Entrepreneur and MBA

If I were to google what an entrepreneur is, I would get a humdrum definition that “an entrepreneur is a person who sets up a business or businesses, taking on financial risks in the hope of profit.” Now ‘hope’, I have been told, is a dangerous thing. It can either make you or break you. Steve Jobs, N. R. Narayana Murthy, Bill Gates ,Shiv Nadar, Richard Branson , Nandan Nilekani ,Larry Ellison ,Dhirubhai Ambani. These names have lots in common. All were entrepreneurs, all had no ‘management education’ and most important: all of them had hope. Hope to create a name, hope to leave behind a legacy, hope to give back to society. All of these people knew what they wanted and how they wanted. So does that mean that management education is of no use for an entrepreneur? No , on the contrary it means that an entrepreneur already has the prerequisite knowledge that is needed to make his business successful. And what is that knowledge ? Passion. Steve Jobs was so convinced about his revolutionary product that even without knowing any single line of coding, without any knowledge of management, he made Apple a fortune 500 company. Branson once said, “There is no point in starting your own business unless you do it out of a sense of frustration.” Frustration as to how common things are being ignored. When Dhirubhai Ambani saw that exports for foreign countries would result in cheaper raw material, he moved into textile business and thus was the inception of reliance. Mr. Branson was first to identify that in order to sell more music CD’s all that was needed was proper discounting. These people did not need a overly charged education to understand their business . Henry Ford had said “If I had asked my customers what they wanted, they would have said a faster horse.” What he meant by this statement was that even the experts did not know how to go about his business. I do not intend to say even for a minute that MBA education is not worth spending your hard earned money for. It is. MBA graduates are the very people that run the business, created by entrepreneurs, successfully. Without them entrepreneurs would be incomplete. That is why one would see that entrepreneur companies like Facebook, Google, Apple etc go to top MBA college for recruiting. But the hard fact is that for being an entrepreneur all that is needed is concoction of passion, vision and will power. When Sam Walton decided to place the complementary products on shelves where buyers could see them, management education was even thinking of this idea. Entrepreneurs are always visionaries; classroom education (MBA) is not their cup of tea. This is the very reason that most of the entrepreneurs are dropouts by choice.