Do You Need an MBA to Become an Entrepreneur?

It’s a question that even entrepreneurs can’t seem to agree on: is acquiring an MBA necessary to become a successful entrepreneur?

Peter Thiel, co-founder of PayPal, says no. In fact, in 2011, Thiel launched his own fellowship incentivizing students to leave college to start their businesses. Successful applicants would receive $100,000 to turn their ideas into the next big thing.

Conversely, many argue that higher education is an ideal time to become an entrepreneur due to the education, networking opportunities, and flexibility it provides. Mark Zuckerberg serves as a prime example of a college student who identified a need, assembled a team, and built a business—all while still in college.

Statistics paint an inconsistent picture: a 2017 study from CNBC and SurveyMonkey found that 44% of small business owners held either a college or postgraduate degree, such as an MBA. About half of all entrepreneurs had attended college.

So, the question remains: do you need an MBA to become an entrepreneur? Here are three questions you can ask yourself to find the answer that’s right for you.

How Do You Learn?

Acquiring an MBA isn’t for everyone. If you’re interested in business but know that traditional classroom learning isn’t your best method, consider alternative ways to build your business education. Look into internships, online courses, workshops, or business incubators that might provide the knowledge in a format that suits your learning style.

On the other hand, if you thrive in an academic setting, college could be the perfect environment for gaining education and connections that can help jumpstart your entrepreneurial journey. It all depends on how you learn best.

What Do You Need to Learn?

Ask yourself what you specifically need to learn. Understanding your skills, competitive advantages, and—most importantly—your gaps will help determine whether an MBA is suitable for you.

Next, identify who is best positioned to teach you what you need to know. This could be a professor, a mentor, a current business leader, or a subject matter expert in your desired field. Many brilliant teachers exist outside the walls of a classroom.

What Else Are You Interested In?

Entrepreneurship is an incredible way to make a living. It’s appealing, flexible, offers control and ownership, and can be fun. When you’re starting out, it’s easy to believe you’ll want to be an entrepreneur for the long haul.

However, the reality is that entrepreneurship can be challenging, and many entrepreneurs find themselves working in other careers at different points along the way.

Understanding where else your interests lie is essential. It’s worthwhile to explore entrepreneurship if your passion is strong, but it’s also important to recognize your other strengths and what will bring you happiness.

There’s no easy answer to whether an MBA is necessary for becoming a successful entrepreneur. Whether you choose to pursue college or not, your willingness to learn from mentors and experts is key to advancing your entrepreneurial career. Ultimately, it’s about combining theoretical concepts with practice, experiencing trial and error, and demonstrating growth by learning from your mistakes in life.

What do you think? Do you need a college education to be a good entrepreneur? Leave a comment and let me know!