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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 February 15, 2019

    How Setting Personal Goals Makes You a Greater Achiever

    How Setting Personal Goals Makes You a Greater Achiever

    Achieving personal goals deserves a huge amount of celebration but setting these goals in the first place is a massive achievement in itself.

    While the big goals serve as a destination, the journey is probably the most important part of the process. It reflects your progress, your growth and your ability take control and steer your life towards positive change.

    Whatever your goal is, whether it’s losing 20lbs or learning a new language, there will always be a set amount of steps you need to take in order to achieve it. Once you’ve set your sights on your goal, the next stage is to take an assertive path towards how you will get there.

    The aim of this article is to guide you through how to take action towards your personal goals in a way that will help you achieve them strategically and successfully.

    1. Get very specific

    When it comes to setting your personal goals, honing in on its specifics is crucial for success.

    It’s common to have a broad idea of where you want to go or what you want to achieve, but this can sabotage your efforts in the long run.

    Get clear on what you want your goal to look like so you can create solid steps towards it.

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    Say you have a vision on retiring early. This goal feels good to you and you can envision filling your days of work-free life with worldly adventures and time with loved ones.

    If retiring early is a serious personal goal for you, you will need to insert a timeframe. So your goal has changed from “I’d like to someday retire early and travel the world” to “I’m going to retire by 50 and travel the world”.

    It may not seem significant, but creating this tweak in your goal by specifying a definite time, will help create and structure the steps needed to achieve it in a more purposeful way.

    2. Identify the preparation you need to achieve your goal

    It’s easy to set a goal and excitedly, yet aimlessly move towards it. But this way of going about achieving goals will only leave you eventually lost and feeling like you’ll never achieve it.

    You have to really think about what you need to do in order to make this goal possible. It’s all very well wanting it to happen, but if you just sit back and hope you’ll get there one day will result in disappointment.

    Self-managing your goals is a crucial step in the process. This involves taking control of your goal, owning it and making sure you are in a great position to make it happen.

    In the early retirement example, this would mean you will need to think about your financial situation.

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    What will your finances ideally need to look like if you were to retire early and travel the world? How much money will you need to put into your retirement fund to retire at 50? How much extra savings will you need to support your travels? You could also start researching the places you’d like to travel to and how long you’d like to travel for.

    Outlining these factors will, not only make your goal seem more tangible, but also create a mind shift to one of forward motion. Seeing the steps more clearly will help you make a more useful plan of action and seeing your goal as a reality.

    3. Breakdown each step into more manageable goals

    The secret to achieving your goals is to create smaller goals within each step and take action. Remember, you’re looking for progress, no matter how small it may seem.

    These small steps build up and get you to the top. By doing this, you also make the whole process much less daunting and overwhelming.

    In the early retirement scenario, there are several smaller goals you could implement here:

    • Decide to make an appointment with a financial advisor asking what financial options would be available to you if you were to go into early retirement and travel. Get advice on how much you would need to top up your funds in order to reach your goal on time.
    • Set up and start to make payments into the retirement fund.
    • Research savings accounts with good rates of interest and commit to depositing a certain amount each month.
    • Make sure you meet with your financial advisor each year to make sure your retirement plan remains the best one for you. Research new savings accounts to move your money into to reap the best returns in interest rates.
    • Start investing in travel books, building up a library that covers where you want to go.
    • Think about starting a language course that will help you get the most out of your travel experience.

    4. Get started on the journey

    Creating a goal planner in which you can start writing down your next steps is where the magic happens. This is where the real momentum towards your dream starts!

    Create a schedule and start by writing in when you will start the first task and on which day. Commit to completing this small task and feel the joy of crossing it off your list. Do this with every little step until your first mini goal has been reached.

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    In the early retirement example, schedule in a meeting with a financial advisor. That’s it. Easy.

    As I mentioned before, it may seem such a small step but it’s the momentum that’s the most important element here. Once you cross this off, you can focus on the meeting itself, then once that’s ticked off, you are in a position of starting a profitable retirement fund…and so the momentum continues. You are now on your journey to achieving your dream goal.

    5. Create an annual review

    Taking a step back and reviewing your progress is essential for keeping yourself on the right track. Sometimes you can be moving full steam ahead towards your goal but miss seeing the opportunities to improve a process or even re-evaluate your feelings towards the goal.

    Nominate a day each year to sit down and take a look at your progress. Celebrate your achievements and how far you’ve come. But also think about changing any of the remaining steps in light of new circumstances.

    Has anything changed? Perhaps you got a promotion at work and you feel you can add more to your monthly savings.

    Do you still feel the same about your goal? It’s normal for our desires to change over time and our personal goals need to reflect this.

    Perhaps you’d like to take someone new with you on your travels and you need to take this into account regarding timelines. Are there any new steps you want to add as a result?

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    Remember, reflection is a useful tool in realigning your goal to any changes and it’s important to keep on the right trajectory towards it.

    Strive to become the best goal-setter you can be

    Having personal goals gives you purpose and the feeling of becoming a better version of yourself.

    But it’s the smaller steps within these big goals that the growth and achievement really lies:

    • Whatever your goal is, make sure you get specific on when you want to achieve it. This helps you focus on the necessary steps much more efficiently.
    • Research the actionable steps required to get to the end result and…
    • Break these down into smaller, manageable goals.
    • Create a daily or weekly schedule for these smaller goals and start the positive momentum.
    • Reflect each year on your goal journey and purpose, readjusting steps according to changes in circumstance or desire.

    Keep going and always have the end goal in sight. Remember the ‘why’ behind your goal throughout to keep you motivated and positive.

    More Resources About Setting & Achieving Goals

    Featured photo credit: Pexels via pexels.com

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