Originally published August 14, 2006.
I just finished an invigorating read through Jim Collins and Jerry Porras’ best-seller, Built to Last. I love the way these researchers capture the epic mythology of doing great work – of finding purpose and meaning beyond the dollar signs. Their research showed that “visionary companies,” as they defined them, are more often built with some motivating purpose other than making money when compared to less successful competitors. This point is one that captures my entrepreneurial spirit – to do something that matters for the long haul, something that makes a lasting impact on the world around me and improves the lives of others.
The MBA program guides and consultants I reviewed during my application to business schools all seemed to have one thing in common: discussing the ROI of business school. The rationale was always the same – since you’re going to business school, now’s a great time to examine the return on your investment! It’s generallly a winsome argument, since many MBA graduates leap ahead to substantially higher salaries among multiple job offers than their pre-MBA careers would provide. But this argument woefully discounts the non-financial return of two great years of investing in one’s self and a tremendous network of peers who are capable of leading the next generation of world-changing organizations. To put it more directly, the prospects of learning extensive practices to create and guide organizations have much more value than the immediate salary commanded by MBA graduates. That is why my MBA admissions essays focused on learning to make an impact on others more than making more money for myself.
As I see it, my MBA studies are a priceless time to learn about the development and management of organizations, a time to learn more about how to impact teams of people motivated toward a common goal. I expect my education to be valuable both in my professional career and in my volunteer efforts, as I join the leadership of my church and community non-profits to make lasting impacts in the social sector as well. While I do find it important to believe that my education will pay for itself in career successes, I also believe one of the greatest advantages of an MBA education must be to share it with those who could benefit from my service but could not otherwise afford it.
Please do not misunderstand me: I am not opposed to earning high salaries and ensuring that one’s MBA education earns significant results. I am, however, suggesting that making an impact on others is more important than will be reflected in one’s salary, and that the financial rewards of doing good work are best invested to increasing the impact of future work. For those who share this vision (particularly those who are Darden MBA students), I look forward to meeting you and exploring the possibilities.
And, as a post-script, it turns out the purpose-driven “visionary companies” of Built to Last dramatically outperformed their comparison companies and stock market indices…
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