I’ve considered going to graduate school to get my Masters In Business Administration (MBA) but there are a million excuses why I can’t: I don’t think good Business Schools accept recommendations from nannies or children under 8, I’m almost 40 years old and have more “baggage” (yes, I do mean both literal and figurative) than the typical 28 year old student, I resist spending hours on group projects when I’d rather organize holiday family outings, studying for the GRE frightens me and I can’t wait 1 year to apply and then, wade through 2 more years of schooling. I’m trying to start an internet company. 3 years is two lifetimes on the web.
But I know an MBA is valuable. So, I’m doing the next best thing. Surrounding myself with MBA grads (they are a chatty, mentoring group and love to share their advice) and reading. There are infinite resources on the web and in books.
First order of schooling was, according to my informal MBA polling, “Strategy.” Below are the key elements I researched, studied (no reason to read something unless it’s to understand it fully), and applied to my idea. It took a few days to complete but by the end of the exercise, I had an in-depth, multi-leveled outline of the various features I needed to create a strong, fortified company that would withstand the long-term pressures of competition.
Michael Porter’s Five Forces
Complentors: the 6th Force (not included in Porter’s 5)
Resource-Based View (RBV) (Competing Theory for Strategic Management)
Remember — it always pays to do your homework.