Navigating after Startup Success: Education vs. Practical Experience

Starting and running a food chain has been a tremendous experience for me. However, trying to learn about running a business and scaling operations through an MBA program has not been easy. Despite my successful venture, my entrance exams for an MBA were a setback. Now, what do I do next?

Mr Andrew Carnegie’s Focus on Education

The famous industrialist, Andrew Carnegie, believed in the saying ‘To spend the first third of one’s life getting all the education one can; the second third making all the money one can; and the last third giving it all away for worthwhile causes.’ While Carnegie himself was illiterate, he valued education as a means to improve oneself and gain access to networks and resources.

Networking through Top B Schools

While you might think that starting a business and making a significant profit is all you need, having access to a network of successful individuals can be invaluable. Top business schools, such as those in the PayPal Mafia, offer exposure to influential people and a platform for networking. Even if you drop out, you often already had access to these networks for a short period.

After Failing Your Entrance Exam

You didn't fare well on your CAT exams, but that doesn't mean your options are closed. Preparing for a more competitive entrance exam, like the GMAT, is still a viable option. Achieving success in your food chain shows that you have the potential and entrepreneurial spirit to succeed in business. An MBA can complement your existing skills and provide you with the tools to scale your business effectively.

On the Importance of Education vs. Practical Experience

While education is important, it is not a guarantee of success. Successful entrepreneurs often do not complete regular academic programs, but they build their networks and gain experience through their ventures. Business schools can offer a supportive environment for creativity and innovation, but they do not teach you how to start or run a successful business. Successful entrepreneurs who dropped out are now invited back to speak at events, which highlights the value of their experience and network.

Believing in Yourself and Moving Forward

It’s important to not let lack of formal education or a missed exam opportunity deter you. Focus on what you have achieved and use it as a foundation to build your future. Success in business is not a one-size-fits-all model, but rather a series of personal successes and failures that shape you. Keep your intuition, experiences, and resolve as your guides, and never underestimate your worth merely because you didn’t enter a prestigious business school.

Conclusion

Remember, the path to success is not predetermined. You learn by doing, and every step forward counts. With your current experience and passion, you can overcome any challenge and achieve great things. Keep pushing, stay focused, and you can do it!