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 goals.”
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).