding positively. During any random week at just about any top business school there will be some kind of pitch competition happening, giving students the chance to flex their creative muscles and present their startup idea to local experts.

Additionally, most schools offer some kind of entrepreneurship class or lecture series for their students. For example, Harvard Business School offers courses like “The Entrepreneurial Manager,” “Entrepreneurial Finance,” “Launching Technology Ventures,” and even a field course in entrepreneurial sales and marketing. Some schools are even custom designing their curriculum – investing in entrepreneurship centers or creating additional certificates for would-be entrepreneurs.  For example, the Michigan Ross School of Business has created a Master of Entrepreneurship degree in collaboration with the Michigan College of Engineering that comes with a built-in funding ecosystem.

Secondly, despite the fact that business school networking is typically geared to those looking for full-time jobs, it still provides an awesome opportunity for entrepreneurs to network. Imagine being in a sea of talented people who are as motivated as you! Do you think you could find a few people who might also want to work on your project? How about a professor that would serve as an advisor for your company? Or even potential funding opportunities from alumni and local investors?

Obviously at the end of the day business school is a very personal choice, and we think it is important to think about both sides of the argument when debating whether or not entrepreneurs should go to business school.

Applying to business school? Call us at 1-800-925-7737 and speak with an MBA admissions expert today, or click here to take our Free MBA Admissions Profile Evaluation! As always, be sure to follow us on FacebookYouTube, Google+ and Twitter.

Power Couple

It’s Final Four time! It seems like a lot of our recent posts have had a sports theme to them, but with the start of one season (baseball) and the fast-approaching end to another (college basketball), you’ll have to be understanding. Fortunately, my recent obsession (ok, maybe not that recent…) with Yahoo! Sports has led me to this post.

There was an article put up earlier today about two guys who are running a very successful business centered around college basketball. They are the epitome of the entrepreneurial spirit, and while there is some controversy around them, you can’t deny their success.

For all you budding entrepreneurs out there (and all you college basketball fans), this one might be worth the read.

Source: Power Couple

More for entrepreneurs!

That article I found a couple weeks ago got me thinking, and I decided to try to find another good article for all you budding entrepreneurs. I managed to find one that I feel is actually very useful and important. One of the key things you’ll need as you start up your new business is some capital. To get that, you’ll need a business plan, which is what the article deals with.

Check it out!

Business Plans Should Be Simple & Passionate