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How to Get a Do-It-Yourself MBA

How to Get a Do-It-Yourself MBA

    At some point in their lives, a lot of people will ask themselves whether they should get an MBA. The reason for this may be any of the following:

    • They may be working for a small company or a large corporation and they’re looking for ways to become a greater asset for their employer and increase their chances of getting promoted.
    • They have a business idea and they want to strike out on their own, but their lack of business knowledge is holding them back.
    • They have a lot of technical experience and they want to know more about the business aspects of their work.

    If you’re in any of these situations, you should be aware that going the traditional MBA route is not your only option. According to Josh Kaufman, owner of the blog, “The Personal MBA”, and author of the bestselling book of the same name, you can get a do-it-yourself MBA. Josh explains in The Personal MBA Manifesto that the process consists of the following:

    • Read the best business books out there.
    • Learn as much as you can from these books.
    • Discuss what you learn with others.
    • Go out into the real world and make great things happen.

    There’s much more on getting a do-it-yourself MBA below.

    Weighing the Pros and Cons of Getting An MBA

    Should you start looking into the GMAT and send away for business school brochures? Or should you embark on a self-study course of action? The first step in deciding whether or not to get an MBA is to brainstorm a list of pros, as well as a list of cons.

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    Here are some of the things in favor of getting an MBA:

    • An MBA from a good business school is a status symbol.
    • If you’re in a top 15 MBA program you’ll have access to recruiters from Fortune 50 companies, consulting firms, and investment banks.
    • In this competitive market place, having an MBA could differentiate you from other candidates who don’t have one.
    • In an MBA program you get to network with the potential future leaders of the business world.
    • Many argue that the real value of an MBA is the discussion in the classroom: that is, learning from your classmates.
    • If you’re in an MBA program you’ll have access to the school’s alumni association, which can mean job leads and other business opportunities.
    • Some people consider that, today, not having an advanced degree is the equivalent of what not having a college degree was a decade ago.

    Some of the reasons not to get an MBA are the following:

    • MBAs are very expensive–upwards of $80,000 in tuition–and a lot of people pay for an MBA with debt. This means that it will take you several years just to break even.
    • You’re taking two years off from work. This means you won’t be earning a salary, and you may be missing out on valuable work experience.
    • While you’re paying back your tuition debt you’re basically an indentured servant: you can’t leave your job, even if you hate it and the hours are ridiculous, because you have loans to pay.
    • Although having an MBA may give you a leg up in the job market, it doesn’t guarantee that you’ll get a high-paying job.
    • There’s the opportunity cost of all the other things you could have been doing with your time instead of sitting in a classroom gorging on case studies and listening to lectures.
    • A lot of the things that you learn in an MBA program are outdated.
    • While one of the best ways to learn is by doing, an MBA program is mostly just learning theory.

    It’s up to each individual to weigh the pros and cons for themselves and apply the results to their own situation. But, in general, if all you want is to learn the stuff that you’ll need in order to do well in business, you’ll probably be better off by getting a library card and embarking on a self-study program.

    How to Get a Do-It-Yourself MBA

    If you decide to get a do-it-yourself MBA, or at least look further into the possibility, you should do the following:

    1. Read Kaufman’s book, “The Personal MBA”, in order to master the fundamental principles of sound business practice. Kaufman calls these principles, mental models, and he lays out 226 of these mental models in his book. With “The Personal MBA” you’re going to acquire a solid core of principles to work from, and then, later, you’re going to refer to other books in order to build upon that knowledge.

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    “The Personal MBA” covers the following three areas:

    • How Businesses Work: You’ll learn about the five business processes which are at the core of any business. These are value creation, marketing, sales, value delivery, and finance.
    • How People Work: A business is created by people to service people. It’s therefore important to understand how people make decisions and communicate with others.
    • How Systems Work: Businesses are complex systems with many moving parts, and you should understand how complex systems work.

    This book won’t give you all the answers. What it will do is give you the knowledge that you need in order to ask the right questions. Then, by asking the right questions, you can gather more information.

    2. If there’s a particular topic that you want to know more about, refer to the books that Kaufman recommends in “The Personal MBA”, as well as the recommended reading list which is posted on his blog (The 99 Best Business Books). Choose 2 or 3 of these books in order to learn more about the particular area or skill that you’re interested in.

    3. Look through the speed reading books and courses that are available (I recommend PhotoReading), and choose one that appeals to you. Obviously, this is so that you can get through the material quickly. Also, get the classic “How to Read a Book” by Mortimer J. Adler, which will show you how to read analytically and syntopically.

    4. Create a mind map and/or summary of everything that you read as part of your personal MBA program. Make sure that you include your own opinions, interpretations, and conclusions in your summary. Come up with a plan of action based on what you’ve read.

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    5. Discuss your conclusions with others.

    6. Apply your newly acquired knowledge in the real world. Anything that you do will have an effect; that is, it will generate feedback. By acting you’ll either have more information on what works, or you’ll have more information on what doesn’t work.

    7. Once you’ve acted and received feedback, you need to analyze the results that you got. Ask yourself questions such as the following:

    • What worked?
    • What didn’t work?
    • What could be improved?
    • What needs to be done differently?

    8. Based on your analysis of the feedback, decide how you need to modify your approach.

    9. Act once again.

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    10. Keep going through this cycle–plan, act, analyze the feedback, and modify your approach–until you’ve reached the desired outcome, or until you’re happy with the results.

    11. Then, move on to the next topic that interests you, and do the same thing all over again.

    Conclusion

    Kaufman uses quotes throughout his book to help illustrate the different points that he makes. One of the quotes he uses is the following by Jack Welch, the former Chairman and CEO of General Electric: “People always overestimate how complex business is. This isn’t rocket science–we’ve chosen one of the world’s most simple professions.”

    A lot of people who have never been to business school are intimidated by business. However, as Welch points out, business is not rocket science. Go ahead and give it a shot: embark on the journey toward getting your own personal MBA.

    (The Personal MBA is courtesy of Bego).

     

    More by this author

    Marelisa Fabrega

    Marelisa is a lawyer and entrepreneur who blogs about creativity, productivity, and getting the most out of life.

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    Last Updated on September 15, 2020

    7 Helpful Reminders When You Want to Make Big Life Changes

    7 Helpful Reminders When You Want to Make Big Life Changes

    Overcoming fear and making life changes is hard. It’s even harder when it’s a big change—breaking up with someone you love, leaving your old job, starting your own business, or hundreds of other difficult choices.

    Even if it’s obvious that making a big change will be beneficial, it can be tough. Our mind wants to stay where it’s comfortable, which means doing the same things we’ve always done[1].

    We worry: how do we know if we’re making the right decision? We wish we knew more. How do we make a decision without all of the necessary information?

    We feel stuck. How do we get past fear and move forward with that thing we want to do?

    Well, I certainly don’t have all the answers, but here are 7 things to remember when you want to move forward and make positive life changes.

    1. You’ll Never Have All the Information

    We often avoid making important decisions because we want more information before we make a tough call.

    Yes, it’s certainly true that you need to do your research, but if you’re waiting for the crystal clear answer to come to you, then you’re going to be waiting a long time. As humans, we are curious creatures, and our need for information can be paralyzing.

    Life is a series of guesses, mistakes, and revisions. Make the best decision you can at the time and continue to move forward. This also means learning to listen to and trust your intuition. Here’s how.

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    2. Have the Courage to Trust Yourself

    We make all sorts of excuses for not making important life changes, but the limiting belief that often underlies many of them is that we don’t trust ourselves to do the right thing.

    We think that if we get into a new situation, we won’t know what to do or how to react. We’re worried that the uncharted territory of the future will be too much for us to handle.

    Give yourself more credit than that.

    You’ve dealt with unexpected changes before, right? And when your car got a flat tire on the way to work, how did that end up? Or when you were unexpectedly dumped?

    In the end, you were fine.

    Humans are amazingly adaptable, and your whole life has been helping you develop skills to face unexpected challenges.

    Have enough courage to trust yourself. No matter what happens, you’ll figure out a way to make it work.

    3. What’s the Worst That Could Happen?

    Like jealousy, most of your fears are created in your own head.

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    When you actually sit down and think about the worst case scenario, you’ll realize that there are actually very few risks that you can’t recover from.

    Ask yourself, “What’s the worst that could happen?” Once you realize the worst isn’t that bad, you’ll be ready to crush it.

    When you’re preparing to make a big life change, write down all of the things you’re afraid of. Are you afraid of failing? Of looking silly? Of losing money? Of being unhappy?

    Then, address each fear by writing down ways you can overcome them. For example, if you’re afraid of losing money, can you take a few months to save up a safety net?

    4. It’s Just as Much About the Process as It Is About the Result

    We’re so wrapped up in results when we think about major life changes. We worry that if we start out towards a big goal, then we might not make it to the finish line.

    However, you’re allowed to change your mind. And failing will only help you learn what not to do next time.

    Furthermore, just because you don’t reach the final goal doesn’t mean you failed. You chose the goal in the first place, but you’re allowed to alter it if you find that the goal isn’t working out the way you hoped. Failure is not a destination, and neither is success.

    Enjoy the process of moving forward[2].

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    5. Continue to Pursue Opportunity

    If you’re on the fence about a big decision, then you might be worried about getting locked into a position that you can’t escape from.

    Think about it a different way. New choices rarely limit your options.

    In fact, new pursuits often open up even more opportunities. One of the best things about going after important goals with passion is that they open up chances and options that you never could have expected in the beginning.

    If you pursue the interesting opportunities that arise along the path to your goal, then you can be sure that you’ll always have choices.

    6. Effort Matters, So Use It

    It sounds simple, but one of the big reasons we don’t make life changes is because we don’t try. And we don’t try because then it’s easy to make excuses for why we don’t get what we want.

    Flunked that test? Are you stupid? “Of course I’m not stupid. I just didn’t study. I would have gotten an A if I actually studied.”

    Stuck in a job you hate? Why haven’t you found a new job yet? “Well, I haven’t really tried to get a new job. I could totally ace that interview if I wanted.”

    Why do we make excuses like these to ourselves? It’s because if we try and fail, then we just failed. But if we don’t try, we can chalk it up to laziness.

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    Get over it. Failure happens to everyone.

    And the funny thing is, if you actually try—because it’s pretty clear that most people aren’t trying—then you’ll win a lot more than you think.

    7. Start With Something Manageable

    You can’t climb Everest if you don’t try hiking beforehand.

    Maybe applying for your dream job seems intimidating right now. What can you start with today?

    Can you talk to someone who already has that position and see what they think makes them successful? Can you improve your skills so you meet one of the qualifications? Can you take a free online course to expand your resume?

    Maybe you’re not quite ready for a long-term relationship, but you know you want to start dating. Could you try asking out a mutual friend? Can you go out more with friends to practice your communication skills and meet new people?

    You don’t need to be a world changer today; you just need to make small life changes in your own world.

    More Tips to Help You Make Life Changes

    Featured photo credit: Victor Rodriguez via unsplash.com

    Reference

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