New Here and Looking for Advice

[cdogstu99]

I just stumbled upon this forum a few days ago and I like it; great for the entrepreneurial minded. I'm in a bit of a career hell, and just looking for some input. I work as an actuarial analyst. I hate it. For those not familiar an actuary must past tests every 6 months and there are a total of 9 tests. I'm not an actuary yet, have only passed 2 tests and know that I need a change. I've got about 8 years of professional experience and have worked as a financial advisor, web director/designer, and actuarial analyst. I've always had an entrepreneurial mindset, and I know that ultimately my goal is to have my own business. I've had some small website projects, with some small success, but nothing that I think will translate to a full time business. I had thought about leaving my job to go for a 1 year MBA at a local university which is geared towards entrepreneurial studies. My concern is that the schooling will leave me in a boatload of debt. Does anyone have any advice?

Thanks,
Chris

Some of my sites are:
http://www.gamblingweblinks.com
http://www.brightideadesign.com
http://www.trademanny.com
http://www.redsoxrookiecards.com

[snifferer]

its hard to give advice to you because it seems like you don't have a goal in mind.

a great marketing professor of mine once put my class through a great exercise that may help you also.

basically, you have to answer this question:
"what is your objective?"
the answer must be measurable in terms of money, be realistic/achievable, and have a deadline.

for example, my objective was:
"my objective is to have $100,000 in gross income by the time I am 30 yrs old"

once you have your objective, you have your strategies, strategies include some things you have mentioned, the "HOW"
1. get a good job that pays that much
2. start a business that generates that much revenue
3. get my mba so that i can get a job or start a business to get there
4. investments, real estate, etc.

the key to this is: YOU HAVE TO THINK ABOUT YOUR OBJECTIVE BEFORE YOU THINK ABOUT YOUR STRATEGIES.

have you done so?

[cdogstu99]

Thanks Eric,
I think I am very money driven, and i am 29 yrs old now. My recent pay has been about 55K. So, my objective is to be making 100K/year by the time I'm 33, or in about 4 years.

Now for the HOW: I'm thinking either start a business now that will get me to that goal, or get my MBA and go from there.

I have no real business in mind, so maybe the solution is MBA. Don't like the debt part, but maybe it's worth it.

[snifferer]

getting your mba is a great strategy, what school will best get you to your objective? do you have the qualifications to get into that school?

if you do, go for it, you'll probably be making 100k easily by 4 years time, especially with a career in finance/banking/consulting. but it depends on what school you go to.

my suggestion... start prepping for both strategies - mba and starting your own business.

the GMAT is a killer, you need 650 at least to get into a top school. thats gonna take sometime to study for. better start now, as applications are due in the fall. if you start studying now, you probably be ready to take the gmats in late spring early summer, which will be in time for applications. regarding the debt, where do you live? if you live in california, aim for a school like UCLA anderson or berkeley - top tier MBA schools with in-state, public tuition, the best bang for your buck by far.

at the same time, don't fall in love with that strategy and continue brainstorming business ideas. practice thinking of 5 new ideas a day, no matter how big, small, stupid or smart; and you should hit upon something you believe in in a month or so that you think will have potential.

in summary:
- start studying for the GMATs
- start reviewing schools that you think you can get it to see if its worth it
- check out starting salaries after graduation
- keep thinking of business ideas everyday
- don't fall in love with a strategy, fall in love with your objective, dont hesitate to adjust strategies to meet your objective.

[cdogstu99]

Erick Thanks! Great Advice.

I'm in Boston, and I'm going to try and get an application together to try and get into Babson. Very strong entrepreneurial program and I can take an intensive 1 year course. I will certainly heed your advice and keep thinking of new ideas.

Best Regards,
Chris