Anonymous
Anonymous asked in Business & FinanceSmall Business · 1 month ago

Should I buy a business without any business management experience?

I have an undergraduate degree in the industry but no MBA. I took Intro to Business in college.  

4 Answers

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  • Jay
    Lv 6
    1 month ago

    If you have experience in the business then you need no MBA or even a BA.

  • 1 month ago

    If you don't have a track record you're going to throw your money down the drain. It doesn't matter whether you have a degree or not.

    I like watching the business reality shows, Restaurant Impossible, Kitchen Nightmares, Hotel Impossible, The Profit. In each show an expert comes in to save a struggling business. The vast majority of episodes involve owners who had no experience in the industry but thought they could beat out the competition. They're saddled with huge debt with no idea how to get themselves out of the mess.

    Check with SCORE (Service Corps of Retired Executives) program at the U.S. Small Business Administration. They have people who will help you build a business plan. Most business plans are successful in convincing the investors it wouldn't be worth it.

  • Anonymous
    1 month ago

    I run a successful and growing business with 44 employees and I don't even have a college degree.   But I'm smart, mature, have a natural knack for business, know the industry and have learned a LOT in the 28 years I've been running my business.    I figure I have an honorary MBA from the school of Hard Knocks.

    YMMV. 

  • Tavy
    Lv 7
    1 month ago

    You don't need a degree, you need experience and enthusiasm.

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