How To Start A Startup (In Business School)
It might be the best decision you make during your MBA
By Colin Keeler (Wharton ’19, BeenThere founder)
The following is an excerpt from MBA Insider: How to Make The Most of Your MBA Experience.
Coming into business school, Colin Keeler entered Wharton with a desire to chase new career opportunities. After realizing the challenges with the MBA recruiting process, Colin got the idea to start BeenThere, a recruiting and career platform for MBA students.
In this interview, Colin shares his journey, the resources he used in business school to build his company, and the lessons he learned from the experience.
The unplanned startup
Coming into business school at Wharton, I really wanted to try and chase new, interesting things. Within a given career, it’s easy to miss the forest for the trees, especially in industries like investment banking and private equity in which I’d worked. At school, I knew I’d be presented with an unbelievable number of options — academic, professional, social, and more. Moreover, the extreme diversity of school necessitates a broader perspective.
This was especially valuable as I considered my own entrepreneurial ambitions. Unlike some founders at school, it wasn’t something I knew I was going to do for sure. I was interested in exposure to early-stage businesses, but I wasn’t sure if that would mean joining a seed or series A business, venture capital, or starting my own. I considered a few ideas, but I had a real eureka moment when discussing the frustrations of career progression and business school applications. My co-founder, and now fiancée, actually had the idea as I helped her with the applications. We both said, “Wow, this is not only a good idea, but could really help people otherwise stuck in a tough place.”
Thus, BeenThere came to be.
Building a company in business school
Today, business schools are focused on helping support and accelerate entrepreneurship. Students want more than on-campus recruiting for banking and consulting, and it really benefits schools to give them the tools to succeed.
That said, it’s hard. Business school is inherently a bunch of tradeoffs — you can’t optimize. By focusing on a startup, you’re diverting your time and money away from at least some of the unbelievable opportunities otherwise available. People often expect they’ll come to their MBA program and be able to do it all. It’s not possible. By default, focusing on BeenThere entailed diving less deeply into other areas than I might’ve wanted. I’m okay with that! I think the best thing people can learn is to stop overmanaging their choices and start chasing the things that matter to them.
The MBA experience is critical to the business I’ve been building, so my classmates and their networks were critical in jumpstarting the business. I’ve also engaged with the various relevant resources on campus, including the entrepreneurship curriculum, Venture Initiation Program community, and relevant clubs (Founders Club, Entrepreneurship Club). These have allowed me to swiftly navigate common challenges faced by founders based on the experiences of friends and other classmates.
The learning process
Building a company in business school has been such a rewarding process. I’ve learned so many important lessons. First, don’t be intimidated by the prospect of starting something. MBAs are often risk averse and thus searching for a “big enough” idea, but building a business has been one of the most rewarding things I’ve done, period.
Additionally, don’t underestimate the value of technical resources. I’ve noticed MBAs often don’t appreciate how immensely valuable a technical co-founder or good development partner is. Things that seem simple are, from a technical perspective, often very difficult. A talented, aligned CTO is worth whatever money or equity they might want.
Finally, plan, then build. We have been measured by how we’ve spent our time and money in building our business. Many folks feel like they need to build what they envision as the final product immediately. This is a bad idea — your scope and needs will change, workflows will become more apparent, and you’ll waste money. Get to an MVP quickly and learn as much as you can.
Colin’s advice
- Just start — If you’re thinking of starting a company, just do it! Starting something is a phased process, and the sooner you start exploring it, the sooner you’ll know if it’s going to work. You’ll find that even “menial” tasks are immensely rewarding when you’re building something of your own.
- Manage the highs and lows — Starting a business is not for the faint of heart. It’s hard, and there is risk involved. You need to be prepared for a roller coaster ride. It’s an experience of the highest of highs and lows. Having a co-founder really helps in de-stressing the experience and thinking through options, but make sure it’s the right person or it can totally derail things.
Thanks to Al Dea for featuring Colin and putting the effort to get this together. If you enjoyed this story, there’s more! For more insights on how to prepare for business school and make the most of your MBA experience, check out Al’s book MBA Insider: How to Make The Most of Your MBA Experience today.
Meanwhile, if you’re still working on your own MBA application, schedule a free consultation with one of BeenThere’s founders, or search and connect with one of our mentors by creating a profile on beenthere.mba!
