Posted by - maverick.aj - on 29 July 2012 - 9:09am

• Posted by - maverick.aj - on 30 July 2012 - 8:00am

  hey thomas,
  thanx for those such specific replies.i know i cant thank you enough.Kudos to u man...!!

  -i sure will ponder over some of those thoughts for the time being..!!
  -whenever u do find out about some programs(marketing or entrepreneurship ) considering my goals....than please let me know.

  cheers
  ashish

  Reply

• Posted by - Thomas Graf - on 29 July 2012 - 1:20pm

  Hi Ashish,

  thank you for your question. Here are my comments:

  First, you don't necessarily need a postgraduate education to become an entrepreneur. Maybe you need more knowledge and maybe you look for a network or think tank to develop your own ideas. But one of the advantages of becoming an entrepreneur is that you don't need to fulfill external requirements, for example expectations of HR managers. All you need is a business idea and an entrepreneurial mindset. I just want to mention this in advance - maybe it makes you think about it again.

  ---

  Second, a postgraduate education in management can provide you with some important tools that are helpful for your future business.

  • Most of all I think of some knowledge - learning about how to design a business plan, learning about successful other businesses and why they have been successful, and learning about the nuts and bolds of a successful business such as managing innovation, pricing, strategy, or even HR (if you employ people some day).
  • I also think about networking. If you are doing a Master degree together with other entrepreneurs or future entrepreneurs, for instance, you may profit from their experience now and you may exchange information in the future. You may even decide to set up a busines together with them. They alos may have connections to business angels and even offer business plan competitions.
  • And I think about infrastructure. Master degrees with a focus on entrepreneurship often have something like a "venture lab", that is separate physical locations for entrepreneurs or even digital infrastructures that facilitate information exchange, software for business plan designing etc.

  Overall, I would recommend you doing a Master degree with a clear entrepreneurial focus. It does not necessarily mean that the Master's title is "Master in Entrepreneurship". Maybe it is called "Master in Management" but with a clear entrepreneurial focus in the curriculum.

  ---

  Third, I would clearly go for a Master in Management (MIM) or a so-called specialized Master at the moment, ie. in entrepreneurship, innovation, or whatever fulfills your needs. I would not even think about an MBA right now.

  • First, MBA programs are for people with some years of professional experience that you don't have. In my opinion you should have a minimum of 3 years, even though some programs offer entry after two years. But keep in mind the diference between the US and Europe. European MBAs ususally require 3 years of experience and they only last one year. In the US, you may get in after two years but the MBA lasts 24 months (at least most of them). Why studying another 2 years if you want to become an entrepreneur now?
  • And second, because MBAs are general management qualifications. Maybe you find an MBA with a strong entrepreneurial focus similar to some Masters in Management with an entrepreneurial focus. But my intuition is that a specialized Master would serve you better.

  Overall, I would recommend you to think about a specialized Master with an entrepreneurial focus (content, network, project phases such as business plan development) or a Master in Management with a clear entrepreneurial focus in the advanced program phases NOW. If you will ever do an MBA is something that you decide in some years.

  ---

  Finally, I have no idea about the top-20 US programs. My intuition is that you may get troubles to become accepted - but this is something for which you don't need me I guess as you can simply find it out by yourself (just call them and ask about your chances; or simply apply...).

  Best wishes
  Thomas

  Reply

  • Posted by - maverick.aj - on 29 July 2012 - 3:05pm

    hey thomas,
    i sure does got to congratulate and thank u for dat excellent reply.....u were bang on..!!

    -Firstly,no b school in the world can make an entrepreneur.I am aware of this fact. But it sure does provide u with
    -knowledge,networking and an excellent learning environment.
    Besides,it also acts as an insurance on which u can fall back upon if your entrepreneurship dream doesn't go well..!!

    -Secondly,i would shoot some specific questions.Hope u can help me out with these.

    A)wouldn't it be better to go to a english speaking country if i don't know Spanish( in case of esade and i.e.)
    and french(in case of hec) and instead may go for imperial or cass,which though are smaller brands but sure are in a englsih speaking country which has a lot of effect in your participation in venture labs and other such entrepreneurial programs and field jobs like local business survey etc.

    B)secondly i wont mind a marketing focus masters to since my family business sure needs some marketing brains to help it out with.What i am planning is to support my family business and doing a startup with that.I know it would be pragmatically difficult but i believe i can pull it off.so would considering a marketing mim be a good idea(as a backup plan if i don't get into top entrepreneurial programs).
    i have shortlisted
    -emlyon(global entrepreneurship programme)-4months in emlyon,4 months in zhiejang,china and 4 months in purdue,usa.
    -esade(mim in entrepreneurship and innovation)
    other programs are
    -hec grande école(marketing Focus)
    -lse(mim with some good entrepreneurship and innovation electives)
    -ie(marketing focus)

    backups
    -imperial college(entrepreneurship masters)
    -cass(entrepreneurship masters)

    would u consider doing a cems year..??
    as it gives u a good business project,good strategy modules and good internship.
    A word on my application success chances on all these programs would also be welcome..!!

    C)IS investing too much time and money(for top mba programs) a waste for a budding entrepreneur??
    i am asking this because i am considering even working for a year in my family business (if i don't get through top programs)and then try for d IIMS(india).
    this process of education would take another 4 years(1 year for completing my ongoing studies and another for giving entrances etc and then 2 yrs mba) and i would be 25 by then.
    So is it worth d investment..?

    or rather i should just get some pretty good masters and start up as early as possible.

    thanks in advance.

    ps:u r doing a grt job thomas..just keep it going.let me know if i can help u out with something.

    Reply

    • Posted by - Thomas Graf - on 29 July 2012 - 10:43pm

      Hi there again,

      well, a Master in Marketing makes sense as well. Most importantly you should do something that is interesting for you. Nevertheless, I would have a look at specific "Masters in Entrepreneurship" just to compare with traditional "Masters in Marketing" and eventually find out which program better provides you with the knowledge and network you are looking for.

      As for the language, you could also argue that a non-English country would be better cause you can learn a new language.... In general, there is no right or wrong. The forementioned Masters in Spain are international programs totally taught in English and for an English-speaking audience.

      If you want to profit from local connections maybe a UK program would be better for you. On the other hand, you don't want to work in the country of your campus - so from that perspective, one country can not preferred over the other.

      Maybe a better way to look at it is:

      • Internationality: Have a look at the number of countries where the students come from. Do you prefer a more international program? Or rather a program where many people from India are?
      • Venture labs: Are these entrepreneurial phases included in the curriculum, how long are they, and how will you profit from them? Are there differences between programs?
      • Your limited resources: Only few people have unlimited resources and you already mentioned the question of your return of investment. Try to find the best fit between your get-away and your investment (money and time). Since you want to work in your family business, I would focus (1) on the conten/skills/competence in entrepreneurship that you get from a program - which program is the best here?, and (2) on the network, (3) on your resources, and .... then.... on stuff like country,

      As for CEMS, this is a very renowned program, and I recommend you getting in contact with them if you are interested. But as to my best knowledge, this program is not particularly for future entrepreneurs like you. Furthermore, the CEMS MIM is a Master in Management ON TOP OF a Master at one of the CEMS partner schools. So, in total this is a 2-years education. I don't see your future at CEMS therefore.

      MBA: Again, I would forget about the MBA at the moment. Try to think like this:

      • Are you happy right now with your career options? Then keep on working and consider an MBA in some years,
      • Do you need something NOW (knowledge, networks etc.)? Then do a Master now - taking into account my recommendations and thoughts above.

      Now you have some things to think about, I guess :)

      Best wishes
      Thomas

      Reply