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What is your opinion on this : Should i start my business now only without doing mba and saving 30 lakh education loan and put it here or should i do mba and do job for 5 year repay education loan and again take loan and start a business ?
Currently i have job of 5 LPA at IT . I am not interested in IT field but want to switch to finance or money . I already have education loan of 10 Lakh for Btech . So i am planning to get into mba college in india via CAT which will require at least 30 lakh which i can take as a education loan so it will be of 2 years course. My currently goal is to go to mba college take job of at least 20lpa and do job for at least 4-5 years and do my own business by taking loan from bank again of nearly 30 lakh .
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9 answers
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Susan Su’s Answer
Starting a business is always a risk. It depends on whether you have a good idea and the determination to work hard on it. Before deciding, consider these points:
Evaluate Your Idea: Ensure you have a solid business idea, a clear plan, and know how much capital you need.
Income Potential: Determine how soon your business can generate income.
MBA Benefits: An MBA is more beneficial for a corporate career. It can provide valuable skills and networks but comes with debt.
Financial Readiness: Can you afford to start a business now, or is it better to gain experience and financial stability first?
Long-term Goals: Consider whether you see yourself as an entrepreneur or if you'd prefer a stable job post-MBA.
Decide based on the realism of your business plan and your career aspirations.
Evaluate Your Idea: Ensure you have a solid business idea, a clear plan, and know how much capital you need.
Income Potential: Determine how soon your business can generate income.
MBA Benefits: An MBA is more beneficial for a corporate career. It can provide valuable skills and networks but comes with debt.
Financial Readiness: Can you afford to start a business now, or is it better to gain experience and financial stability first?
Long-term Goals: Consider whether you see yourself as an entrepreneur or if you'd prefer a stable job post-MBA.
Decide based on the realism of your business plan and your career aspirations.
I will use this advice as I prepare for my career.
Tyshawn
Updated
Patrick’s Answer
Choosing between launching a business right away or first getting an MBA requires a thoughtful review of your financial situation and career goals. If you start your business now, you could avoid the cost of an MBA and use that money for your enterprise.
But without the basic knowledge and connections an MBA offers, you might face more risks and hurdles as an entrepreneur. On the flip side, an MBA gives you a structured education, chances to network, and a route to high-paying jobs in finance or management after you graduate. This could make it easier to get money for your future business projects. Given your current IT job and your aim to move into finance or entrepreneurship, it's vital to assess your long-term career goals, financial security, and risk comfort level. Think about whether getting more work experience first fits with your career path and whether an MBA could greatly boost your abilities and reputation in the finance industry before you start your journey as an entrepreneur.
But without the basic knowledge and connections an MBA offers, you might face more risks and hurdles as an entrepreneur. On the flip side, an MBA gives you a structured education, chances to network, and a route to high-paying jobs in finance or management after you graduate. This could make it easier to get money for your future business projects. Given your current IT job and your aim to move into finance or entrepreneurship, it's vital to assess your long-term career goals, financial security, and risk comfort level. Think about whether getting more work experience first fits with your career path and whether an MBA could greatly boost your abilities and reputation in the finance industry before you start your journey as an entrepreneur.
Updated
Carol’s Answer
Hello,
While your question was to seek advice on starting business vs. MBA, I want to answer it from a different point of view:
Consider the financial factor first. Ask yourself these questions:
- Is there a way I can get my MBA education for free or as little as possible? Some companies offer tuition assistance for their employees to pursue degrees, you could earn your MBA (for free) while you are working and accumulating work experience. Of course, this will require some commitment, working full time while getting a degree is not for the faint of heart, but this will put you ahead financially and career wise.
- Do I already have the experience, idea and capabilities that required to start my own business? Sometimes working full time, while starting your business as a side hustle is a good way to test the water, also reduce your risk.
I always caution people taking on large loans to first think through all the options. After all, having a good financial foundation will set you up for better life where you will have more freedom to choose, and reduce stress down the road.
Hope this is helpful, best luck on whatever you choose to do.
While your question was to seek advice on starting business vs. MBA, I want to answer it from a different point of view:
Consider the financial factor first. Ask yourself these questions:
- Is there a way I can get my MBA education for free or as little as possible? Some companies offer tuition assistance for their employees to pursue degrees, you could earn your MBA (for free) while you are working and accumulating work experience. Of course, this will require some commitment, working full time while getting a degree is not for the faint of heart, but this will put you ahead financially and career wise.
- Do I already have the experience, idea and capabilities that required to start my own business? Sometimes working full time, while starting your business as a side hustle is a good way to test the water, also reduce your risk.
I always caution people taking on large loans to first think through all the options. After all, having a good financial foundation will set you up for better life where you will have more freedom to choose, and reduce stress down the road.
Hope this is helpful, best luck on whatever you choose to do.
This is excellent piece of advice.
Lingaraj Dharwad
Updated
Sajid’s Answer
Your question is indeed insightful and pertinent. However, please note that my response, like any other, may be influenced by my personal experiences, so consider it accordingly.
The answer to your question, in my view, hinges on your age, which is a good indicator of your risk tolerance. Starting a business is inherently risky and is more suitable for those in a position to shoulder such risks - typically, the younger you are, the better. The sooner you embark on your entrepreneurial journey, the more time you have before reaching an age where responsibilities make you more risk-averse and prompt a shift towards a steady income, which a job post-MBA can offer.
An MBA can certainly aid in securing a job, but its contribution to establishing and running a successful business is somewhat limited. The advantage of an MBA is that prior experience can enhance your chances of getting into a reputable program and succeeding thereafter. Therefore, experience gained from running your own business, even if it doesn't succeed, can enrich your MBA, should you choose to pursue one later.
The answer to your question, in my view, hinges on your age, which is a good indicator of your risk tolerance. Starting a business is inherently risky and is more suitable for those in a position to shoulder such risks - typically, the younger you are, the better. The sooner you embark on your entrepreneurial journey, the more time you have before reaching an age where responsibilities make you more risk-averse and prompt a shift towards a steady income, which a job post-MBA can offer.
An MBA can certainly aid in securing a job, but its contribution to establishing and running a successful business is somewhat limited. The advantage of an MBA is that prior experience can enhance your chances of getting into a reputable program and succeeding thereafter. Therefore, experience gained from running your own business, even if it doesn't succeed, can enrich your MBA, should you choose to pursue one later.
James Constantine Frangos
SOFTWARE ENGINEER SINCE 1972; NUTRITIONIST SINCE 1976.
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James Constantine’s Answer
Try to do your MBA before getting into the employment field because it will skill you up. Remember there's a lot more to running a business than just being the boss you also need financial skills and planning acumen. On the other hand if you don't have the thirty lakh, then give it your best shot.
Chinyere Okafor
Educationist and Counseling Psychologist
1205
Answers
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Chinyere’s Answer
Hello MR. K,
Starting a business without an MBA can be a viable option. Many successful entrepreneurs have built their businesses without formal business education. However, it's important to assess your own skills and knowledge in finance and money management before taking this route. Consider if you have the necessary expertise or if there are alternative ways for you to gain those skills through self-study, workshops or mentorship.
On the other hand, pursuing an MBA can provide valuable knowledge and networking that may benefit your entrepreneurial journey later on. It can enhance your understanding of various aspects of business such as finance, marketing, strategy, and leadership.
However, taking on another large education loan might impact your financial situation in the short term. The costs of tuition and other expenses will need to be factored into your budget. It's important to carefully evaluate whether it is financially feasible for you to take on more debt at this point in time.
Ultimately, the decision depends on various factors such as your risk tolerance level and confidence in starting a business without formal education but with practical experience gained through work experience or other means of learning money management skills.
Seeking advice from professionals who are experienced in entrepreneurship or financial planning before making a final decision that aligns with your long-term goals and personal circumstances is recommended.
Best wishes.
Starting a business without an MBA can be a viable option. Many successful entrepreneurs have built their businesses without formal business education. However, it's important to assess your own skills and knowledge in finance and money management before taking this route. Consider if you have the necessary expertise or if there are alternative ways for you to gain those skills through self-study, workshops or mentorship.
On the other hand, pursuing an MBA can provide valuable knowledge and networking that may benefit your entrepreneurial journey later on. It can enhance your understanding of various aspects of business such as finance, marketing, strategy, and leadership.
However, taking on another large education loan might impact your financial situation in the short term. The costs of tuition and other expenses will need to be factored into your budget. It's important to carefully evaluate whether it is financially feasible for you to take on more debt at this point in time.
Ultimately, the decision depends on various factors such as your risk tolerance level and confidence in starting a business without formal education but with practical experience gained through work experience or other means of learning money management skills.
Seeking advice from professionals who are experienced in entrepreneurship or financial planning before making a final decision that aligns with your long-term goals and personal circumstances is recommended.
Best wishes.
Katherine Avery
Run a music studio and teach private music lessons; teach college-level religion classes
366
Answers
Updated
Katherine’s Answer
The two best resources I know of for starting a business don't require an MBA; they are the book EntreLeadership by Dave Ramsey, and this workbook (https://www.churchofjesuschrist.org/bc/content/ldsorg/topics/self-reliance/2017/14678_sgmb_book_eng.pdf?lang=eng).
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Sarath Narayanan’s Answer
Coming from a background where I completed B.Tech, worked in the industry, and then pursued an MBA to understand business nuances, here’s my perspective:
Option 1: Start working on Your Idea
Pros:
Avoid additional debt (~₹30 lakh MBA loan).
Begin gaining entrepreneurial experience immediately through actively engaging in Networking.
Full control over your time and ideas.
Cons:
Limited exposure to finance/business fundamentals. You have to build your network up!
Smaller network and fewer mentors.
Higher risk if you lack clarity on P&L, funding, GTM strategy, USP, and competitive analysis.
Option 2: Do an MBA First, Then Start
Pros:
Structured learning in finance, strategy, and entrepreneurship.
Access to alumni networks, incubators, and funding opportunities.
Higher-paying job post-MBA (₹20–30 LPA median at top schools) in case you are still not sure.
Cons:
Significant debt (₹30 lakh loan + existing ₹10 lakh).
Delays entrepreneurial plans by 4–7 years. (Many things can change)
Pressure to choose high-paying roles over passion projects.
My Suggestion
If you don’t yet have strong business fundamentals, consider an MBA from a reputed program that emphasizes entrepreneurship. If you already have clarity and confidence in your idea, start by networking with founders and testing your concept before committing to more debt.
----Platforms to Connect with Startup Founders-----
TiE (The Indus Entrepreneurs) – Mentor-led events.
NASSCOM 10,000 Startups – Acceleration programs.
We Founder Circle (WFC) – Early-stage funding and guidance.
Headstart – Local startup networking.
StartupIndia Hub – Government-backed mentorship and funding.
CoFoundersLab & LinkedIn – Find co-founders and mentors.
Option 1: Start working on Your Idea
Pros:
Avoid additional debt (~₹30 lakh MBA loan).
Begin gaining entrepreneurial experience immediately through actively engaging in Networking.
Full control over your time and ideas.
Cons:
Limited exposure to finance/business fundamentals. You have to build your network up!
Smaller network and fewer mentors.
Higher risk if you lack clarity on P&L, funding, GTM strategy, USP, and competitive analysis.
Option 2: Do an MBA First, Then Start
Pros:
Structured learning in finance, strategy, and entrepreneurship.
Access to alumni networks, incubators, and funding opportunities.
Higher-paying job post-MBA (₹20–30 LPA median at top schools) in case you are still not sure.
Cons:
Significant debt (₹30 lakh loan + existing ₹10 lakh).
Delays entrepreneurial plans by 4–7 years. (Many things can change)
Pressure to choose high-paying roles over passion projects.
My Suggestion
If you don’t yet have strong business fundamentals, consider an MBA from a reputed program that emphasizes entrepreneurship. If you already have clarity and confidence in your idea, start by networking with founders and testing your concept before committing to more debt.
----Platforms to Connect with Startup Founders-----
TiE (The Indus Entrepreneurs) – Mentor-led events.
NASSCOM 10,000 Startups – Acceleration programs.
We Founder Circle (WFC) – Early-stage funding and guidance.
Headstart – Local startup networking.
StartupIndia Hub – Government-backed mentorship and funding.
CoFoundersLab & LinkedIn – Find co-founders and mentors.
Updated
Stephen’s Answer
I would say it depends on where you get your MBA. How good is the employment track record of the program you choose, does it have a loyal alum network, etc. I would weight that against what you think is the five-year ROI on starting your own business. Good luck.