Entrepreneurs Say No to MBAs

Entrepreneurs Say No to MBAs

Posted by Kristin Edelhauser / Entrepreneur.com
1/22/2008 10:00:00 AM

Though MBAs are crucial to certain career paths, many entrepreneurs say they’re not worth it. A recent survey of small-business owners conducted
by SurePayroll discovered that 70 percent of entrepreneurs don’t think
an MBA is essential to entrepreneurial success. Of those surveyed, 44
percent said that formal education is very important in preparing
entrepreneurs for future success, while 51 percent said education is
only somewhat important, and 5 percent said it’s not important.
However, 57 percent of respondents agreed that having an undergraduate
degree is more important than having an MBA. A whopping 91 percent of
small-biz owners surveyed said entrepreneurs who receive MBAs from Ivy
League schools have no advantage over those who receive them from any
other schools.

SurePayroll president, Michael Alter, said the results weren’t
surprising. "That’s the beauty of entrepreneurship," he said. "Anybody
can go into business regardless of their education. A person’s level of
education isn’t a big determinant of success. The things that matter
are having a good business plan, finding a niche, being passionate
about what you do and working hard and smart to achieve your business

When asked what factors were important to achieving entrepreneurial
success, participants agreed upon a person’s drive and ambition (27.2
percent); a person’s passion for a specific business venture (14.9
percent); and hands-on experience in the industry (13.5 percent).


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