One of my biggest regrets, professionally, was never taking a course in business, economics or finance. Graduate school in Psychology continues to fail to address the entrepreneur and business aspect of being a clinician. Consequently, psychologists (like many other professionals) graduate with zero information on a very essential part of their practice — the business end.
As an independent practitioner for the past seven years, I have had to learn (the hard way) what it means to set up, manage and maintain a business. I had no understanding of marketing, accounting, investment and networking. Today, I realize that a few courses, or perhaps a minor in business, would have provided an essential foundation for my entrepreneur visions.
Many times, over the years, I have seriously considered pursuing a Masters in Business Administration from one of the top schools in the country. But the reality is that an MBA, especially an executive MBA (for students who are working full-time), costs on average about $150,000. That is quite an investment, I would say. And while many companies do offer full sponsorship of an EMBA, it is a rigorous process to achieve.
And what about if you’re an independent businessperson like myself? No employer sponsor here…
Over the next few posts, I plan on taking a close look at The Personal MBA, a trademark of Josh Kaufman. Here’s how he describes his interesting idea in his manifesto:
The Personal MBA (PMBA) is a project designed to help you educate yourself about advanced business concepts. This manifesto will show you how to substantially increase your knowledge of business on your own time and with little cost, all without setting foot inside a classroom.
The PMBA is more flexible than a traditional MBA program, doesn’t involve going into massive debt, and won’t interrupt your income stream for two years. Just pick up one of these business books, learn as much as you can, discuss what you learn with others, then go out into the real world and make great things happen.
Interesting right? Well, follow me over the next couple of weeks, as I share here with you my learning and thoughts on The Personal MBA.
Any thoughts on this so far?