Torn Between MBA and Family Business: How Do I Decide What's Best for My Future?

Currently, I am preparing for the CAT at Management College. I have a good family background in the family business of granite mines and factories in Rajasthan. I want to know if it is worth it to go for an MBA or if I should go into the family business. I am also learning about AI and how to use it for business. But what I believe is that knowledge can come from reading books. Still, I have self-doubt because everyone is talking about MBA. I have seen a few people who don't have much knowledge and have done great in business, as well as a few people who have followed the same path and failed. I see not all are made for doing business.

Dear member,

I appreciate that you are preparing to crack the CAT. All the best to you! However, you are on the horns of a dilemma while preparing for one of the toughest examinations. In your post, you wrote, "I want to know if it is worth it to go for an MBA or if I should go to the family business." The answer is both. After acquiring a management degree, you can work in an MNC for a few years and then join your family business. Working in an MNC will help you understand the work culture, professionalism, and quality of the staff of the MNCs. Your firsthand experience will help you replicate this experience in the family business.

Your next question is, "But I believe knowledge can come from reading books." Not just management science, but all types of knowledge come from books. Books do not appear on their own or fall from the sky, but these are written after extensive study. Possibly, you have written this out of the thought process that theoretical knowledge is useless in practical life. Lord Krishna has written in the Srimatbhagwadgeeta, "न हि ज्ञानेन सदृशं पवित्रमिह विद्यते (10:32)" (English meaning "there is nothing as sublime and pure as knowledge" and Hindi meaning "न हि ज्ञानेन सदृशं पवित्रमिह विद्यते"). But ignoring the advice given by Lord Krishna, disbelieving, or undermining theories is common in India. These theories are developed after extensive studies. If people use these readily available theories, they don't have to spend time on trial and error.

Ancient Indian texts like Puranas, Hitopadesh, Vidur Neeti, etc., teach us not just to stop at the acquisition of knowledge but emphasize implementing it. However, if people don't implement knowledge, should the knowledge be blamed or the people?

Next, you wrote, "I have seen a few people who don't have much knowledge and have done great in business, as well as a few people who have followed the same path and failed." Those who succeed even without much knowledge might have innate qualities for managing people or resources. Secondly, when we talk about success, we need to check to what extent they manipulated things to their advantage. In India, success also comes from having the right political connections. But when we look at the MNCs, you will feel this success is superficial.

Today, the Indian market is flooded with goods produced by Chinese, Korean, European, or American companies. Why? It is so because of Indians' lack of faith in management science. If foreign companies flood the Indian market with their goods, then, do the Indian companies flood the markets of these countries? Certainly not!

As written earlier, cracking the CAT is no easy task. But if you do it, during your management education, you will be in the company of intellectuals. Each one will be as outstanding as you, and your mental horizons will expand because of their way of thinking, their creative abilities, problem-solving methods, etc. Those two years of your life could transform you, and this very transformation will propel your career or the company to a much greater height. I wish you all the best!

Thanks,

Dinesh Divekar

Hi, It would be better if you prioritize your ambition. I wish you to complete your MBA and work for a couple of years as an employee. Surely, you will understand their challenges, thereby helping you know how to take care of your employees and your business too.

Dear Friend,

It's better to devote time to the family business you have. During our time in the MBA program, we went through case studies of numerous successful business stories and businessmen. In 90% of cases, they were either literate, semi-literate, or illiterate. Most businesses even started with minimal funds. You can study something that can inspire your business to great heights. You are the best person to decide what would be best for you.

Business knowledge and practical engagement

Business knowledge can be mastered not only by observing the nuances but also by practically engaging in business activities. An MBA is not essential for this. Successfully running a business does not automatically confer an MBA; it is the study and curriculum that provide this distinction. However, an MBA can certainly enhance one's business acumen by combining academic knowledge with practical experience.

Integrating new perspectives in a family business

If you have a family business that seems stagnant, you could consider integrating new perspectives through "lateral entry." A family business does not necessarily require an MBA degree. Listen to your intuition to guide your decision-making process. If you are hesitant, remember that pursuing an MBA is flexible and can be done part-time or through distance education, allowing you to continue operating your business simultaneously.

Flexibility of MBA programs

There is no need to feel conflicted; many individuals nowadays opt to study for an MBA while managing their businesses. Numerous universities offer MBA programs through distance learning, providing convenience and flexibility. Best of luck in your decision-making process.