Is Business School Right for You?

There are a few things that you need to think about before you begin the process of preparing to get into to a great business school. First, you should ask yourself if going to business school is really the best thing for you and your career. I currently work in venture capital. As part of my job, I meet with entrepreneurs daily. I believe that going to business school is probably not the best choice for the vast majority of aspiring entrepreneurs. Established entrepreneurs that have already been successful or those who have financial means to support themselves for several years as they hatch new ideas can often benefit from attending business schools. Business schools are fertile grounds for hatching new ideas, planning businesses, and finding other talented partners to help you launch a business. However, individuals who have not been successful entrepreneurs in the past and who want to learn how to be an entrepreneur or aspire to be an entrepreneur will probably find business school disappointing. There are several reasons. Even though the entrepreneurial curriculum at HBS and other top schools is amazing, by far the best education for an entrepreneur is actually launching an entrepreneurial venture. All other forms of education pale in comparison. Second, an entrepreneur often needs be able to live on a limited salary for relatively long periods of time. Business school makes this more difficult by placing the burden a lot of debt on the individual. For example, I graduated from HBS with over $120,000 in school-related debt. Third, entrepreneurs typically do not require the certification or validation of the Harvard degree to succeed in their career. Aspiring entrepreneurs are just one category of individuals who may not benefit from going to a top business school; however, there are many more categories.

Rather than talk about the individuals who may not benefit from attending business school, I will focus on those who can gain the most from attending business school. Business school is ideal for the following types of people: 1) people who desire to make or are making a career transition and lack the business knowledge that they will need for their new career (e.g., a person moving from non-profit work to investment banking), 2) people who want to work in a career where a top business degree is required or strongly favored, 3) people who believe that gaining a degree from a top business school will dramatically increase their salary, 4) people whose business depends on a global network of accomplished professionals, 5) people who love learning about business in an academic way, and finally 6) people who are financially well off already, enjoy business, and have a desire to enjoy another post-undergraduate learning experience with a group of (generally) young, ambitious, bright students. If you fit into any of these categories, congratulations, business school is probably a good step for you in your career.