Before I shell out all the precious gyaan, let me inform you that I’m not an MBA. I did prepare for CAT once upon a time, but soon figured out that finding “speed of train” and “probability of getting 4 on a dice” isn’t going to help much in what I planned to do in the longer run. I did take CAT but never bothered to check results. I’ve no desire to add extra characters after my name and I’m all content with ‘B.E’. But over a period of time through my employee and entrepreneur life, I’ve had a chance to work with, listen to and interact with several types of MBAs (like those from IIMs to those from Timbaktu College Of Engineering & Management). I’ve observed a pattern with the thinking process of all the MBAs and this post aims to restore the missing page from the great book of MBA.
First, without referring to any statistical data, i can tell you that ~90% of the MBAs are from engineering background and no matter how much brainwashing MBA colleges do, no one can wipe out engineering from an engineer. Engineers try to think that everything is as crystal clear as 2 + 2 = 4 and they try to apply the same to the knowledge they’ve gained in MBA classrooms. But most of the times, things don’t work out that way. In Indian Business scenario, 2 + 2 can be 2, 22, 4, 24 or 224 or any random number. And the evil effects of this weird equation become show up when MBAs try to become entrepreneurs.
Chapter 0 : Patience
I often meet MBAs with a crystal clear ‘vision’ for their businesses. They get inspired by reading success stories of startups in magazines and believe that with their MBA armor, nothing can ever go wrong with them. Most of them will start a business by grabbing a cup of coffee and writing down all the buzzwords in the plan. They’d draw arrows starting from one buzzword to the other and continue to draw them until they return to the original buzzword they started with. Then without even working on the prototype, they’d start looking for investors: Because that’s stylish and coolish thing to do. “Just let me raise $2 million for my startup and I’ll turn it into a $100 million one in just 2 years”, is what their attitude is. They’ve this beautiful picture of them sitting in a posh office right from Day 1 of their venture. But it doesn’t work that way!
…and that’s why I see most of the MBA-startups wind up within 2-6 months.
Patience, my friend isn’t taught to MBAs and it’s a crucial part of management and entrepreneurship. It requires great patience when things don’t work out the way you want. You won’t make money in the first few months of your venture and you need to keep going, keeping yourself motivated.
Develop patience. It’s an incredibly hard thing.