An Opportunity for you to join my Mastermind Group

Paula MacArthur's video message about my Mastermind Group.

Find out more here and here!

Or call me, Robert Craven, on 01225 851044 rc@directorscentre.com
Or call Paula MacArthur, on 0207 305 7005 paula@themastermindagency.co.uk  

Do Entrepreneurs need MBAs? Part Three

Continuing on from Do Entrepreneurs need MBAs? Part Two, more articles about the thorny issue of MBAs and entrepreneurship.

7 Reasons why MBA’s suck for entrepreneurs (startupremarkable.com)

It was without doubt the best year of my life – I learned, grew, worked hard, bonded, made great fiends, fell in love. Despite all these things – if you’re an aspiring entrepreneur and have plans of taking over the world, I recommend you forget about doing an MBA.

The Value of an MBA for Entrepreneurs (Walnut Street Studio)
A non-MBA entrepreneur friend recently criticized the MBA, saying that it actually provided negative value to true entrepreneurs.

Why do so few MBAs become entrepreneurs? (MBA.ac.uk)
I graduated from the MBA course earlier this year and set up a joint venture with a local successful businessman I met on my MBA journey

Is an MBA still necessary? (entrepreneur.com)

How an MBA in Entrepreneurship Will Benefit You and Your Business (Under30ceo.com)

Who says MBAs aren't entrepreneurs? Seven amazing start-ups to watch in 2013! (MBA entrepreneurs)

Five Reasons (Most) MBAs Fail At Startups (Forbes)

Getting a Head Start on Becoming an MBA Entrepreneur (BusinessWeek)

89 Business Cliches That Will Get Any MBA Promoted And Make Them Totally Useless (Forbes)

Entrepreneurship, innovation must be taught (Vancouver Sun)

As a business school professor, one of the questions I hear most often from industry and government leaders in their effort to bolster economic growth, is: “Can we teach entrepreneurship and innovation?”

Continuing on from Do Entrepreneurs need MBAs? Part Two

It's time to banish the term 'SME'!!! says MP

Back in 2011,  I wrote a blog  I am not an SME, you patronising ****! which has had over 26,000 reads. It starts: "Big businesses and governments are totally, hopelessly clueless about small businesses"

Finally, things are happening as the shadow business secretary admits "we must banish the use of the word SME" 
Chuka Umunna MP: It's time to stop using the term 'SME' [AUDIO]


Here is the original article I am not an SME, you patronising ****!


Here are the replies to the article from AVG, 02, Nokia, Regus, Dell, BlackBerry, HP


I am not an SME

In June 2011, an article, which has been read more than 20,000 times, claimed that big businesses do not understand small companies. 

Chuka Umunna MP: It's time to stopping using the term 'SME' [AUDIO]

2013-03-13 11:50 - 1566 reads - 2 comments

Labour shadow business secretary Chuka Ummuna explains why the term 'SME' should be banished when talking about businesses.

Audio

The entrepreneur inside a large business [VIDEO]

2012-11-09 10:45 - 2781 reads - 1 comment

Mike Foreman, from AVG Technologies' UK small business division, responds to claims big firms are "clueless about small companies".

Video

O2's business director on the outage and empty offices for the Olympics [VIDEO]

2012-08-01 10:15 - 1777 reads

O2's business director discusses the recent collapse of the O2 mobile service and how the company is dealing with the potential staff disruptions caused by the Olympics.

Video

'Corporates are clueless about small businesses': Regus responds [VIDEO]

2012-07-20 10:24 - 2374 reads - 9 comments

An article claiming big firms are "clueless about small businesses" has generated more than 20,000 reads. The Regus MD responds.

Video

"Corporates are clueless about small businesses": Nokia responds [VIDEO]

2012-07-11 10:19 - 2018 reads - 4 comments

An article claiming big companies are "clueless about small businesses" has had more than 20,000 reads. Nokia's head of business sales responds.

Video

Meet the entrepreneur inside a multi-billion dollar company [VIDEO]

2012-06-27 10:05 - 2608 reads - 2 comments

Ingrid Vanderveldt is no ordinary business owner; as well as starting and selling several companies, she also works for technology giant Dell. Dan Martin met her to find out more.

Video

Video: After the outage - BlackBerry's Dan Sloshberg on winning back the trust of small firms

2012-02-15 10:45 - 2168 reads

How BlackBerry's recent outage impacted on its relationship with small companies.

HP managing director: Big firms' moral obligation to support small companies

2012-01-20 10:57 - 4737 reads - 8 comments

Nick Wilson, UK MD at HP, discusses increasing the numbers of SMEs in his supply chain and why big corporates are obliged to support small firms.

Video

"Corporates are clueless about small businesses": O2 responds

2011-06-15 09:00 - 3998 reads - 5 comments

Simon Devonshire, from telecoms company O2, responds to the recent claim that big firms are "clueless about small businesses".

Video

"I am not an SME, you patronising ***!"

2011-06-01 12:53 - 26426 reads - 38 comments

Big businesses and governments are totally, hopelessly clueless about small businesses, says Robert Craven.

Thanks to Dan and the team at BusinessZone.co.uk who have published these blogs and interview

Do entrepreneurs need MBAs? - Part Two

Continuing on from
Do entrepreneurs need MBAs? Part One ... this is Part Two





Can School Make You a Better Entrepreneur? (entrepreneur.com)
I've interviewed scores of entrepreneurs. One thing they all have in common is a passion for their work. One thing they don't have in common is their educational background.

Entrepreneurs need more than an MBA to succeed (MBA Nation)

A business college degree, though an important element in modern entrepreneurship, is not a ticket to success.

Entrepreneurs vs MBAs - which side are you on? (appitive.com)

Ten big differences between entrepreneurs and MBAs.

What’s An Entrepreneur’s MBA Degree Really Worth? (smallbiztrends.com)
I’m an entrepreneur. So what did I get from my MBA studies?

Should an entrepreneur have an MBA? (VentureBeat)

I usually hear the “Should I get my MBA?” question at least once a month. If you’re an entrepreneur, the glib answer is “no.”  It’s also the wrong answer.





This blog continues from
Do entrepreneurs need MBAs? Part One 

Congratulations to Ollie Rastall, Source Supplies

Congratulations to Ollie Rastall, ex Mastermind Group member.

Ollie has been awarded the prestigious Director of the Year Award at Toast Of Surrey Business Awards Ceremony: The link is here

And the winners were:

• Young Business of the Year - Seasons coffee shop

• Companies with a Turnover of up to £1 Million - Snoozeshade

• Companies with a Turnover of up to £5 Million - Sign-Up.To

• Companies with a Turnover of over £5 Million - Cubiks

• Creative Industries Award - Concept Cupboard

• Social Enterprise Award - Peer Productions

• Apprenticeship Scheme of the Year Award - Farnham Swimming Club

• Director of the Year - Ollie Rastall

Ollie features after about 9 minutes...!

Well Done Ollie. Well Done Source Supplies

Do entrepreneurs need MBAs? Part One

A great set of links and articles about entrepreneurship and the MBA (The first in a series of three blogs)


Does an Entrepreneur Need an MBA? (HBR)  
Only you know whether or not you have the heart to execute on the opportunities we all recognize to launch a compelling new business.

5 Must-Read Lessons For MBAs Considering Entrepreneurship (Forbes) concludes:
1. Research vesting carefully.2. Find a mentor.3. Understand the commitment.4. Focus on your product, relentlessly. 5. Pitch everyone. 

Is The MBA Obsolete? (Forbes) asks:
Are declining MBA applications a sign that the MBA is losing relevance in today’s fast-moving economy? A number of recent stories have indicated that demand for the MBA degree is softening. Is an MBA degree still a good investment?

The rise of the MBA entrepreneur (Reuters) 
Mr. Ekeji is part of a rare but growing breed of student: the MBA-entrepreneur who shrugs off anti-MBA snobbery from the entrepreneur community.

MBA in entrepreneurship: how to be an entrepreneur  (Daily Telegraph)
Innovation and entrepreneurship are the hallmarks of today’s MBA courses, thanks to an increasingly diverse cohort of students, writes Niki Chesworth.

MBA: The Devil's Work for Start-Ups and Entrepreneurs

Newly-qualified MBA graduates tend to assume that their piece of paper automatically qualifies them to be a freelance consultant or to run their own business. Think again, says Robert Craven.

Running a business is about action, it is not about theory. What is great in the classroom (because it is intellectually attractive or academically rigorous) is not always relevant in the real world.

Business planning is a great way to make mistakes on paper; but you'll learn even more in the marketplace. The market is brutally honest and gives you real feedback. You will be successful if you provide something that people want - in a way that they want it. The best (and fastest) way to learn is by spending your own money and by paying for your own mistakes. I only learnt about the value of money when I started losing my own!

There is one basic question you need to ask yourself about your new business – why should people bother to buy your product? And why should they bother to buy from you, especially when there are so many other people selling similar products at similar prices? What will make you different?

Do not compete on price. The bigger organisations with bigger budgets and buying power will always beat the smaller player on price. You must compete on everything but the price. Be faster, smarter, slower, nicer, cleverer, more local, ruder - be different.

There are four main skills that every entrepreneur needs. The first is vision – the ability to see into the future, to imagine how things could be. The second is passion – a sheer belief and conviction in one's ideas and actions. Then there's determination – the willingness to persevere, often against the odds, to create something new where there was nothing. Communication/delegation skills are also vital – the ability to muster the skills and efforts of other people to help to create and deliver a dream, to take something from the imagination and turn it into an actual product or service that people will buy. If you possess these skills, you're already half way there.

So, what aspects do you need to consider to set up on your own?

The market: How good is your idea? Test it on friends and strangers. What problem are you solving? Who is going to buy your product? Why? Who are your competitors? How will you be different, better and smarter? How will you make the first/tenth/hundredth sale? You will make no sales if it is a lousy product, or because of your lousy marketing. So throw away Kotler [author of How to Create, Win, and Dominate Markets] and start listening to potential customers.

Objectives: What is the business trying to achieve? What is your motivation? What is your definition of success?

Resources: What do you own and what resources can you use (physical, human, intellectual and financial resources) to make the business idea come to fruition? What will you need in a year's time?

Financials: What do the projected cash-flow and profit and loss forecasts look like? How are prices set? What is the cost structure? The key issues are economic viability, price and profit. Is there someone in the business who actually understands how the finances work?

Ability: Have you got what it takes? How relevant is your knowledge, attitude, experience and character?

Starting your own business isn't easy. Fear is a perfectly natural emotion. What limits have you set for yourself subconsciously? If you believe that you cannot swim then you will not be able to swim. How do you limit yourself? If you aren't sailing close to the wind then you are probably not taking enough risks. Acknowledge the fear and make a calculated decision. Use the adrenaline and energy that the fear creates to work for you rather than against you. Cut the excuses and just do it.

Branding is absolutely crucial. You can't afford to not communicate your brand. Everything about your business communicates something, so ask yourself what it is that you want to be communicating? Less is more, so simplify everything.

Separate yourself from the competition. Make yourself different and sharpen your thinking by spending some time with people who come at things from a different angle. Remember: the best ideas will come from the strangest of places. You should never be afraid to ask stupid questions.

Work on, not in your business. When Ray Kroc started McDonald's, he never intended to work in the business cooking beefburgers; he always intended to work on the business, creating the architecture, the empire.

Don't shy away from passion.

Let’s be clear about what I am saying. 

What is great in the classroom is not always relevant in the real world. What you need, to run your business, may not be taught in an MBA. This is a sweeping generalisation about the courses and the graduates, I know, but I have met MBA students who are ‘spot on’ when it comes to growing a business; I have met others who are simply not equipped to deal with the entrepreneur’s world. All MBAs are not the same.