Entrepreneurs, home-preneurs, and eco-preneurs are leading the way
(November 2009) President Obama describes recent signs of economic recovery as "Guarded Optimism" but for many unemployed people with MBAs these are just hopeful words. Business school enrollment has not seen a considerable jump as in past recessions and participants at MBA fairs are down, including the major TopMBA Tour this past September in New York City, a 15% decline in prospects than in years past. On a positive note, while job offers these days come slowly fewer are being delayed or rescinded, as was typical in 2008. Will the job market continue to thaw for MBAs in 2010?
Professor Robert Salomon of NYU blogged that due to timing, the 2008 graduates fared far better than if they had graduated after the Lehman and Bear Stearns debacles. He feared for the worse for 2009 graduates and Business Week devoted an entire article on graduating into a recession.
I believe, 2009 will be known as the year in "stablize- ation." Indeed, The Federal Reserves most recent economic survey published in October reports that most states see stabilization in housing and jobs but most report a hold on hiring’s until the new year. The unemployed MBA has few options. So who is outsmarting the economy? Where are most innovators coming from? Many are armed with an MBA, some even have years of experience under their belt. Let's take a look at a few.
It'll take small businesses to jump start new job growth and many entrepreneurs, home-preneurs, and eco-preneurs are leading the way. Growth industries like green and medical are some leading examples where individuals have reinvented themselves. Take Columbia MBA Melissa Stevens and her innovative pizza box design that cuts down on cardboard and paper consumption. How about Mark Cantor, MBA, and former VP of Lehman Brothers who saw his retirement crumble and now supplies cheesecakes to over 40 restaurants in the Big Apple. Alissa Topel, an executive placement specialist says, "Many MBA graduates hold on to the dream job that was expected in a normal world. Those days are over, for now, and use the time and opportunities elsewhere to redefine your career and what it means to have an MBA."
Such stories are common these days. Social capital is critical during these rough times and may be the only capital available for entrepreneurs. Hard times remain for small businesses relying on starter loans, particularly from private banks. But the dream can be real. Certainly main street is lined with family founded businesses. While many successful entrepreneurs have no degree or even an MBA, having the coveted degree enables you to take a company beyond just start up mode but to actual growth.
Jason Price is Director and Founder of EMBA World in New York City. EMBA World is an organization dedicated to helping people understand thier business school options and the role of the executive MBA.
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