Education, Education, Education?

Here are some highlights from a recent US survey on how essential an MBA is to entrepreneurial success: 

  • 70% of small business and entrepreneur respondents indicated that an MBA isn't a big factor in entrepreneurial success. A whopping 91% thought there was no advantage of Ivy league School MBAs over standard ones.
  • 57% of respondents felt an Undergraduate degree on the other hand increased chances of success.
  • On the whole, the majority agreed that general education although not essential, increased chances of success (44% stated formal education was very important, 51% somewhat important, 5% not important).
  • In ranking entrepreneurial success factors, formal education came last. Drive and ambition topped the list, closely followed by passion for a specific business venture, and hands-on experience of the industry.

What wasn't clear was which respondents actually held an MBA and whether there was a difference in their answers with those who didn't. A 'before and after' MBA survey would have been particularly revealing.

That aside, the bottom line is, whilst MBAs have established themselves as crucial to certain careers, they aren’t seen as essential to entrepreneurial success.

What do you think? whether you're an MBA, a graduate, or a school leaver who's started a business, we'd love to hear more about the impact of your particular course of education on the success of your business.

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