Entrepreneurship is hot again. Let’s face it, a lot of people are creating their own jobs, careers and futures because there aren’t tons of jobs out there. The entire ecosystem of MBA roles has been shrunk by this recession and it’s tough to see them coming back soon.
So you want to be an entrepreneur – and more importantly, you’re telling business schools that.
Be careful.
First, you aren’t alone. Many applicants are saying this too, so it’s not going to make you stand out. Probably the opposite – nearly everything you say will be filtered through this prism and you’ll likely be categorized with all the other would- be entrepreneurial applicants.
Second, there’s a chance you don’t know what entrepreneurship really is. This isn’t meant to be harsh. It’s just that being a successful entrepreneur is a really difficult thing. You have to overcome huge obstacles with few resources. It is decidedly not easy.
Third, do you know exactly what kind of entrepreneur you want to be, what precise industry and industry niche you want to be in? Hint: green energy is not a good answer.
Here’s the thing: business schools are terrified of students sitting in the career center without jobs as graduation approaches. Business schools don’t want graduates messing up their salary and employment figures.
So if you tell MBA programs you want to be an entrepreneur, you’re going to be considered with all the other would-be entrepreneurs. And business schools are going to ruthlessly evaluate whether you have the skills, mentality and demonstrated experience to be a successful entrepreneur.
In turn, you’re going to have to anticipate and disarm these questions. You’re going to have to show you understand entrepreneurship on a deep level. You’re going to have to validate yourself as a true entrepreneur through your past experiences. And finally, you’re going to have to have a very detailed picture in your mind of your entrepreneurial plans after b school.
Send me an email if you’re a would-be MBA entrepreneur and I can help you think through these issues.
