There are two amazing statistics regarding architectural practice that are remarkable. The first is that only 25% of all architecture startups are still in business after three years. The second statistic is that one third of all firms were started within the last ten years. So what does this mean?
Our profession is very autonomous. It’s so easy to start a firm. We hang up our shingle, grab a project and go. What we fail to remember is that architecture is a business and if we’re not ready, the business will not survive. That’s why I recommend that architects who aspire to start their own practice earn their MBA. I’m not suggesting that you go back to graduate school. What I am suggesting is that you earn your degree in Mastering the Business of Architecture. If you follow my blog posts, do your own follow up research, ask questions and put what you learn into practice, then you have a fighting chance of not being a statistic. If you decide you’re not ready to go out on your own, well that’s fine too. By earning your MBA, you’ll add value to your firm, stay off the layoff list, earn a bigger bonus and advance your career.
I look forward to sharing my experiences and the knowledge I’ve gathered through the years. Please stay tuned for my next blog post: Why Firms Fail.