Is MBA really necesarry to start/ own a business?

Discussion in 'Career Advising' started by ashokraj, Jan 2, 2019.

  1. ericgibbs

    Moderator

    Jan 29, 2010
    6,573
    1,276
    hi ash,
    When starting a small company, you are the company.
    This means that your family jewels are on the chopping block if things go wrong.

    Initially you do not want to hire a Marketing/Sales or Financial person.
    You should wear their hats as well as being the Managing/Technical Director.

    Choose a company name, write up The Articles, defining the purpose of the company.
    The help and advice of an Accountant to draw this up is a good idea, also he will Register your company.
    If your company succeeds you will need an Accountant to prepare and submit the Annual returns.

    Get some Business cards and a small quantity of stationary printed.

    Do your own market surveys, ie: see what is already in market place that your product will out perform and out sell.

    Set up visits to what you would consider as prospective clients, see what they need to improve their business.
    Do not disclose too much detail of your planned product range.

    Once you have sufficient information, prepare a draft business plan, your Accountant can help with this, that you can present to prospective company Bank manager.
    I would advise you not to use the same Bank for your personal account.

    When setting up a company Bank account, which in no doubt require an overdraft facility or loan, be prepared to give securities, usually property.

    The above is just a very small list of what is needed to get started.

    Ask if you have any queries.

    E
     
    Last edited: Jan 3, 2019
  2. ashokraj

    Thread Starter Member

    Feb 1, 2018
    71
    1
    Thanks for the detailed description. Do you recommend any books ?
     
  3. wayneh

    Expert

    Sep 9, 2010
    15,240
    5,577
    The books I'd recommend are the ones you'd read while getting your MBA. ;)
     
    ashokraj likes this.
  4. Ian Rogers

    Active Member

    Dec 12, 2012
    453
    120
    I did it.... I don't have an MBA... ( A least I don't think I have....) 12 years and still going....

    As Eric said... First two years are ulcer times.... If you don't get one, you'll be fine...
     
    ashokraj likes this.
  5. ashokraj

    Thread Starter Member

    Feb 1, 2018
    71
    1
    Thanks for the detailed description. I am going to save this for my future reference.
     
  6. ericgibbs

    Moderator

    Jan 29, 2010
    6,573
    1,276
    hi ash,
    I ran my own small successful international company for many years, until I retired at 72 years.
    There are so many pitfalls and problems that an newcomer can stumble into.:rolleyes:

    One of my prime directives is to never start a business in partnerships, especially with friends.
    Keep overall personal control of the business and staff, you are the one taking all the risks.

    If you have any questions about running a small company please ask.

    E
     
    ashokraj likes this.
  7. ashokraj

    Thread Starter Member

    Feb 1, 2018
    71
    1
    I will definetly ask, May I know briefly, what kind of business you have run ?

    with how many people did you start with and how many people were their after you retired?

    At what age have you started your business? I am currently 26 so its important for me to know how did you enter the market ? Have you entered with your own ideas implementing on product or have you hired engineer to do the product you have imagined?

    Are you a hardware/ software / embedded systems engineer?

    and any webportal of your company please?
     
  8. ericgibbs

    Moderator

    Jan 29, 2010
    6,573
    1,276
    hi,
    May I know briefly, what kind of business you have run ?
    Look at the Information in my Profile

    with how many people did you start with and how many people were their after you retired?
    I started with two people, six people when I retired, sometimes eight at busy periods

    At what age have you started your business? I am currently 26 so its important for me to know how did you enter the market ?
    I started the company aged 50, I had been a Director of electronics engineering companies previously

    Have you entered with your own ideas implementing on product or have you hired engineer to do the product you have imagined?

    All our products and software were our own designs. We used outside contractors for producing the metal work, enclosures to our designs.
    Design, Programming, Assembly and testing were done in house.

    Are you a hardware/ software / embedded systems engineer?
    Responsible for the hardware and software design

    and any webportal of your company please?
    We advertised on the web and posted operating and technical manuals for our products.

    We sold directly to clients in the UK and abroad, also thru overseas agents, Holland, Singapore, Israel, South Africa.

    E
     
    ashokraj likes this.
  9. Hymie

    Active Member

    Mar 30, 2018
    593
    151
    Many years ago during my youth, I was working for a large multinational company – and for a short while I was dating a young lady who was taking an MBA as an evening class (she happened to work for a local council).

    From our discussions, it became clear to me that the source of most of the management bullsh!t fed to the staff where I worked had its origin in an MBA course.
     
    ashokraj likes this.
  10. wayneh

    Expert

    Sep 9, 2010
    15,240
    5,577
    And most of the staff bullshit fed to management had its origin in myth, superstition, gossip and malice.

    Most engineering you see practiced had its origin in the classrooms where those engineers learned their skills. Why would you expect business management to be different?
     
  11. Hymie

    Active Member

    Mar 30, 2018
    593
    151
    dilbert.png
     
    Danko likes this.
  12. Hymie

    Active Member

    Mar 30, 2018
    593
    151
    Dilbert 2.gif
     
    Danko likes this.
  13. wayneh

    Expert

    Sep 9, 2010
    15,240
    5,577
    It's fine for one discipline to chide the other, and Dilbert is great at being somewhat even-handed in his treatment of both engineering and management. He goes where the joke is.

    When it becomes a problem is when it goes too far and one side seriously dismisses as useless the knowledge and skills that the other has. Your post felt a little like that. It may have been more of a joke and caught me at a bad moment.

    The original question is whether an MBA is needed to start a business. Of course it's not. Is an engineering degree needed? No again, but if you expect to compete as an engineering firm, it's probably a good idea. Ditto for the MBA - there are business situations that would be a lot less trouble if you have the specialized knowledge to deal with them.
     
Loading...