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  • #969641
    jax
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    Hi guys,

    I’ve been using this site on and off for a while for business advice/ideas/help/food for thought and just about everything else.

    I’m infactuated with business and I’m really keen to start trading solo fulltime. I’m only 20 though and feel I have a bit more to learn before I start commiting myself that much.

    Through my work [fast food chain] I’ve earnt myself certificates 3 & 4 in Retail Management and a Bachelor of Hospitality Management. I’m looking to do more studies hopefully through university [perhaps through openuni online as I live a busy lifestyle with my work and you know… have to pay those bills].

    I’ve been looking into doing a MBA [Masters of Business Admin] or possibly a MBM [Masters of Business Management], with my experience these are both possible options but I don’t believe either cater towards what I want to do which is run my own business fulltime within the next 3-4 years.

    I’m looking for anyone that has experience in university business courses and have any tips, experiences or knowledge to share to help me get on track.

    That or any other tips for a young wannabe entrepreneur!

    #1039774
    Anonymous
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    • Total posts: 11,464
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    Hey there Jax,

    Wow! Your enthusiasm and passion really shine through!

    And good on you for doing your research before committing yourself to any particular course of action.

    To help people give you the best advice possible, I’m wondering if you have any ideas about the industry you want to operate in, or the type of business you want to run?

    Have a great afternoon,
    Jayne

    #1039775
    Steve_Minshall
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    Hi Jax,

    Wow, great enthusiasm.

    I’ve done both an MBA and a 12 week (3 hours a week) business course run by a Sydney Business Enterprise Centre.

    They were both very different animals. The MBA took me 4 years (distance learning) and while I learnt loads there is also an awful lot that is long since forgotten. A large amount of the MBA material assumes you want to be a manager at Telstra rather than run a start up. There is lots of theory to wade through and I quite often thought what’s the point of this. Although my current business did have its first business plan aired in MBA marketing and entrepreneurship/strategy courses. An MBA is great if you have the patience and the $$. I benefited hugely from the program but not in technical knowledge. It is hard to pin down what I did get, it is more a character building thing.

    For practical skills in getting a small business up and running I think you are better off with the courses run by TAFE and BEC specifically to this end.

    Most of my knowledge has come from others. I learnt a huge amount from the last Managing Director I worked for and by watching how the companies I have worked for operate. You say you have a 3 to 4 year outlook. I would recommend finding a business in the field you are interested in that is run well and try and get a job (any job) with them and suck as much knowledge out the experience and people running the show as possible. You will find good people are usually more than happy to teach.

    As a final note I believe a business can be split into five areas:

    Sales/marketing
    Operations: what you do
    R&D: what are you going to do next
    Finance
    People

    You need to make sure your education gives you some understanding of all these areas.

    I am excited for you. Go young gun!

    #1039776
    Richard A
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    Hi Jax,

    Personally I think a business masters is wasted on anyone below the age of 30 as they simply don’t have the experience to appreciate the material.

    Check out the Masters of Entrepreneurship & Innovation at Swinbourne in Melbourne – it may have more of the flavour you are looking for.

    Aside from that, the best way to learn is to just get out there and do it.

    Richard

    #1039777
    mike@engagemarketing
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    Hey Jax,
    you’re not in a too dissimilar boat from me. I’m in my low-20’s and started my biz part-time when i was 20 before taking it full-time at the start of this year. I did the Entrepreneurship program at RMIT University in Melbourne and would definitely recommend it.

    I’d suggest doing a few things:

    • Read ‘Think & Grow Rich’ by Napoleon Hill
    • Read blogs and books. Continually learn
    • Thinnk actively about how you would improve businesses in different industries

    One final thing – If you really really want it, it will all work out. Good luck mate!

    #1039778
    ClareS
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    • Total posts: 30
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    Hi Jax,

    Welcome to the world of entrepreneurs – all welcome!

    Have you considered using your skills online and starting a web based business?
    There are so many options out there at the moment and I also recommended Napoleon Hill.
    Education is very important, as you know because you have already invested a lot in your personal growth.
    I agree – try for your MBA in 10 years – and make your first million in your 20’s first!

    #1039779
    yourvirtualboard
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    • Total posts: 569
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    Hi Jax,

    Steve, Richard and Mike have given you some great advice and I can second the BEC as a good source of info (I mentor in their WIB program and have seen how much help they are to new business owners).

    It’s really great to see younger people so enthused and raring to go and I’d like to contribute – I have developed an online program aimed squarely at people like you, or who may already have started but want to learn a bit more about business and how it all works and comes together. If this is of any interest, get in touch and I’ll give you free access on condition you complete the program (about 12 weeks).

    #1039780
    James Millar
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    • Total posts: 1,739
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    I tend to agree with everyone here on the entrepreneur courses. From what I hear they have a more sme practical application as compared to an MBA. I also completely agree about the age issue comments. An MBA is pretty useless for anyone without decent real world experience and that generally takes time to accumulate (30 is probably a good yardstick give or take). I recall studying organizational behavior as a management subject when I was 18 (a long long time ago) and I now laugh at how inappropriate that is for anyone of that age.

    A big part of the MBA experience is the network of likeminded people that you develop from it. Ive seen many very successful startups that have been developed and funded from seed groups in this category.

    Anyway It’s great that you recognize the value of this type of study at such an early stage of your career. Best of luck with it!

    Helping build better businesses and better lives with expert financial and taxation advice. [email protected] www.360partners.com.au 03 9005 4900
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