Categories
Business School

Why You Will Never Be Successful

Did you see how much Pat Flynn made last month on his income report? My GOD! Gary Vaynerchuk has literally a million Twitter followers. Tim Ferris’ podcast is permanently pinned to the #1 spot on iTunes now. This is nuts! What do these people have that I don’t? When am I going to blow up on the Internet already?

If that little monolog sounds familiar, listen up. Seriously. Listen to what I’m about to say to you very carefully because your success depends on it. You know, success, that feeling that makes you feel your efforts are paying off. Kind of a big deal.

Don’t favorite or save this post for later because we all know that never happens. Now that I have your full attention, keep reading.

One of the best ways to ensure you will never be successful is a lack of focus on what is important. If you want to fail, if you want to be terribly unsuccessful, spread your focus as thin as possible.

What you focus on is what you allow yourself to think about for a given time. If you focus on enough things that have nothing to do with your success, you will ensure a lack of time to focus on what will actually make you successful. Let me clairify this because it’s so important.

STOP FOCUSING ON EVERYONE ELSE!

Do you think John Lee Dumas is spending hours “researching” what Omar Zenhom is doing today? No. I know for a fact that he actually spends most of his wakeful hours focusing on his business and what he needs to do to light things on fire (Sorry, John. I couldn’t resist). He didn’t become the best podcast on iTunes by focusing on what everyone else was doing. He was completely focused on the tasks that would allow him to have the best podcast possible.

That is not to say that John is only motivated by self-interest, quite the contrary. He spends a significant amount of time helping other entrepreneurs without any sort of monetary compensation.

We all have people we look up to in our industry and they all have valuable insights we can use. But take the insights and get busy because the experts you look up to sure are.

I wish you could see me right now. You would see me pounding the keyboard with the same vigor as if I where to shake you out of an unconscious state. Why would I shake you? Because I wish someone shook me a couple years ago when I wasted so much time focusing on everyone else’s success that there was not enough time left to focus on creating my own.

When I was in High School, I played basketball but I also ran track in the spring to stay in shape in the off-season. I ran the mile; that was my event. I hated it. But the funny thing is, everyday during practice while I was in agonizing pain, I would tell myself I am quitting tomorrow. But when I rode the late bus home after practice was all over, I would say to myself “I love track! I can’t quit!” So why the sudden change of heart?

When training in track, you don’t really race or compete with other runners. You compete with yourself. Everytime I ran the mile in practice, I was trying to beat my mile time from the day before. I’m not trying to outrun others on the track, I’m trying to out run myself from yesterday.

So when my mile time was better than the day before, I felt great! I felt successful. Why would I quit feeling successful? I was focused on my success. I was focused on the fact I was becoming a better runner.

I don’t think I need to elaborate on my track story for you understand the lesson learned. Comparing yourself to others is just not healthy and it’s flat out not helping you succeed.

Being an entrepreneur is hard as it is, so you can’t afford a lack of focus on what will bring you success. Mom was right- Don’t worry about everyone else, worry about yourself.

I have a challenge for you. Are you up for it?

Tomorrow, when you sit down to work on your business, force yourself not to focus on anything other than your work. This means closing down all social media (save your social media marketing for another day). Only focus on work that will make your business better. This could be writing an epic post, working on your new sales page copy or shooting a new video for your audience. Focus on what will only directly contribute to your business’ success.

See how you feel the next day? Do you feel a little bit better about your success? Do you feel like you are making progress? Come back to this post and let me know in the comments. Constantly comparing yourself to others is simply a waste of time. Not to mention, it will ultimately make you feel more and more less successful because you are allowing the success of others to define your own.

Last Reminder:

If you don’t take anything from this post other than this, you’ll be in better shape than most:

Don’t compare yourself to others; compare yourself to yesterday. Are you in a better situation today?

Want to get out of the dark and know how to nail your business idea with our Free $100 MBA Video Course & Workbook? 

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Categories
About Omar

16 Things You Don’t Know About Me…But Should

I need to clarify something right off the bat. Even though this looks like a post I wrote for you, I actually wrote it for me.

If you’ve been writing for any amount of time (even one day), you’ll know exactly what I’m talking about. It’s very hard to break out of your protective shell and write in your own voice. It takes years of practice and it still never really feels 100% authentic.

So this post is just me, ripping off the shell like I’m ripping off a Band-Aid, in one swift motion. I’m making it a priority today for me to be 100% authentic with you. So here goes.

In no particular order, here are some fun facts:

1. I’m 40, but feel like I should be 50. I’m not out of shape or anything; I just had a lot of experience in my life. I grew up fast and took on a lot very young. I started working at 11.

My dad got me a cash-paying job washing cars at the luxury car dealership where he worked. I learned how to drive at 13. Don’t worry; it was legal on private property. I drove some pretty sweet cars without fear of the law- just the fear of scratching them.

2. I’m Egyptian-American. I was born in Long Island, NY, and was raised there and in New Jersey.

I have visited Egypt 11 times. It’s not perfect, but it has its charms. Egyptians are known for their warmth and sense of humor. We are also everywhere. Egyptians where the first Arabs to migrate to America in the late 60’s.

Take a look at Egypt: there are a few more structures than just the pyramids. And roads, btw! My friends in 3rd grade insisted that Egypt has no roads or cars, just camels. So eat it, kids from 3rd grade!

wallpaper-of-skyline-cairo-egypt

3. I’ve been a Michael Jackson fan all my life. I grew up on his music, and I guess there are a lot of childhood memories attached to them. He didn’t have the best public image, but for some reason I never really paid attention to that. I just thought he was a creative genius, probably because he was. Here is me on my 4th birthday trying to get my groove on to Billie Jean.

4. I love to read…I read roughly 50 books a year. I read some books on my Kindle, some in hard or paperback format, some I listen to via Audible. Always non-fiction. There is so much content out there in the world today, but I still feel like a great book can’t be beat at times.

5. I love the movie Inception, because I dream every night. It’s kind of strange for most people to hear that I dream every night, but technically we all do. I just wake up during REM sleep (the time we dream), so I remember that I dreamt every time I wake up.

6. My middle name is Shariff. Yes, my name is Omar Shariff. Like the actor. No, not the guy who plays the terrorist in all the actions movies these days. I’m talking about Dr. Zhivago and Laurence of Arabia. Yeah, baby!

OmarSharif

7. I can dance. And I’m pretty good. As you saw earlier in this post, I had an early start. It just comes naturally. I think I get it from my dad. He used to dance professionally on stage back in Egypt for a national folkloric performance group. Rock on, Dad!

8. I’m old school. I prefer to speak to people in person or call them on the phone instead of texting with them for 30 minutes. I believe in manners and old-fashioned values. I write emails with a salutation and a closing. Phones should be away at dinner. If you’re taking a picture, take 1 or 2 for the memories, not 200 to post on InstaFace. I believe in enjoying the moment. It’s all we have.

9. I’m fluent in Arabic. My parents made us speak only Arabic on weekends, or 25 cents would be deducted from our allowance for every time they caught us speaking English. They wanted us to grow up bilingual, and it worked.

The Arabic language is very poetic. Those harsh guttural sounds you hear, when some idiot comedian pretends to be speaking Arabic, is not Arabic. They are looking for a cheap laugh.

Scholars (and the Encyclopedia Britannica!) argue that Arabic is the most well-preserved language in history. I speak the Egyptian dialect of Arabic. It’s the most commonly used and understood because Egypt is the film and music capital of the Arab world. Want to make it big in Arabic movies or music? You better speak Egyptian Arabic!

10. I love old people. I think in today’s society, we over-glamorize youth and often disregard and disrespect the experience of our elders. Anyone that has 20 years on you has tons of stories you don’t want to ignore. If I’m at a party, I’m scanning for wrinkles and grey hair. That’s where the party’s at.

article_OldPeopleStoned 

11. I’m 6’5’’. If you never met me in person, you will be compelled to say “You’re so tall!” when you do. Everyone does. It gets old, but hey, I’m a tall guy. To save some time when we do meet: yes, I do play basketball, and yes I can dunk.

12. I lived in Dubai for 10 years. The money was good and I was figuring things out. It was very hot.

13. I have a few nicknames that only Nicole is allowed to call me. I know you are dying to hear them so here are a few: Baby Cakes, Bella Gioia (look it up), Omi, and “Darl” (short for “darling,” but pronounced like “doll” because she’s Australian.)

14. I think that the work Nicole and I are doing will resonate with the right people – our people – and is really going to be successful. I genuinely believe in what we do, and know that all great things take time to shine. We never want to take our readers, listeners, and community members for granted. We know without you, we don’t exist.

15. I love to travel. I truly believe that traveling is one of the best educations you can buy.

What I love most about travel is it forces you to change. It encourages you to question your own ideas and reality. If you want to make an impact on the world, you should make an effort to better understand it.

As Rick Steves says, “The best souvenir is a broader perspective!”

16. I love cats. Grew up with them all my life, but ironically don’t have one now. Responsibilities, man. Cats to me seem like they know something we don’t. They’ve got a grace and sophistication about them that intrigues me. Cats rule. Period.

Wow. I wish I could say that was easy, but it wasn’t. Maybe I’m just a private person, or I have insecurities or think I’ll be judged. Whatever it is, it was holding me back.

Recently, I told myself that I wanted to prioritize an authentic relationship with my audience. You are not just a figment of a person, or a name on an email list. You are a real human who took the time to learn from me and about me. I can’t ignore that.

Now that this post is pretty much done, and my Band-Aid is off, get ready for some posts I’ve been holding back for some time. There are a few things I’ve been seeing in the online business space that I strongly disagree with, and frankly don’t like. Yes, these posts will be controversial, but they will be honest. I am also committed to keeping them progressive and constructive. Stay tuned for those.

If you enjoyed this post or anything else we do, please let us know. If you hated it or can’t stand something we’re doing, we really want to know. Two minutes of your time with an email to contact@100mba.net would really help us make sure we are doing things right. And thanks, for everything.

Want to get out of the dark? Learn how to nail your business idea with our Free $100 MBA Video Course & Workbook: 

YES, PLEASE!
Categories
Business School

How To Get 2,500 Email Subscribers a Month

Heeeeyyyy there!

How are things on your end? (really, you can email me and let me know). What are you struggling with most as a striving entrepreneur? Email me and let me know. I might be able to help. How about I go first…

Let me share with you one of the biggest struggles I had when I was starting out. Building an engaged audience. For me, this was a very painful struggle. Getting visitors and getting them to subscribe to my email list seemed impossible. It was even more painful because I knew that growing my email list was essential to a great business. I just couldn’t get any traction.

Luckily, I got over that struggle with a simple change in my business and today, I’m going show you exactly how you can get 2,500 subscribers or more each month as we have. Let’s begin, shall we?

This whole strategy is based on a simple mindset -Treat subscription to your website as if  it were a product. A hot product. A product you love selling. A product that runs your business…because..hey, it does.

If you consider a subscription to your site as a sale, then you need to sell. You need to sell your potential subscribers on why they should subscribe. Selling the benefits to joining your community and answering the question “Why should I?” is critical to converting visitors to members of your community.

Here are a few tactics I have used to help us get over 2,5000 subscribers a month:

1. If you’re getting started (your site is actively younger than a year) you can’t really expect tons of subscribers if your only offer in exchange for their email is getting your newsletter every week. You need to offer something compelling enough for visitors to give you their email address.

Take a look at our current landing page to gain subscribers. You might have seen it. We offer a complete video course & workbook from The $100 MBA about idea validation in exchange for the visitor’s name and email. Nailing your business idea is the most asked about topic in our market so our free gift to them is relevant and useful. It’s also compelling. Most don’t offer so much value for free. We have sold this course to other learning institutions for $35 per student.

Long story short, your gift needs to be compelling. We found “compelling” = something you could easily charge $30 or more for. This can be an ebook or a set of ebooks or a 7 day email course. Whatever works best for you but it has to be, again, something you could sell if you chose to.

2. Your landing page where you are asking for subscribers should be written and designed just like a sales page. Sell you visitor on why they should give you their email. Why should you have access to their inbox? Outline the pain your gift or offer will alleviate. Then show how by signing up, their life will be different. Take a look at our landing page again with this in mind.

This is EXTREMELY IMPORTANT! “Sign up and get X” is not enough. WHY should I sign up needs to be answered. What will I get? Why should I care?

3. Let others know. Guest blog, social media, write a post about your free offer, get interviewed. We did a little slick thing where we went to iTunes and searched for all the new business podcasts (you search in your niche) in the new and noteworthy section. We then reached out to them to asked if they were looking for guests for their show. We didn’t get a single “no”. We got 11 interviews and in the interview we got to share a free gift with the audience. You guessed it! We directed them to our landing page!

4. Add a link to your landing page where you are selling your gift at the end of your blog posts. Include a captivating headline to why they should click and check it out.

5. Once your visitor does subscribe, ask them to do you a solid and share your site with their friends so you can get more subscribers. We do this on our confirmation page and confirmation email.

There are countless ways to promote but what matters most is to treat your optin like a product. Sell that product, build relationships and help your audience and the money will always follow. Super cheesy, but true 🙂

Want to get out of the dark and know how to nail your business idea with our Free $100 MBA Video Course & Workbook? 

YES, PLEASE!

Categories
Business School

How To Market Your New Online Business

The Internet is a crowded place. According to Netcraft, there are 644,275,754 (and counting) active websites out there. No wonder when you’re just starting online, it’s hard to get anyone to pay attention to you.

The number one fear of all business builders and owners is being ignored. No one wants to build a business and then be completely unknown to the public. You need customers to survive and you need an audience to have customers.

But there is good news. There are ways to get noticed and get your business going online. We thought it would be a good idea to show you how.

We launched a whole new course and workbook called Marketing Your New Online Business that explains, step by step, how to get visitors to your website when just starting out. I’m going to share with you some of the insights of the course right here!

Before you Market: Preparing Your Website for Visitors

It’s never a good idea to invite people over your house when you have nothing to serve them.  Many people get over eager in marketing their business’s website, that they forget that visitors need to consume something of value, to trust you before buying anything from you.

Getting your website ready for visitors is crucial to the marketing process. Don’t let your marketing efforts go to waste and have visitors never comeback again because they had nothing to sink their teeth into when they got there.

Content Marketing is Not Just a Buzz Word

It’s not. It’s has become the most effective way to market an online business. A part of this has to do with the way Google has changed their algorithm over the years but it mostly has to do with they way people buy online now.

This isn’t 1998. Your audience is a savvy Internet user and needs more than just promises to buy your product or service. You need to prove to your audience over and over that you are worth their hard earned money before you can expect them to consider buying from you.

There are many ways to market your business with content- blogging, video, podcasting, email, social media- it’s all good. The medium isn’t as important as the value of the content itself but using the medium properly is critical to maximizing your marketing efforts. We go through each one in the course and show exactly how to capitalize on each content marketing tool.

No One Does It Alone

I said this before: The lone wolf dies at the end of the movie. You can’t do this alone. Trust me, I know. I’ve learned this the hard way over the years.

You need to get in front of audiences other than your own. After all, you don’t really have a large one yet when you’re just getting started.

This is like a new comedian or performer opening for a popular name. The people in crowd are not your audience, but they will be if they like what they see.

Reaching out and working others in your marketing efforts is how you really grow. Whether it’s interviewing, guest blogging or building relationships; in the course we explain how exactly to do it.

What’s Next?

This is a huge topic and isn’t fit for a blog post. That’s why we created the course and workbook. In this 13-video course I show you exactly step by step how to do this properly. Here is a quick look at the intro video from the course itself.

The complete course on Marketing Your New Online Business is available now to all $100 MBA members. You can join The $100 MBA and get started with Marketing Your New Online Business for just $35! It’s just on of the many courses inside the $100 MBA for a flat out insane price. Join today and get LIFETIME access to all of our training, resources and community for only $100 or 3 payments of $35. Start Learning Today!

GET THE COURSE & JOIN THE COMMUNITY

No re-occuring fees. Lifetime access.

Categories
Prices & Rates

How to Set Rates for Your Services

There are a lot of “How to Build a Business” sites and programs out there online. But if you offer a service like photography, videography, design or anything else that exchanges skill for money, there isn’t much out there for us. I mean, some of us can’t take the passive income route with what they have to offer.

As someone who does service based work (Nicole and I still do video work for select clients) and teaches business for a living, I think I should do something about this lack of information. So in the coming weeks, I’m going to be writing a series of posts dedicated to those who want to build and grow a service based business.

For the first post of the series, let’s tackle a question many struggle with- How do I set my rates? I mean really, there is no hard and fast rule about this and no real direction on where to begin.

Am I too expensive? Am I undercutting myself? I’m just getting started, what am I worth? All valid questions and let’s be honest, the idea of being a starving artist isn’t appealing. We all need to pay the bills.

So how do you set a service rate? There are some intricate and confusing ways to this but let’s stick to 2 basic ways that work. Those 2 methods are:

1. Using a market rate

2. Using a “need to make” rate (I made that up. You like?)

Let’s break down what each one means and how to go about figuring out your rate using each method.

1. Using a market rate.

Look at another business that has similar services and experience as you and use a similar rate. A rate can be an hourly rate or a set of prices for service packages.

Not sure where to find businesses with similar services? Take a look at the comments on websites you frequent in your industry. Take a look at the comments in the posts. Click through on some of the names of those who comment and check out their websites. Join forums in your niche and get to know fellow service business builders.

Here is a little exercise to help you get started on figuring out your rate using the market rate method.

List 3 businesses similar to yours and note down their rates/ packages. Rank them from highest to lowest rates. Where would you fit on this list?

  1. _________________________________________
  2. _________________________________________
  3. _________________________________________

2. Using a “need to make” rate.

We all need to eat. So lets figure out how much it costs to do so : ). Seriously though, we all have personal expenses we need to take care of in order to live. If you are offering your service full-time then you’ll need to cover those expenses and your rates will play an important role.

Follow the following steps to know how to set your rates using the “need to make” method.

Step 1: How many hours can you dedicate to your service business every week? Divide that by two. Half of your time will be spent on actually running, marketing and building your business. The other half will be dedicated to your actual service work.

Step 2: How much money do you need to make a week to cover your personal expenses? Everyone is different. Your weekly number may be $1000, $800, $500.

Step 3: Take your weekly amount of money needed and divide it by the number of service work hours a week. That’s your hourly rate.

For example: $1000 / 25 hours = $40 per hour

This isn’t an exact science but it does give you a pretty close idea of how much you need to charge. It’s always safer to lean on the higher side to be safe with this method. So with the example above, I would set my rate to $45 an hour to be safe.

Whatever rate you set for yourself, know that it’s only the start.       Setting your rates is not a one-time only exercise. Your rates should always be increasing as your experience and skills increase.

If you are doing this full-time, you should be revisiting your rates every 3 months for the first year and then every 6 months the years after that. If you are doing this on the side but picking up at least one client a month then I recommend revisiting your rates every 6 months.

That’s pretty much it! I hope you found this helpful. Either way, please let me know. The best way to do that is to tweet at me @bizrepublic. I’d love your feedback as I continue to write for this series. Until the next post, YOU GOT THIS!

Did you know that The $100 MBA has a whole video course with a full workbook showing you exactly how to Build a Service Based Business? It’s just on of the many courses inside the $100 MBA for a flat out insane price. Join today and get LIFETIME access to all of our training, resources and community for only $100 or 3 payments of $35. Start Learning Today!

Categories
Business School

Why Business Schools Are Horrible At Teaching Entrepreneurship

I know it may seem strange to suggest that business schools are horrible at teaching entrepreneurship. Many business schools today have entrepreneurship programs, heck I was a part of one!  So why do I claim that business schools are bad at teaching entrepreneurship? In order for me to make my case, we will need to hop into my time machine and take a look back at the history of business schools.  You’ll will see why I can make this claim and what it means for you as a budding business person. So take a seat in my Delorean but don’t touch the time circuits, they are a bit shaky.

So Where Did Business Schools Come From?

I got a fun question: When was the first business school founded? Why was it founded anyway?

Not until the 1880s. Wharton was the first business school- I know this because it’s the first thing they told me when I got accepted. Moreover, the first MBA wasn’t offered until 1908! Although it may seem shocking, it took quite some time for the education system to adjust to what the market actually needed.

Business Schools Were Created to Train Managers, Not Entrepreneurs

Once business schools were created, what did they teach and who taught it? Of course business schools taught management: meaning, how to coordinate, how to plan and increase efficiency. Ultimately, the challenge was to train people how to manage a large organization.

Initially, practicing managers produced the ideas taught in business schools; people like Chester Barnard, who was a practicing executive or Frederick Taylor, famous for his studies on how to increase the efficiency of labor using a stopwatch and optimization tools. As “management” became more established, gradually ideas from other academic disciplines like economics and sociology were also applied to the study of management, particularly after the Carnegie and Ford reports criticized business schools for lacking academic rigor. Gradually, business schools became even better at training managers and became a fundamental fixture of business life. But remember, business schools were created to train managers, not entrepreneurs.

But what about Entrepreneurship?

Entrepreneurship wasn’t and still isn’t really a topic business schools have been too concerned about. Entrepreneurship only started to emerge in business schools after a burst in technical innovation. Indeed, entrepreneurship didn’t really exist in business schools until the 1990s and only recently has become a mainstream topic. Not surprisingly, the emergence of entrepreneurship in business schools has caused a huge dilemma. Who will teach it? What will they teach?  It’s a bit of an oxymoron.

What kind of entrepreneur will teach at an institution that he/she doesn’t own? How can those who simply study entrepreneurship and not actually put it in action, know what to teach and advise to others when things change in business everyday? Business schools are not too worried about these issues. Why? Because no one attending is asking these questions. Most entrepreneurial minded students are paying over $120,000 for a 2 year networking event.  This is insane.

Are There Business School Alternatives?

Many like Seth Godin and Richard Branson are pushing for alternatives to business school. They know that business principles need to be learned, then implemented in the real world, thereby learning and doing side by side. You don’t need to spend 2 years and $120,000 to excel as an entrepreneur.

The current state of business education and entrepreneurship training really bothered us as both educators and entrepreneurs. We found that there are no real, substantial alternatives out there…so we decided to create one.

The $100 MBA– a solid business education for entrepreneurs, a supportive community and the motivation you need to grow as an entrepreneur.  You can learn more about the $100 MBA here.

Want to get out of the dark and know how to nail your business idea with our Free $100 MBA Video Course & Workbook? 

YES, PLEASE!

Categories
Business School

The 6 Biggest Lies Business Schools Love To Tell

As many of you know, I spent over a decade as an educator at the high school and college level. I was a middle manager and teacher trainer at the college level for 5 of those years before quitting out of frustration and pure disgust. It’s not all “shaping the minds of the future” and “preparing them for the real world”. Not even close. It’s a dirty business. And this post will prove it.

I’m also a Business School MBA dropout. I got accepted to Wharton’s MBA program and bailed after a semester. One of the best decisions I’ve ever made. This post will show you why.

I do have to say though, that this post isn’t just a way for me to share with you some insanely insightful information, but a way to reconcile some of my own demons from the past.

Here are the 6 biggest lies business schools love to tell, and continue to tell, to keep themselves in business. Buckle-up. It’s going to be a bumpy ride.

1.    MBA graduates have a better chance of success.

Top business school programs are notoriously difficult to get into. They need to be because their whole reputations is built and based on the success of their graduates. So business schools only accept those with the highest intelligence and ambition.

They know they can’t teach you anything you can’t learn for yourself – if you were a bit resourceful.  They know that any success a graduate has is not due to education they offer.  They know they don’t create successful people. They simply accept them and then take credit for their success.

The individual’s chances of success don’t just dramatically increase because they attended a $100,000, 2-year seminar. That individual was committed to success before they even stepped foot onto campus.

2.    An MBA is a great financial investment for your future.

With 2 years ahead of game in the real world and living without a $100,000 student loan packed with interested, a non-MBA graduate actually ends up taking home more money within 2 years of finishing their undergrad.

The average top MBA graduate will have to pay a $1,300 loan payment every month for the next 10 years. Interest is a killer. This means even if an average MBA graduate makes $83,000 dollars a year they only really take home roughly $45,000 after taxes and paying their student loan debt. While a non-MBA graduate with 2 years of real-world experience under their belt, takes home roughly $51,000 annually after taxes. With no, $1,300 monthly loan for the next 10 years. A non-MBA graduate is sitting pretty.

The definition of a great investment is getting a high return on your investment of money, time and effort. This doesn’t look like such a smart investment now, does it?

3.    An MBA will greatly increase your chances of getting a great job.

According to the Wall Street Journal, the effect of the 2008 financial crisis has played a major role in shifting corporate recruiting strategy. Companies have become wary about spending and have looked to trim costs. They are opting for younger employees who, in many instances, are just as talented as MBA graduates but willing to work for about half the salary.

4.    An MBA will teach you how to be a great businessperson.

According to Aaron Boyd, head of research at Equilar, reports that more than half of the 50 highest-paid executives lack MBAs. An MBA is not designed to teach you how to be a great businessperson. It’s designed to prepare you for entry-level management. Little is learned about being a great leader, innovator or entrepreneur.

Many remarkably successful entrepreneurs only hold a high school diploma like Steve Jobs, Richard Branson, Mark Zuckerburg, Jack Dorsey, Michael Dell and Bill Gates.

Best selling author, Seth Godin weighs in on the MBA debate and states, “An MBA has become a two-part time machine. First, the students are taught everything they need to know to manage a company from 1990, and second, they are taken out of the real world for two years while the rest of us race as fast as we possibly can.”

5.    An MBA is prestigious and gets you respect.

This may have been true 30 years ago but nowadays people really only respect one thing. Results. Having an MBA proves nothing theses days. Except, of course, that you are able to follow instructions and have a 100 grand to burn. What you actually accomplish, what value you add to this world is what earns you respect.

Taking pride in being an MBA graduate while working at a job that you hate for the next 10 years because you are a slave to your debt doesn’t make much sense. What are you proud of? An accomplishment that put your in current miserable state?

6.    Graduating from business school is a huge accomplishment that many can’t do.

At the end of the day, colleges and universities are not a charity organization. They have stakeholders and a bottom-line. Revenue is their top priority. I know this first hand as I sat in management meetings as a head of department. Keeping up standards in teaching and learning is not really discussed.

It’s actually quite simple. A failed student is not worth as much as a passing, paying student. 90% of college and university students are on student loans, so if the student passes the college or university gets paid pretty much automatically.

Higher education institutions have what are called a percentage of “failure tolerance” worked into their accounting. This means that they take into account students that do fail, up to a certain percent. But most colleges and universities set that percentage at only 8%-10%. Anything above that is unacceptable. Period.

Many professors are told not to give discouraging grades in the first 3 weeks of classes to prevent an increase in dropout rates. The first 3 weeks are crucial because most institutions set their add/drop date (the deadline to add or drop a class before having to pay for them) at the end of the 3rd week of the semester. Students pay by the credit hour so every dropped class counts. In the biz, teachers call this “Nothing below a C before the end of week 3”.

Graduating from business school doesn’t mean you are a genius. It just means you aren’t in the bottom 10% of your intake.

As you can tell, I’m not a fan of business school, and for good reason. I was in the business of education for far too long not to know what it truly offers.  A way to extend our carefree college lives and delay learning the things you really need to learn to excel in business.

We believe in alternative education and it’s the reason why we started The $100 MBA. I hope this post resonated with you. If it did, reach out to me and let me know.

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