MBAs vs. Entrepreneurs: Who Has The Right Stuff For Tough

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MBAs vs. Entrepreneurs: Who Has the Right Stuff for Tough Times?
2:39 PM Monday May 4, 2009
Tags:Entrepreneurship, Financial crisis, Managing uncertainty
http://blogs.harvardbusiness.org/taylor/2009/05/mbas_vs_entrepreneurs_who_has.html 5/9/2009
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The one growth business in this shrinking economy is speculation about where MBAs and other elite students
will flock now that Wall Street is a vast wasteland. "What will new map of talent flow look like?" wondered a
piece last month in the New York Times. The tentative answer: towards government, the sciences, and teaching,
"while fewer shiny young minds are embarking on careers in finance and business consulting."
Just five days after that article, the Times was at it again, chronicling the difficult career choices for business
students, including one former Goldman Sachs intern who started her own shoe-importing company, and a
Wharton grad contemplating rabbinical studies. (He wound up in real estate.)
Now, I understand the use of students from elite business schools as a proxy for "talent" in the business
world. But as the economy experiences the most deep-seated changes in decades, maybe it's time to change our
minds about what kinds of people are best-equipped to become business leaders. Is our fascination with the
comings and goings of MBAs as obsolete as our lionization of investment bankers and hedge-fund managers? Is
it time to look elsewhere for the "best and the brightest" of what business has to offer?
One place to look for answers is the fascinating research of Professor Saras Sarasvathy, who teaches
entrepreneurship at the Darden Graduate School of Business at the University of Virginia. It's been a long time
since I've encountered academic research as original, relevant, and fascinating as what Professor Sarasvathy has
done, in a series of essays, white papers, and a book. Her work revolves around one big question: What makes
entrepreneurs "entrepreneurial?" Specifically, is there such as thing as "entrepreneurial thinking" — and does it
differ in important ways from, say, how MBAs think about problems and seize opportunities?
The answer, Sarasvathy concludes, is an emphatic yes — and the differences boil down to the "causal" reasoning
used by MBAs versus the "effectual" reasoning used by entrepreneurs. Causal reasoning, she explains, "begins
with a pre-determined goal and a given set of means, and seeks to identify the optimal — fastest, cheapest, most
efficient, etc. — alternative to achieve that goal." This is the world of exhaustive business plans, microscopic
ROI calculations, and portfolio diversification.
Effectual reasoning, on the other hand, "does not begin with a specific goal. Instead, it begins with a given set of
means and allows goals to emerge contingently over time from the varied imagination and diverse aspirations of
the founders and the people they interact with." This is the world of bootstrapping, rapid prototyping, and guerilla
marketing.
The more Sarasvathy explains the differences in the two styles of thinking, the more obvious it becomes
which style matches the times. Causal reasoning is about how much you expect to gain; effectual reasoning is
about how much you can afford to lose. Causal reasoning revolves around competitive analysis and zero-sum
logic; effectual reasoning embraces networks and partnerships. Causal reasoning "urges the exploitation of pre-
existing knowledge"; effectual reasoning stresses the inevitability of surprises and the leveraging of options.
The difference in mindset, Sarasvathy concludes, boils down to a different take on the future. "Causal reasoning
is based on the logic, To the extent that we can predict the future, we can control it," she writes. That's why
MBAs and big companies spend so much time on focus groups, market research, and statistical models.
"Effectual reasoning, however, is based on the logic, To the extent that we can control the future, we do not need
to predict it." How do you control the future? By inventing it yourself — marshalling scarce resources,
understanding that surprises are to be expected rather than avoided, reacting to them fast.
Ultimately, she says, entrepreneurs begin with three simple sets of resources: "Who they are" — their values,
skills, and tastes; "What they know" — their education, expertise, and experience; and "Whom they know" —
their friends, allies, and networks. "Using these means, the entrepreneurs begin to imagine and implement
possible effects that can be created with them...Plans are made and unmade and revised and recast through action
and interactions with others on a daily basis."
Sounds like a plan to me! So the next time you read an article about what MBAs are doing, don't forget to think
about what entrepreneurs are doing as well. They're the ones with the right stuff for tough times.
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Tracked on May 7, 2009 10:53
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Comments
Love it, love it, love it. I have had more success with employees that have experience (and broad in nature) verses
the MBA. I plan to tweet this article as well as read more about the Sarasvathy.
- Posted by Lisa Grdina

May 4, 2009 2:57 PM
Let’s see... book smarts vs. heavy scar from school of hard knocks? I know who I preferred while hiring. I will
take someone with battle scars any day over anyone within first decade out of even elite school. Even Nobel-
winning professors can't teach you reality of REAL business world.
Another point I want to bring up from my experience with elite school students... let’s just say the sooner they get
rid of "legacy" admission, the better. There are some morons making top schools look very bad and they are in a
majority. Really talented ones who earned their way into Ivy start their own companies and build real wealth.
"Legacies" go into IB, consulting, and other numb companies.
- Posted by Apolinaras "Apollo" Sinkevicius | LeanStartups.com

May 4, 2009 4:10 PM
In tough times, who is better? Death attends to both in equal measure so none is more adept or inept in dealing
with insurmountable danger.
Should I rephrase this question and then establish entrepreneurial thinking, I think then we will see an
entrepreneur in a different light.
To some extent I think Prof. Sarasvathy provides some insight into entrepreneurial mindset in context of how
present and future notions are established while discussing Effectual Reasoning and also in establishing how
logic is differently deterministic about the outcomes in 2 mindsets. Remember, irrespective of the mindsets and
how they are working - materially the outcomes will be same. The question then is - was the outcome a causal
effect as in case of the MBA mindset or was it acausal effect as in case of entrepreneurial mindset. Outcome is
independent of either mindset, only the perception is different and so the experience in each mindset is different.
In the below discussion, the idea of Entrepreneur is considered in all purity. Where entrepreneur is resorting to
means that has no corruption or unscrupulous behavior.
Non-conformism
Entrepreneurs are born because the conventional means for making their lives are not available them. Mostly
owing to their own disposition that society or system on the whole cannot come into terms with, meaning there is
this idea of 'non-conformism'. This in a system is treated with disdain. So, they begin to make their own destiny.
Because of this and also owing to circumstances beyond their control, they find themselves dealing with
challenges that more fierce than those presented to one who conforms to the system.
Internalizing Danger
Entrepreneurs begin to fight life developing a unique mindset finding themselves often in quicksand. Fear,
failure, death are constant partners from birth and until one is vanquished by them. But living with danger and
sparse resources entrepreneurs begin to live in comfort rather than discomfort with the hazards. Meaning certain
amount of danger is internalized.
Faith (not an absolute term) in their own Destiny
Entrepreneurs believe in acausal results. This is the reason they believe that future cannot be predicted in
accuracy. And, still it is something that one must pursue. In fact this enigma of the future and destiny endears to
them. Despite the fact of acausal principle (which is very interestingly discussed as a synchronicity phenomenon.
David Peat's book Pathways of Chance provides very good insight into this acausal principle. In fact the quantum
physicist think this is how the world was formed and still forming), meaning indeterminism about the future
outcome so it is unpredictable, one is still the master of destiny and entrepreneurs are specially blessed to cherish
this destiny. This rather whimsical belief makes the entrepreneur disposition.
Interrogatives
who they are and what they know is important
"Whom they know" is not important at-all. As, the outcomes from what they do fetches them new friends, allies
and enemies. Rather, being highly adaptable is very important without having any fixture or rigid ideas about
how the game needs to be played and importantly with who.
Space & Time
Summarizing I think the difference is in how different things are dealt by both the mindsets in the spatial and
temporal realms.
Thanks
srinidhi
- Posted by Srinidhi Boray

May 4, 2009 8:29 PM
Before this becomes a bash on MBAs, please remember that entrepreneurs are not by definition individuals with
broad experiences.
An entrepreneur (according to Wikipedia) is:

a person who has possession of an enterprise, or venture, and assumes significant accountability for the inherent
risks and the outcome. It is an ambitious leader who combines land, labour, and capital to create and market new
goods or services
- Posted by Thomas McMillan Jr.

May 4, 2009 8:46 PM
Value experience and dedication and determination........to become an enterpreneur. MBA can make you a master
of businees but not its owner.
- Posted by shahindeer
May 5, 2009 3:47 AM
Very interesting case and point.
But, I have an MBA, and I am an entrepreneur.

Working on a new venture now, EmSpot.com
My "day job" very much benefits from my MBA. But that doesn't define my abilities, nor does it define my
"scars". The article is a great statement, but some of the comments quickly veered towards bashing the MBA. If
you don't have an MBA, don't make statements out of context, because yes it took a lot of work, dedication, and it
comes with its own scars.
The comparison of who worked harder is out of line, the article clearly discusses; 'which ability will kick ass in a
tough economy?', and it leans towards entrepreneurs vs. someone who's inclined to schedule a focus group right
now. There's a need for both in different situations.
- Posted by Lizelle
May 5, 2009 12:36 PM
This is a very interesting topic - thanks for bringing it up!
My contention is that this research, though very eye-opening is ignoring a major dichotomy in mindsets. I would
posit that every applicant to an MBA program has considered entrepreneurship instead, and depending on the
mental makeup, decided to instead invest in an education, rather than an enterprise. I know I faced this decision
leading up to my application.
Given this filter, I would suggest that those that end up picking the MBA route are those that are intrinsically risk
averse people, believing in things like statistics, probability and hedging strategies. This belief is the foundation
of the choice to enter an MBA program. Those that are more disposed towards "Effectual reasoning" would not
see the value of the investment in the program.
This reminds me of hearing Sarah Lacy exhorting the entrepreneurs to dream big, and invest in the daring and life
changing innovations, and thinking about that being awesome for society, but what about the poor sod that fails
and looses everything?
No wonder I made the choice I made...
- Posted by venky
May 5, 2009 12:46 PM
Three thoughts occurred to me as I read your post.
1. Effectual thinking is adaptive thinking. We are constantly adapting to changes in our circumstances.
2. It also points to the importance of values for establishing direction. The problem with abstract reasoning is that
is prone to narrowness and excludes what it deems logical, like human feelings.
3. At the center of my leadership model is impact. Impact is the difference we make, the change we create. We
take what we are given and work with that toward the impact we desire.
This is really a challenge to traditional evaluation methods. I distinguish them with this illustration.
You go on a vacation. You return home. The story you tell isn't the numbers- how much it cost, how much gas
you spent, how many miles you drove. Instead you talk about the experience you had,the sites you saw and the
fun you had.
Effectual thinking sees the big picture. Thanks for bringing Sarasvathy to our attention.
- Posted by Ed Brenegar
May 5, 2009 2:00 PM
I am not sure the argument about entrepreneurs vs. a MBA is all that valid or true. It seems very black and white.
A large number of MBA programs accept a large number of students with business experience. Frankly, if a
candidate entered a program without business experience I am not sure what value they would get from the MBA
or give to the program.
This is an interesting article and if it provokes thought around hiring experienced AND educated candidates then
it has accomplished a noble goal.
- Posted by Andy Gremett

May 5, 2009 6:08 PM
Why is it entrepreneur vs. MBA? I am an entrepreneur with an MBA, and Entrepreneurial Studies is a core
competency of my B-School which has a deep bench of highly successful entrepreneurs (helps with the 'who you
know', or who you have access to).
This thinking seems to silo the two and define MBA as Wall Street or Consulting which is a gross generalization.
- Posted by LL
May 6, 2009 10:51 AM
Throwing all MBA's under the "hyper-analytical & framework driven" bus seems like an easy shortcut for
scholars. No doubt, there are such rigid and structured minds who pursue an MBA, just a there are rigid minds
who don't. Bashing a particular degree seems like a gimmick to get attention in B-school press. Congrats on good
marketing, I suppose, but not very useful for anyone trying to understand the issue.
More interesting is the core point of how certain psychological makeups approach risk and uncertainty and the
factors that correlate with success for each profile. The US Marine Corps has a brilliant guide to leading in a
chaotic and fluid situation, and Tim Bulter and Don Sull have done some great work here. More actionable
research is clearly needed.
In the meantime, spare us the sensationalized drama of arrogant ivory-tower MBA's vs hard-scrabble, plucky
entrepreneurs. It's a false choice, sloppy thinking, and a waste of everyone's time.
John
(an entrepreneur with an MBA)
- Posted by John
May 6, 2009 4:54 PM
Let's use a simple example of the difference between Harvard MBAs and entrepreneurs. It shouldn't be hard to
guess which one represents the MBA:
http://www.youtube.com/watch?v=g45KtHN37bo
Perhaps this is why a recent MBA graduate wrote a commentary that a degree from Harvard is starting to look
like a scarlet letter. It doesn't have to be this way if the university would simply clean up its act by shaming the
alumni who lie and steal, thus disgracing what otherwise would be a fine institution.
http://www.thefirstpost.co.uk/46584,opinion,mba-the-letters-that-spell-financial-ruin-at-harvard
- Posted by Edward Ulysses Cate

May 6, 2009 8:52 PM
Interesting question. I think it boils down to the individual and his/her ability to hustle.
Does the MBA have the drive and resourcefulness to make the right moves at the right time?
Does the entrepreneur have thick enough skin to fail a lot before hitting a homer?
Only time will tell.
- Posted by Jesse Luna

May 7, 2009 12:34 AM
Hi Bill, very nice blog.
Just a couple of comments:
1) Being an entrepreneur is not necessarily exclusive. You can certainly have an MBA and become an
entrepreneur while an entrepreneur could, at some stage, benefit from being an MBA;
2) The fundamental difference is not in what you are but rather the type of mind-set you apply: As an
entrepreneur you create the future, go beyond boundaries, make connections that haven't been there etc.
3) Maybe the suspicion of MBAs in the current context comes from the fact that business schools have to reduce
complexity in terms of their curricula while the reality is always complex. You could argue that in order to teach
you need to box whereas entrepreneurship is largely about destroying the boxes.
- Posted by Reinhard Hiller

May 7, 2009 6:01 AM
My husband has an MBA; I'm an entrepreneur. I've always known that we've seen things very differently and this
post spells it out so well.
- Posted by Trainer
May 8, 2009 8:50 AM
Bill,
Thanks for pointing to Saras Sarasvathy's research. It is eye-opening. It explains so much of what I see happening
in the circles I travel. There is a group of us that have formed (means) and we are trying to figure out what we are
going to do as a group(ends). The question is very open-ended for us. It fits so well into the effectuation mode.
I also want to encourage your readers to go to http://www.effectuation.org and read the material that is there. The
white paper you linked is there, along with other material. The FAQ page has some helpful diagrams and tables.
Thanks Bill.
- Posted by Ed Brenegar
May 8, 2009 9:30 AM
There are many MBA programs that do not fall into the "fold" the author is describing. Look at Babson for
example. An MBA program that preaches creativity and innovation. Probably why Babson is known for
producing entrepreneurial MBA's. On the other side of the country we have Stanford. Same shtick for them. It's
the professors and the curriculum these b-schools push on the students that puts them miles ahead of grads from
other supposedly top ranked schools.
- Posted by Peter
May 8, 2009 10:25 AM
Great article. Great thinking! Today's times call for mindset change, and the realization that there is no
guaranteed of a job anywhere today. We have to rethink everything we do as individuals and a country. The days
of collecting a paycheck regardless of performance are dwindling, MBA or not. Reinvent, reinvent!
- Posted by Judith Gargyi

May 8, 2009 11:00 AM
I am an MBA grad myself and working in business consulting. I have decided to be an entreprenuer even when i
was in under-grad school and i still maintain it.But i consider education including MBA as a means of being
prepared for the uncertainities of entreprenuership.
Although i do not consider the shiny suit of the MBA or the stereotype of the MBA to be valid, i agree that
majority of them are cast out of a factory( school of thought). But in the same vein i beleive that its upto the
indivisual what he makes of the MBA as a tool rather than as a badge. We should not forget many MBAs ran and
are running many of the most succesful companies of the world and many more who have thier own succesful
start-ups.
Also, i think comparing whether MBAs or Non-MBAs are better in times of crises is somewhat like asking
whether owning the safest car ensures you dont die in times of a car crash. We dont have the right answer and of
course 'it depends'.
Last but not the least, we should rather look at a right mix ...as we dont want an all-entreprenuer clan who takes
so many risks that we cant have structure in some primary things like investment management (mutual funds),
but neither do we want Black-suit clad MBA-only clubs which sometimes do not think outside the box.
- Posted by Shreyans
May 8, 2009 11:24 AM
You want entrepreneurship? Then stop talking, start selling.
Ed Marram, Bob Caspe.. And the list goes on...
Ed Marram teaches "Managing Growing Business" - Ed already made his fortune and can travel the world, but he
chose Babson as a place to create serial entrepreneurs who make less mistakes but have the gut to take risks. He
brings more than 10 speakers every semester. Not Fortune500 CEOs. Sometime not always success stories, but
he brings down to earth MBAs from Babson who graduated 2-3 years ago and we analyze step by step the
process of starting a new business. the difficulties. managing the cash flow. delegating. balancing work/life (or
how to not balance) etc
Bob Caspe teaches "Marketing For Entrepreneurs" but his course has little to do with traditional marketing
classes. He takes students with real business ideas and pushes the teams to make their first sales during the 3
months class - companies change their skin and get focus, motivation and with some luck - sales. Some ideas that
sat on people's mind for 3-4 years become fully operational during his class. Stressful but worthwhile.
You want entrepreneurship? Start today - don't postpone.
Gil
Http://GilAllouche.com
- Posted by Gil
May 8, 2009 11:37 AM
This argument has a glaring and obvious logical fallacy in assertion implicit in the title: that "MBA" and
"Entrepreneur" are mutually exclusive.
By this logic, no MBA is an Entrepreneur.
Really?
I graduated from McCombs, UT Austin and we had a thriving Entrepreneurship program and a vibrant
entrepreneurial community in Austin full of McCombs graduates. I personally know a number of fellow
graduates who have gone on to very entrepreneurial endeavors.
Honestly, this reminds me of the ivory-tower business writing that filled the MBA textbooks and articles that I
remember from the program. Ironic, isn't it? :)
- Posted by kayvaan
May 8, 2009 1:04 PM
I am a serial entrepreneur.
I did not become a successful entrepreneur until after I got an MBA.
My internal entrepreneur thinks everything is possible.
The MBA in my head figures out how to make it possible.
The entrepreneur inside is fearless.
The MBA wants to choke it.
They live in harmony most of the time.
- Posted by Linda Hollerbach

May 8, 2009 2:32 PM
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MBAs vs. Entrepreneurs: Who Has The Right Stuff For Tough

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MBAs vs. Entrepreneurs: Who Has The Right Stuff For Tough

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MBAs vs. Entrepreneurs: Who Has the Right Stuff for Tough Times? - Bill Taylor - Harv...

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2:39 PM Monday May 4, 2009

Tags:Entrepreneurship, Financial crisis, Managing uncertainty

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MBAs vs. Entrepreneurs from strategistnews.com:

Tracked on May 7, 2009 10:53

How Entrepreneurs Think from Leading Questions:

Tracked on May 7, 2009 13:15

- Posted by Lisa Grdina

- Posted by Apolinaras "Apollo" Sinkevicius | LeanStartups.com

Faith (not an absolute term) in their own Destiny

who they are and what they know is important

Space & Time

- Posted by Srinidhi Boray

An entrepreneur (according to Wikipedia) is:

- Posted by Thomas McMillan Jr.

But, I have an MBA, and I am an entrepreneur.

No wonder I made the choice I made...

- Posted by Andy Gremett

- Posted by Edward Ulysses Cate

Only time will tell.

- Posted by Jesse Luna

Just a couple of comments:

- Posted by Reinhard Hiller

- Posted by Judith Gargyi

Ed Marram, Bob Caspe.. And the list goes on...

You want entrepreneurship? Start today - don't postpone.

By this logic, no MBA is an Entrepreneur.

- Posted by Linda Hollerbach

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