Confused about my future - MBA, LLM or start a business?

[Stig722]

A bit about myself, I'm 28 years old, highly motivated and I'm willing to make many sacrifices in order to be successful. My definition of 'success' is financial. I have two undergrad degrees, a B.A in business administration and an LL.B in Law. I have 5 years worth of work experience in a large law firm and during those 5 years I also completed an LL.M, although not from a particularly prestigious school.

Law firm life isn't for me, the ratio between stress and working hours to paycheck isn't satisfactory to me. My ultimate goal is to quit being an employee and start my own business or company.

For the last year I have been battling the GMAT exam as I had my mind set on an MBA from a prestigious school. So far my attempts at the GMAT have been poor as I found it impossible to study and keep up a full time job.

While I had me sights set on an MBA, I recently began to consider doing another LLM, but this time a business orientated LLM at a top law school (something along the lines of Stanford). I could easily get accepted into an LLM program as I have the necessary CV and the GMAT hell would no longer be a problem.

A third option would be to simply start a company or business now. This would be difficult though as I don't feel I am mentally prepared for such an endeavor not to mention the fact that I have little experience in the business world.

I know there are many very successful users on this forum, and I'd love to hear your thought and advice. Should I battle on and try to get myself into a top MBA program? Should I take the easy route and apply for another LL.M? Should I just start a company?

Here is a short list of pros and cons as I see them:

1. MBA
Pros:
1. Learn a lot about business.
2. Make valuable connections.
3. Massive list of alumni that could help with future endeavors.
4. Use the time to decide exactly what my company should be all about.
5. Would look great on my CV.
6. I feel that graduating from a top MBA would give me a massive confidence boost.

Cons:
1. Expensive.
2. Gmat is proving difficult.
3. Longer than an LLM.
4. Most MBA programs naturally lead to a corporate job and I want to start my own company.

2. LLM
Pros:
1. Easy to get accepted.
2. Cheaper than an MBA.
3. Shorter than an MBA.
4. Would still allow access to business school networking events on campus.
5. Would allow me to take a limited number of courses in the business school.
6. Once I graduate, I wouldn't feel compelled to get a corporate job.

Cons:
1. I already have an LLM.
2. I want to learn about business and open my own company. An LLM isn't really for that.


Would love to hear your thoughts and advice.

[CalSRQ1]

Not LLM if you don’t want a firm. Long term trends in law not good. MBA or start business.

[Vivalas]

I can’t advise you on the above because I haven’t got either of those qualifications, but I went self employed at 23 and have built a financial company and a property business and I always remember one bit of advice:

1. Find something you like doing.
2. Get food at it.
3. THEN find out how to make money out of it.

If you look for the money in something you hate, you’ll never last at it.

Good luck :-)

[brandrea]

Originally Posted by Vivalas

I can’t advise you on the above because I haven’t got either of those qualifications, but I went self employed at 23 and have built a financial company and a property business and I always remember one bit of advice:

1. Find something you like doing.
2. Get food at it.
3. THEN find out how to make money out of it.

If you look for the money in something you hate, you’ll never last at it.

Good luck :-)

This advice really resonates with me and that’s exactly what I did.

OP, look to opportunities that truly interest you. Be passionate about your endeavors and then develope a way to make money with it.

[bobernet]

Endless education is rarely the path to wealth.

Start a business.

[jhilly8982]

Originally Posted by bobernet

Endless education is rarely the path to wealth.

Start a business.

Completely agree, but one caveat.

Endless 'formal' education is not the path to wealth*

Education and learning is a lifelong process. You will learn more from doing than by theory, but there is a ton of content available for nearly free on the web. MIT OpenCourseWare, edX etc.

If you would need to take out student loans for an MBA, first assignment is to calculate the ROI on those loans.

[superdog]

Originally Posted by bobernet

Endless education is rarely the path to wealth.

Start a business.

Yep.

[ecdc]

Lawyer here. Have had my own firm for the past 15 years after boutique and big law life. And I have a totally different side business. LLMs are worthless to everyone but the law school that charges for it. Don't waste any more time or money on one.

Want to start a business? You don't need an MBA. But you need a solid business plan and the ability to tell everyone why your business can do X better than anyone else. Get that figured out and give it a shot. Just keep up on your CLEs so you can jump back into law for the easy paycheck if needed. And remember, no business is better than a bad business. Take your time and get as much figured out beforehand as you can. There'll still be a ton of things you learn on the fly, no matter how well prepared you think you are. Good luck!

[Dubshack]

Work experience is often the best teacher. No amount of class work can imitate real life experience.

I’d find what you want to do, find the top companies in that profession, and then work for as many years as necessary until you feel ready to start a business yourself.


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[Houstongator]

MBA and lawyer. Have my own law practice.
After being in the military, I knew I never wanted to work for others.
Start your own business.
Best of Luck,
jb

[THC]

Bartend, then get elected to some high office

[BLACKHORSE 6]

Originally Posted by THC

Bartend, then get elected to some high office

This

[GoingPlaces]

Originally Posted by THC

Bartend, then get elected to some high office

Exactly!!

[Lgear080]

The day I stopped learning (academically speaking) was the day I started earning.

[BBL]

Stig722:

For your reference: Different sites with common theme for small business but with other content, also, worth a read.

Small Business Administration https://www.sba.gov/

https://smallbusiness.com/

https://www.nerdwallet.com/blog/small-business/

https://www.forbes.com/small-business/#5507ff9d6d24

Good luck,
DM

[Wools]

My biggest advice is don’t treat financial success as success in life. It isn’t.

Find out what you enjoy, what you’re good at then chase that dream. There’s no rules for success, most of us just get lucky.

Best of luck.

[swils8610]

Paralysis by analysis. Go with your gut!


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[Lawman77]

Path of least resistance: trust fund or inherit family business. Or marry well.

[Stig722]

Originally Posted by Houstongator

MBA and lawyer. Have my own law practice.
After being in the military, I knew I never wanted to work for others.
Start your own business.
Best of Luck,
jb

Do you feel that your MBA contributed to your success?

Originally Posted by CalSRQ1

Not LLM if you don’t want a firm. Long term trends in law not good. MBA or start business.

I was hoping to use the LLM to network and get my foot in the back door of the business school on campus. I would take a many business related courses as possible. Have to plans to dreams of owning my own firm.

I should also state that I'm not based in the United States but I aspire to relocate to the west coast. I feel that a graduate degree would offer a soft landing into a new environment.

[timedate]

open a small solicitors* practice and specialise in conveyancing* and then take on the various partners you will need for the other specialities of law,

keep it highly professional at all times, be transparent and fair with your charges, adopt a caring 'old school' mentality and watch the repeat business and recommendations come in.

You are 28, time to earn. good luck.

*uk term for a lawyer, sadly being airbrushed out of existence
**uk term for the legal aspect of buying and selling property

[Blah114aa]

A key you’re maybe missing is mobility. Why not decide what you want, then research WHERE to make the most of it. This key, vital point is often lost on people. A lawyer in New York isn’t likely going to fare as well as a lawyer in a smaller city, even Kansas City, and so on. Yes. In New York, you can make more, but consider the competition, taxes, and ever changing politics there (for the worse, I might add, but that’s another discussion altogether).

Just my two cents. Be mobile. If you are a business analyst in Beijing China , with an automotive background, you’ll easily make six figures, likely 200k yearly. The same position in Midwest USA or Detroit even will be 70k. This is really a key point. I know a GM executive that talks openly about this often. He’s a family member.

The same goes for a restaurant or real estate agency... yes, in New York, you can do more business, but you’ll have far more competition and insane outright taxation... same with California.

I know a septic system guy. About to retire... he cleans septic tanks for a living. He has no college degree. He’s worth 11 million usd today—without his business sale— because he figured out to where he must move. He started his own company, moved to an area which was short on septic cleaning and maintenance, at the time. He now is going to retire at age 51 and is selling his business. Again, no college. Dropped out of high school in Texas. Had he not moved, though, he’d be working for someone else. He was smart in moving, uprooting his family and offering a service that was in high demand. If you care to know, he moved to New Orleans after Katrina, started his company, got all proper licensing, and had more contracts than he could handle in his first business year. Quite amazing story.

[Stig722]

Originally Posted by Blah114aa

A key you’re maybe missing is mobility. Why not decide what you want, then research WHERE to make the most of it. This key, vital point is often lost on people. A lawyer in New York isn’t likely going to fare as well as a lawyer in a smaller city, even Kansas City, and so on. Yes. In New York, you can make more, but consider the competition, taxes, and ever changing politics there (for the worse, I might add, but that’s another discussion altogether).

Just my two cents. Be mobile. If you are a business analyst in Beijing China , with an automotive background, you’ll easily make six figures, likely 200k yearly. The same position in Midwest USA or Detroit even will be 70k. This is really a key point. I know a GM executive that talks openly about this often. He’s a family member.

The same goes for a restaurant or real estate agency... yes, in New York, you can do more business, but you’ll have far more competition and insane outright taxation... same with California.

I know a septic system guy. About to retire... he cleans septic tanks for a living. He has no college degree. He’s worth 11 million usd today—without his business sale— because he figured out to where he must move. He started his own company, moved to an area which was short on septic cleaning and maintenance, at the time. He now is going to retire at age 51 and is selling his business. Again, no college. Dropped out of high school in Texas. Had he not moved, though, he’d be working for someone else. He was smart in moving, uprooting his family and offering a service that was in high demand. If you care to know, he moved to New Orleans after Katrina, started his company, got all proper licensing, and had more contracts than he could handle in his first business year. Quite amazing story.

Never even thought of things in this manner. Very interesting!

[Fleetlord]

Originally Posted by Blah114aa

A key you’re maybe missing is mobility. Why not decide what you want, then research WHERE to make the most of it. This key, vital point is often lost on people. A lawyer in New York isn’t likely going to fare as well as a lawyer in a smaller city, even Kansas City, and so on. Yes. In New York, you can make more, but consider the competition, taxes, and ever changing politics there (for the worse, I might add, but that’s another discussion altogether).

Just my two cents. Be mobile. If you are a business analyst in Beijing China , with an automotive background, you’ll easily make six figures, likely 200k yearly. The same position in Midwest USA or Detroit even will be 70k. This is really a key point. I know a GM executive that talks openly about this often. He’s a family member.

The same goes for a restaurant or real estate agency... yes, in New York, you can do more business, but you’ll have far more competition and insane outright taxation... same with California.

I know a septic system guy. About to retire... he cleans septic tanks for a living. He has no college degree. He’s worth 11 million usd today—without his business sale— because he figured out to where he must move. He started his own company, moved to an area which was short on septic cleaning and maintenance, at the time. He now is going to retire at age 51 and is selling his business. Again, no college. Dropped out of high school in Texas. Had he not moved, though, he’d be working for someone else. He was smart in moving, uprooting his family and offering a service that was in high demand. If you care to know, he moved to New Orleans after Katrina, started his company, got all proper licensing, and had more contracts than he could handle in his first business year. Quite amazing story.

Trades will make $$$ .

HVAC, Plumbing, Electrical, Framing..I could go on and on

[Blah114aa]

Originally Posted by Fleetlord

Trades will make $$$ .

HVAC, Plumbing, Electrical, Framing..I could go on and on

this is more true today than ever before.. I know quite a few people that have started dry wall, HVAC, septic, plumbing companies.. over time, they are becoming millionaires. They do work extremely hard, but they are their own bosses.

I also know a few tradespeople whom work for companies and make six figures... there is a shortage also of truck drivers. That can be a grueling job, but anyone wanting to go into truck driving will make huge $$$$.. there are reportedly 60,000 truck driver jobs OPEN in the USA today. It's even worse reportedly in Europe. My source for this is a truck driver that retired and was interviewed on a CBS radio show a few weeks ago (a national show). I googled it and saw 3 figured.. one read 100,000 open positions.. this is of course due to Amazon and package shipment increases of all kinds. I could not never drive a truck, but it seems the people whom do drive trucks for a few years actually love such a job.

It will be interesting to see the job market in 20-30 years.. I think there will be a huge medical technician shortage as well by then, but won't say why. I just know a lot of people that work in Xray and while there's an overage today of staff/applicants, the schools for this are hurting today.. everything is cyclical. Maybe they'll outsource/offshore that by then.

[BrazenC5]

Originally Posted by Blah114aa

this is more true today than ever before.. I know quite a few people that have started dry wall, HVAC, septic, plumbing companies.. over time, they are becoming millionaires. They do work extremely hard, but they are their own bosses.

I also know a few tradespeople whom work for companies and make six figures... there is a shortage also of truck drivers. That can be a grueling job, but anyone wanting to go into truck driving will make huge $$$$.. there are reportedly 60,000 truck driver jobs OPEN in the USA today. It's even worse reportedly in Europe. My source for this is a truck driver that retired and was interviewed on a CBS radio show a few weeks ago (a national show). I googled it and saw 3 figured.. one read 100,000 open positions.. this is of course due to Amazon and package shipment increases of all kinds. I could not never drive a truck, but it seems the people whom do drive trucks for a few years actually love such a job.

It will be interesting to see the job market in 20-30 years.. I think there will be a huge medical technician shortage as well by then, but won't say why. I just know a lot of people that work in Xray and while there's an overage today of staff/applicants, the schools for this are hurting today.. everything is cyclical. Maybe they'll outsource/offshore that by then.

Automation will take over most of those positions (truck driving / radiology) in the next 10 years.

Specifically that's why there is a tough time filling trucking jobs...people see the imminent decline in longer term opportunity.

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[brandrea]

Originally Posted by Fleetlord

Trades will make $$$ .

HVAC, Plumbing, Electrical, Framing..I could go on and on

I agree. Every one of my high school friends that owns a trade related company has done super well.

[Goughie]

Originally Posted by brandrea

I agree. Every one of my high school friends that owns a trade related company has done super well.

Echoing this again, I'm 25 and a couple of my friends the same age as me have set up trade businesses in the last couple of years. They are by far the most successful within my friendship group.

[Art 1]

Originally Posted by Fleetlord

Trades will make $$$ .

HVAC, Plumbing, Electrical, Framing..I could go on and on

That’s what I did many years ago. A few years ago I merged up with a younger guy since I’m gone so much traveling, we are spending time in DC now infact. He’s not yet 30 and has made a small fortune. He was asked to speak at UCF to speak to young business students. The first thing he told was to quit college and learn a trade. We could work every second of the week if we wanted too. I shake my head and feel sorry for young people taking stupid majors in college waisting their time. Most of them have no idea how to work or even use a tool. I know this young man makes more money than many doctors or lawyers. And to look at him or me you would never know.

[mbalmz]

I'm a corporate lawyer so can't weigh in super helpfully on the MBA/starting a business side of your question, but you definitely shouldn't get an LLM if you know you don't want to be at a law firm.

[TswaneNguni]

What ever gives you the best chance of being self employed