Advertising
Advertising

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.

    Advertising

    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.

    Advertising

    “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.

    Advertising

    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.

    Advertising

    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.

    60 Small Ways to Improve Your Life in the Next 100 Days How to Get a Do-It-Yourself MBA 100 Questions to Help You Write, Publish, and Sell Your Ebook Creativity Hack: Use TRIZ to Solve Problems and Generate Ideas Four Procrastination Myths Debunked

    Trending in Lifehack

    1 Why Do I Procrastinate? 5 Root Causes And How To Tackle Them 2 The Power of Tapping into Your Hidden Creativity 3 How to Become an Early Riser and Stay Energetic Throughout the Day 4 5 Steps To Move Out Of Stagnancy In Life 5 Why You Have the Fear of Failure (And How to Conquer It Step-By-Step)

    Read Next

    Advertising
    Advertising
    Advertising

    Last Updated on August 6, 2019

    Why Do I Procrastinate? 5 Root Causes And How To Tackle Them

    Why Do I Procrastinate? 5 Root Causes And How To Tackle Them

    Procrastination is something many people can relate to and I, myself, have been there and done that. Yes, I write all about productivity now, but when I first started out on my career path, I would often put off work I didn’t want to do. And most of the time I didn’t even realize I was doing it.

    So what changed?

    I thought to myself, “why do I procrastinate?” And I started to read a lot of books on productivity, learning a great deal and shifting my mind to the reasons why people procrastinate.

    My understanding brought me a new perspective on how to put an end to the action of procrastination.

    Procrastination slows your goals and dreams way down. It can create stress and feelings of frustration. It rears its ugly head on a regular basis for a lot of people. This is particularly apparent at work with day-to-day projects and tasks.

    But, why do people self-sabotage in this way? Essentially, there are 5 reasons behind procrastination. See if you can identify with any of these in your own work life.

    1. The Perfectionist’s Fear

    Procrastination is sometimes a subconscious fear of failure.

    If you put off a task enough, then you can’t face up to the potential (and usually imagined) negative results. If you’re a stickler for minor details, the stress of getting things ‘just right’ may be too much and cause you to delay continuing the task.

    Either way, fear is at the root cause and can sabotage your desire to move forward.

    Advertising

    How to Tackle It?

    Try visualizing the completion of your task in a positive way.

    For example, you have a presentation that your boss wants you to conduct for a potential client. Visualize yourself standing in the meeting room confident, meeting the eyes of the client and seeing them light up as you explain the concept simply and concisely.

    Imagine your boss telling you how great you did and you were the best person for the job. Think about how it would feel to you and focus on this as you move forward with the task.

    2. A Dreamer’s Lack of Action

    This is a person who is highly creative and has many brilliant ideas but can’t quite seem to bring them to fruition.

    The main reason for this is because there’s usually no structure or goal setting involved once the idea has been created. This aimless approach ends up manifesting as a lack of decision-making and significant delays on a project.

    How to Tackle It?

    Write down a timeline of what you want to achieve and by when. Ideally, do this daily to keep yourself on track and accountable for progression. Creative minds tend to jump from one idea to the next, so cultivating focus is essential.

    If you’re designing and creating a new product at work, set out a task list for the week ahead with the steps you want to focus on each day. Doing this ahead of time will stop your mind from wandering across to different ideas.

    Learn about how to plan your time and take actions from some of the successful people: 8 Ways Highly Successful People Plan Their Time

    3. An Overwhelmed Avoider

    This is one of the most common reasons for procrastination; the sheer overwhelm of a daunting task.

    Advertising

    The complexity of a task can cause the brain to lose motivation and avoid doing it altogether choosing instead to stay in its comfort zone.

    The search then starts for a more enjoyable task and the harder tasks are put off. This can cause stress and dread when the task inevitably comes up to be completed.

    How to Tackle It?

    Break the challenge down into smaller tasks and tackle each one individually.

    For example, if you have a project that has technical elements to it that you know you’ll find challenging, list each step you need to take in order to complete these difficult elements. Think of ways you can resolve potential hurdles. Perhaps you have a coworker that may have time to help or even consider that the solution may be easier than you initially think. Put each task in order of most daunting to least daunting. Ideally, try to deal with the more challenging parts of each task in the morning so that momentum is created as the tasks get easier through the day.

    A reward system will also help you stay motivated so, once completed, you can enjoy your treat of choice.

    If you want to know how to better handle your feelings and stay motivated, take a look at my other article: Procrastination Is a Matter of Emotion, Here’s How to Stop It

    4. The Busy Bee Who Lacks Prioritization

    Either you have too many tasks or don’t truly acknowledge the differing importance of each task. The result? Getting nothing done.

    Time is spent switching constantly from one task to another or spending too much time deciding what to do.

    How to Tackle It?

    It’s all about priorities and choosing important tasks over urgent ones.

    Advertising

    Make sure to question the value and purpose of each task and make a list in order of importance.

    For example, throughout your work day, you can waste a lot of time dealing with ‘urgent’ emails from colleagues but, you need to ask yourself if these are more important than working on a task that will affect, say, several office projects at once.

    Help yourself to prioritize and set a goal of working through your list over the next few hours reassessing the situation once the time is up.

    In my other article, I talk about an effective way to prioritze and achieve more in less time: How to Prioritize Right in 10 Minutes and Work 10X Faster

    5. The One with Shiny Object Syndrome (Distraction-Prone)

    This is another common cause for procrastination; just simple distraction.

    Our brains aren’t wired to focus for long periods of time and it looks for something else. So throw in a bunch of colleagues equally looking for distractions or checking your phone mindlessly, and you’ve got a recipe for ultimate procrastination.

    However, this type of procrastination may not always be an unconscious decision to sabotage and put off work. It’s simply a result of your work setup or types of coworkers you have. Only you know the answer to that.

    How to Tackle It?

    Be mindful of your workspace and potential distractions. Schedule a specific time to converse with your coworkers, put headphones on to minimize listening to what’s going on around you, and switch your phone off.

    Aim to do this for 20-30 minutes at a time and then take a break. This will be a much more efficient way of working and getting what you need done. This is also why scheduling down time is so important for productivity.

    Advertising

    Whether this type of procrastination is self-sabotage or being a victim of a distracting environment, either way you can take control.

    If you need a little more guidance on how to stay focus, this guide can help you: How to Focus and Maximize Your Productivity (the Definitive Guide)

    Bottom Line

    I’m going to be bold and assume you identified with at least one of these procrastination pitfalls.

    You could be trapped in the endless cycle of procrastination like I was, that is, until I decided to find out my why behind putting off tasks and projects. It was only then that I could implement strategies and move forward in a positive and productive way.

    I killed the procrastination monster and so can you. I now complete my tasks more efficiently and completely killed that feeling of stress and falling behind with work that procrastination brings.

    I know it’s not easy to stop procrastinating right away, so I also have this complete guide to help you stop it once and for all: Procrastination – A Step-By-Step Guide to Stop Procrastinating

    Featured photo credit: Luke Chesser via unsplash.com

    Read Next