You have probably heard this ..but I just want to put it out there.

I want to start my own company. I'm not sure what I want to do it in,but I'm sure I want to do something on my own. I am also studying for my GMAT :-).. Here is my question

I agree you need to have all the business fundas covered. But....

Do you need an MBA degree  to start something on your own?
or
Can you do those extension courses(from good schools) and get all the basic courses like Fin/Acc/Mktg
 and start from there?

Apart from the much touted "networking" or "alumni" , will the MBA program help me better than the "extension programs" in any other way?


Hope you get what I'm trying to say here !

thanks

If you ask Bill Gates, Michael Dell, or Larry Ellison, you don't even need an undergrad college degree to start a company...

Put it this way. To start a business, you need equal doses of:

(1) The brains to analyze situations, plan well and make good decisions (Knowledge),

(2) The heart to get through many tough times because you love what you do (Passion)

(3) The guts to simply do it when others are simply "talking" about doing it (Chutzpah).

The MBA can give you knowledge, but it can't give you passion or chutzpah. And what prevents most people from starting their own business isn't lack of knowledge -- it's lack of heart and guts. I'm sure you've met people in your office (every office has one) of the brilliant but chronic complainer who always talks and talks about leaving and hanging up his/her own shingle... but five years later is still talking about it... and then years later still talking about it.... and in many ways it's hard to blame them - starting a business is a romantic notion until you have to do it -- and saying that it's tough is an understatement -- your wallet is always empty, your family is on edge, your psyche is all twisted up, your ego takes a beating, and you can be an emotional wreck since you have so much of your own identity tied up in the biz.

What you learn in an MBA program can certainly help, but it's certainly far from being a dealbreaker when starting a biz -- it's a luxury more than a necessity.

Couldn't have said it better myself.  You're always taking the words out of my mouth and beating me to the punch (and much more eloquently, I might add).

Love the equation, though - Knowledge + Passion + Chutzpah = Successful Entrepreneur.  You should copyright it.

Ha ha I forgot one thing:

Luck.

There's something to be said about being at the right place at the right time. Accounts for more than most successful people would like to admit.

I'll haunt you just a little more, hope you dont mind :)

You've been fortunate to get a couple of highly insightful, eloquent replies to your query.

I haven't attended Wharton or Chicago, so I'm far more simplistic:

Have you thought about what your 'product' will be?

Right out of undergrad I started a company backed by investors, most of which were HBS grads.  The HBS credentials helped a little, mostly with small talk when making VC pitches.  But what really got us going was their personal network and visibility within the market we were targeting.

 Also, while was studying engineering, I also took some business classes: accounting, economics, management, etc. basically enough to get started.  By the time you need more advanced finance knowledge either your investors will provide it for you or you will be making enough to hire a newly minted MBA!  Funny thing was, our investors were adamant that we not hire any MBA’s…

Thanks a lot for all of your replies. I must admit I got more than what was expected.

I know I sound confused,but I haven't really zeroed in on the "product" yet.I have a few ideas though: could be a internet based consumer product/service or regular consumer product(not FMCG).

Whatever it is, it will be in India.

Alex/Drifting/Nortius
Thank you very much.

Self assessment is very important to ascertain where you stand or what you can accomplish,but its really hard for me to assess.
I would rather dive into something and find out if I can take it or not, and I dont have any qualms about failure or the fear of it.