Latest news with #Pentz
Forbes
17-04-2025
- Business
- Forbes
For Small Business Owners, The ROI on an MBA Isn't There
Twenty-five years ago, after leaving his job as a Senate staffer, Alan Pentz spent two years earning an M.B.A. from the McCombs School of Business at the University of Texas at Austin. He went on to build the Corner Alliance into a $35-million-in-revenue government consulting firm and recently stepped back from running it day-to-day to launch The Owner Institute, a coaching firm for other small business owners. Today, the 52-year-old Pentz offers this free advice to would-be entrepreneurs: Don't waste time like I did, earning an M.B.A. The best business education, he insists, comes from actually running a business, learning from mistakes, managing cash flow and employees and getting advice from people who've been there. Fellow McCombs M.B.A. alumnus Liz Picarazzi, also 52, agrees the stuff she learned in class hasn't helped much in her current business, CITIBIN, a Brooklyn-based maker of rat-proof outdoor trash bins, or at her previous startup, a handyman company, which she started in 2011 and sold in 2017 to focus on producing and marketing bins. She built the first enclosure herself in 2012 in her Brooklyn backyard because she wasn't able to find anything on the market that was durable or decent-looking enough to satisfy her or her picky handyman clients. Today, CITIBIN has a line of products that serves everyone from home and apartment owners to major cities, with bins installed in Times Square and dozens of other New York City locations and in Baltimore, Boston, Chicago, Hoboken and Philadelphia. Now, Picarazzi is dealing with new challenges, like planning for tariffs on foreign made products. Even if the M.B.A. hasn't been much help in her small business life, Picarazzi is still glad that four years after graduating with a B.A. in Russian and political science, she returned to school to get that business credential. Why? It opened the door for her to work corporate jobs for a decade, including more than six years at American Express. Those jobs, in turn, allowed her to pay off her student loans and realize that she wasn't cut out for the corporate world. 'I needed to go down that path to become an entrepreneur,' she explains. The experiences of Pentz and Picarazzi add some real life nuance to a perennial debate on LinkedIn about whether earning an M.B.A. makes sense if you want to buy or build a small business. The wisdom that emerges: Get the degree if you're aiming to make PowerPoints at consultant McKinsey; model leveraged buyouts at Goldman Sachs; or ascend to the C-Suite of a blue chip company. It's also a good choice if (like Picarazzi) you aren't sure where in the business world you belong, since the prestige and network of an M.B.A. from a top school will help you launch your career. But if your goal is building or buying your own small business, particularly something like a chain of car washes, an HVAC business, or a maker of rat-proof enclosures, it's not obvious an M.B.A. is going to help–and it could even hurt. Business school typically teaches strategy, finance, and management, along with case studies to analyze real-world challenges. That all comes at a steep price. Tuition averages $46,700 a year for an in-person degree, and for an elite school like University of Michigan's Ross School of Business it amounts to more than $70,000 per year. To this you should add the opportunity cost of two years of not making money and not actually running a business. (For reference, the average small business owner makes $99,979 a year, according to ZipRecruiter. Add in two years of lost lifetime earnings, and the real cost of getting an M.B.A. is on the order of $300,000 or more.) An M.B.A. could cost you even more if you're trying to buy a business, Pentz argues. Flaunt a big name business credential and it's likely the seller will raise the price, he says. 'They'll probably be like, oh, fancy boy's got a bunch of money.' George Tibil is always moving forward. The 36-year-old Romanian came to the United States in 2009 on a full tennis scholarship from the University of Buffalo. He earned a B.S. in business administration and M.S. in mathematical finance from Buffalo plus an M.B.A. from the University of Memphis; worked as a tennis coach and adjunct business professor at Buffalo; and spent five years climbing the corporate ladder at Buffalo, New York's M&T Bank, rising to V.P. and head of a risk modeling team. In 2023, he quit the bank and took the entrepreneurial plunge, setting up a partnership with two Buffalo buddies to invest in, own and operate, small businesses. As a first step, they bought–and Tibil runs–a ServiceMaster Clean franchise in Buffalo. He's expecting its revenues to hit $2 million this year, up from $1.1 million in 2023. Looking back, Tibil says, he could have skipped that M.B.A., which he earned online in his spare time mainly to punch his corporate ticket. While the case studies and financial training were helpful, he says, he could have learned the same material on his own for a fraction of the cost. The real value of an M.B.A. he says, is the network and cache it provides, but that doesn't help–and can actually backfire–in small business. When you're dealing with blue collar workers in a business like ServiceMaster, it can make building a rapport more difficult, he says. And like Pentz, he thinks it hurts you if you're haggling to buy a small business. 'I don't think it's in your best interest to mention your M.B.A.' Anecdotal stories casting doubt on the value of an M.B.A. are backed by at least some research. In 2022, the Foundation for Research on Equal Opportunity (FREOPP), a non-partisan think tank, analyzed the return on investment (ROI) for nearly 14,000 graduate degree programs, based on the Department of Education's College Scorecard, which shows median earnings for each program four years after graduation. In this study, investment is calculated to include both tuition and opportunity cost and the return is the projected cumulative extra income over a lifetime. The analysis found that the median master's degree offers a net ROI of $83,000. However, this average masks significant disparities: masters degrees in engineering, computer science, and nursing often yield returns exceeding $500,000, while the M.B.A. frequently falls short, with more than 60% of such programs providing no positive ROI. That hasn't sapped the popularity of masters in business (which includes, but isn't exclusively the M.B.A.)—they're far and away the most popular advanced degree, according to data from the National Center for Education Statistics. In 2021-2022, more than 205,000 business masters were conferred, 50,000 more than the second most popular curriculum, education. Since 1970, the number of business degrees awarded has increased ninefold, while education degrees have less than doubled. Applications for M.B.A. programs were up more than 8% for 2024-2025, according to the Graduate Management Admission Council (GMAC). Business degrees really started to take off in the late 1990s, thanks to globalization and a more financialized economy. As companies grew, so did the need for people with skills in management, finance, and marketing. Now, an M.B.A. is one of those degrees that can go places other degrees can't. It'll help you land a job in almost any field, from tech to industry, while a health or education degree probably won't. But what works for big companies doesn't always apply to small businesses. Tibil acknowledges there are exceptions to his generally negative view of M.B.A.s. He cites programs like Stanford's ($82,455 annual tuition) or Babson's ($73,710 for the first year, $43,050 for the second), which were among the first to offer entrepreneurial tracks, as schools where the M.B.A. aligns more closely with the needs of those who want to become entrepreneurs by acquiring small businesses. Paul Oyer, The Mary and Rankine Van Anda Entrepreneurial Professor at Stanford's Graduate School of Business and author of Roadside M.B.A.: Back Road Lessons for Entrepreneurs, has been teaching at Stanford for 29 years. By his own admission he's biased, but he believes that the concepts taught in business schools—like scaling, managing costs, and defining markets—are universally valuable, even for small business owners. What sets Stanford apart, Oyer says, is its focus on taking traditional small businesses, such as HVAC companies, and showing students how to scale them. It also exposes students to an entrepreneurial ecosystem that's hard to match anywhere else, especially given Stanford's proximity to Silicon Valley. Oyer suggests those looking to go into small business consider the content of an M.B.A. program carefully. He believes that a traditional two-year program can be extremely valuable for someone with the ambition to grow a business, but it may not be the best fit for someone just looking to be their own boss. He advises looking for programs that offer practical, high-intensity exposure to entrepreneurship. At Stanford, for example, the Start-Up Garage class gives students the opportunity to test business ideas, work on unit economics, and figure out what will scale. Oyer also notes that 20-25% of Stanford graduates go on to start new ventures, and others join firms like Alpine Investors, a private equity firm which focuses on acquiring and growing small businesses. While Stanford offers a unique focus on scaling small businesses, Babson has its own take on what makes an M.B.A. valuable for entrepreneurs. John Hallal, an adjunct professor at Babson and founder of Network Blue, a consulting firm that helps small businesses grow, has spent 15 years teaching at the school just outside Boston. He says the right program can help individuals understand how to search for small businesses to buy, source deals, and operate small businesses effectively. He advises students who want to go into small business to look for programs with strong entrepreneurial ecosystems and hands-on learning. At Babson, for example, students get exposure to small and family-owned businesses (partly from case studies, partly from joining a student body that more than most hails from family business backgrounds), helping them learn how to handle real-world challenges. 'Many schools are reporting that entrepreneurship is among the top career choices' for their M.B.A. students, Hallal notes. While that's certainly not proof that an M.B.A. will pay off for a would-be business owner, it does suggest that at least some would-be entrepreneurs think it's worth the investment. M.B.A. skeptic Alan Pentz isn't swayed by the idea that any program can truly replicate the experience of diving in headfirst. While an M.B.A. can teach you how to read financial statements, the reality of small businesses is often far messier, Pentz says. Many don't have textbook-perfect financials, and things rarely go according to plan. In Pentz's words, most deals to buy a small business don't happen until, basically, 'somebody dies.' That said, Pentz does acknowledge one situation where an M.B.A. might actually make a difference. 'There's got to be a use case, right?,' Pentz says while smirking. 'Well, maybe if you were targeting a business to M.B.A. students.'
Yahoo
27-03-2025
- Science
- Yahoo
Sutton Hoo helmet may not be from Sweden after all, new discovery suggests
A discovery by a metal detectorist in Denmark has raised questions about the origins of the iconic Sutton Hoo helmet, thought for decades to have links to Sweden. The detectorist found a small metal stamp on an island in southern Denmark, with similar markings to those on the famous helmet. Peter Pentz, a curator at the National Museum of Denmark, says the discovery raises the possibility the Sutton Hoo helmet may in fact have originated in the country. The archaeologist told the BBC that if the helmet is indeed proved to have come from Denmark, it could change our understanding of the balance of power in 7th Century northern Europe. Sutton Hoo is thought to be the burial site of King Raedwald, an East Anglian ruler who died in 624AD. First excavated in 1939, more than 260 artefacts were uncovered at the Suffolk estate, including an iron and copper clad helmet, considered one of the period's greatest treasures. Other items, like a shield and drinking horns, also show a connection to Scandinavia. The helmet, now housed in the British Museum, is decorated with various motifs, including two small panels depicting warriors on horseback. It is believed to have been influenced by earlier Roman style and historians previously thought it may have come from Uppland, in eastern Sweden, as similar motifs depicting warriors on horseback have also been discovered on helmets there. Historians think it might have been an heirloom or diplomatic gift. But researchers at the National Museum of Denmark now say the recently unearthed metal stamp bears a "striking similarity" to the helmet's motifs. The green-tinged copper alloy stamp was found two years ago, by local archaeologist Jan Hjort. He says he was scouring a field with a metal detector on the Danish island of Taasinge, when he unearthed the metal object. At first he thought it was a common "picture plate", but after closer examination, he realised it was something "extraordinary", he told the BBC. "What is unique is the motif," he says. "It's a very powerful image." "The stylistic similarities are so significant," Mr Pentz, the curator, says. "This is the closest link we've ever seen." Similar motifs have also been found in Germany, but this is the first unearthed in Denmark. Mr Hjort's find was handed to a local museum but it has only recently been studied. The item measures just 5cm by 4cm (2in by 1.6in), and is now believed to be a stamp or "die", also known as a "patrice". While the pattern is not identical to the Sutton Hoo helmet, after close study of the two fragmented helmet panels, Mr Pentz says there are "many similarities". "If we focus on the horse itself, we see that it's the same horse," he says, pointing to its nose piece, mane, ear and tail. He thinks the Sutton Hoo and Danish motifs are closer than their Swedish counterparts, suggesting the helmet may have actually originate from, or around, the Danish island. The curator believes Taasinge may have been home to a 7th Century metal workshop - a thin sheet of silver, possibly used for producing foils, and other metal scraps has been found in the area. "I would say this die comes from the same workshop, or comes from the environment of the Sutton Hoo helmet," Mr Pentz says. "Production probably took place here or trade." The Anglo-Saxon ship burial site at Sutton Hoo, near Woodbridge in Suffolk, is widely considered to be England's "Valley of the Kings". Its 1939 discovery was recently dramatised in the 2021 Netflix film, The Dig. "It really did revolutionize our understanding of the Anglo-Saxons," says Laura Howarth, an archaeology and engagement manager at Sutton Hoo, now a National Trust estate. Anglo-Saxon refers to groups of people who came to England from Germany, the Netherlands and Denmark. Even 86 years later, there have been fresh digs at the site, and new theories emerging about the burials. The Sutton Hoo helmet was painstakingly pieced back together over many years after it was first uncovered broken into hundreds of pieces. And is now on display at the British Museum. Ms Howarth calls the helmet the "face of the Anglo-Saxon period". "It's the artistry and the craftsmanship behind the helmet," she says. The Danish discovery shows Sutton Hoo is "not a finished book", Ms Howarth adds. "Looking at it, it's definitely part of this kind of family of designs that are happening at this time," she says, pointing out that there are other items with strong links to Sweden in the Sutton Hoo burial grave and a German motif also shares close similarities. Mr Pentz believes the new find builds on to a theory that Denmark was more important during this era than previously thought, potentially placing Sweden and England on the periphery of a central Danish "power base". However, the National Trust's Ms Howarth is more sceptical. "It's quite a lot to pinpoint exactly the relationship and the power dynamic that was existing between Denmark, Sweden and the community at Sutton Hoo at this time, just based off-one find," she says. Mr Pentz says there are "some obstacles" to his theory. The Sutton Hoo helmet foils were fragmented into countless pieces and the Danish stamp is very worn. As a next step he hopes there will be detailed 3D scanning of the motifs. The find was also discovered in area that has seen little excavation work, and it's possible that the stamp may have been traded or transported from elsewhere. It will go on display at the country's National Museum in Copenhagen in April.
BBC News
27-03-2025
- Science
- BBC News
Sutton Hoo helmet may not be from Sweden after all, new discovery suggests
A discovery by a metal detectorist in Denmark has raised questions about the origins of the iconic Sutton Hoo helmet, thought for decades to have links to detectorist found a small metal stamp on an island in southern Denmark, with similar markings to those on the famous Pentz, a curator at the National Museum of Denmark, says the discovery raises the possibility the Sutton Hoo helmet may in fact have originated in the archaeologist told the BBC that if the helmet is indeed proved to have come from Denmark, it could change our understanding of the balance of power in 7th Century northern Europe. Sutton Hoo is thought to be the burial site of King Raedwald, an East Anglian ruler who died in excavated in 1939, more than 260 artefacts were uncovered at the Suffolk estate, including an iron and copper clad helmet, considered one of the period's greatest treasures. Other items, like a shield and drinking horns, also show a connection to helmet, now housed in the British Museum, is decorated with various motifs, including two small panels depicting warriors on is believed to have been influenced by earlier Roman style and historians previously thought it may have come from Uppland, in eastern Sweden, as similar motifs depicting warriors on horseback have also been discovered on helmets there. Historians think it might have been an heirloom or diplomatic researchers at the National Museum of Denmark now say the recently unearthed metal stamp bears a "striking similarity" to the helmet's motifs. The green-tinged copper alloy stamp was found two years ago, by local archaeologist Jan Hjort. He says he was scouring a field with a metal detector on the Danish island of Taasinge, when he unearthed the metal first he thought it was a common "picture plate", but after closer examination, he realised it was something "extraordinary", he told the BBC."What is unique is the motif," he says. "It's a very powerful image.""The stylistic similarities are so significant," Mr Pentz, the curator, says. "This is the closest link we've ever seen."Similar motifs have also been found in Germany, but this is the first unearthed in Denmark. Mr Hjort's find was handed to a local museum but it has only recently been item measures just 5cm by 4cm (2in by 1.6in), and is now believed to be a stamp or "die", also known as a "patrice". While the pattern is not identical to the Sutton Hoo helmet, after close study of the two fragmented helmet panels, Mr Pentz says there are "many similarities"."If we focus on the horse itself, we see that it's the same horse," he says, pointing to its nose piece, mane, ear and thinks the Sutton Hoo and Danish motifs are closer than their Swedish counterparts, suggesting the helmet may have actually originate from, or around, the Danish curator believes Taasinge may have been home to a 7th Century metal workshop - a thin sheet of silver, possibly used for producing foils, and other metal scraps has been found in the area."I would say this die comes from the same workshop, or comes from the environment of the Sutton Hoo helmet," Mr Pentz says. "Production probably took place here or trade." The Anglo-Saxon ship burial site at Sutton Hoo, near Woodbridge in Suffolk, is widely considered to be England's "Valley of the Kings". Its 1939 discovery was recently dramatised in the 2021 Netflix film, The Dig."It really did revolutionize our understanding of the Anglo-Saxons," says Laura Howarth, an archaeology and engagement manager at Sutton Hoo, now a National Trust refers to groups of people who came to England from Germany, the Netherlands and Denmark. Even 86 years later, there have been fresh digs at the site, and new theories emerging about the Sutton Hoo helmet was painstakingly pieced back together over many years after it was first uncovered broken into hundreds of pieces. And is now on display at the British Museum. Ms Howarth calls the helmet the "face of the Anglo-Saxon period"."It's the artistry and the craftsmanship behind the helmet," she says. The Danish discovery shows Sutton Hoo is "not a finished book", Ms Howarth adds."Looking at it, it's definitely part of this kind of family of designs that are happening at this time," she says, pointing out that there are other items with strong links to Sweden in the Sutton Hoo burial grave and a German motif also shares close Pentz believes the new find builds on to a theory that Denmark was more important during this era than previously thought, potentially placing Sweden and England on the periphery of a central Danish "power base".However, the National Trust's Ms Howarth is more sceptical. "It's quite a lot to pinpoint exactly the relationship and the power dynamic that was existing between Denmark, Sweden and the community at Sutton Hoo at this time, just based off-one find," she Pentz says there are "some obstacles" to his theory. The Sutton Hoo helmet foils were fragmented into countless pieces and the Danish stamp is very a next step he hopes there will be detailed 3D scanning of the find was also discovered in area that has seen little excavation work, and it's possible that the stamp may have been traded or transported from will go on display at the country's National Museum in Copenhagen in April.
