Getting an MBA these days can be a pretty expensive affair since it
will end up costing in the region of $30k – $150k. Not only that
but it will also cost two years of one’s life. Of course there’s
also the extra costs for things like loan interest, books as well
as the potential income you could have made were you not studying.
At the end of this entire ordeal you may get a job (in this economy
you better have great connections and your MBA better be from a top
university, otherwise expect a paltry starting salary) guaranteeing
you 2 – 5 years of 12-hour days, 5 -7 days a week. Only if you are
lucky enough to survive the brutal job-hunt and interview process
where employer after employer will ask you how much business
experience you have. Because surprise, surprise, an MBA on it’s own
doesn’t mean much in the real world. It’s a course comprised mostly
of theory and cramming students heads with endless case studies,
formulas and theories. So when you reply to the HR department that
you have no experience, they won’t be pleased.
Many recently-graduated MBA students decide to skip the job hunt
and start their own empire instead. So what they do is buy a
franchise or get capital to start a traditional business like a car
wash and are now under huge financial pressure to make it work.
Many secure these massive loans against their house and proceed to
work like possessed machines for a good few years just to find out
whether it was a viable business to get involved with or not. In
most cases, it isn’t. This is a massive money and time-sink and not
a very effective way to do things.
In internet marketing we are a little smarter than that (not to
brag). We usually set up a few potential businesses (websites,
campaigns etc.) and start to gather data. If one shows potential
and the rest don’t, we ditch the underperformers and focus on the
winners. The winners can then be scaled up as big as we like. This
is a lot more difficult to pull off with a traditional brick and
mortar business, although the big boys do operate in the same way.
Things move quickly and it’s very efficient with this low-risk
approach. Plus, it allows a budding entrepreneur to learn more and
a lot quicker than they would if they were doing things the way
they were taught to. He will make lots of small mistakes and a few
small wins really fast, but the lessons are the same, just a lot
less painful. It’s also much quicker – these experiments can happen
in a week or two instead of a year or two. There’s also no huge
financial pressure either.
Learning internet marketing teaches a person sales, persuasion,
marketing, copywriting, cash flow, conversion, psychology, work
ethic, goal-setting and much, much more. The most important point
however, is that instead of reading about all these theories and
then only getting to test them out years later, you can read about
a strategy and within an hour apply it to your business. Speed of
implementation is the name of the game and with an MBA, that is
thrown out the window completely.
Who says you need an MBA to run a successful business?