As stated by Jack Welch, American Businessman “Good Business leaders create vision, articulate vision, passionately own the vision and relentlessly drive it completion.”
Also quoted by Peter Drucker “The entrepreneur always searches for change, responds to it and exploits it as an opportunity.”
There many other quotations by the maestros of the field who define the business as a customer centric activity and a successful entrepreneur is one who is capable of creating a vision in sync with this. Thus in my opinion you don’t need to have a degree for being able to achieve the goal rather you need to know the do and the dont’s and the appropriate time for their application. During the inception stage of the business the success only lie in the intellect of the person as the MBA degree helps to succeed once the business has risen and is going up, the strategies learnt in an MBA helps one to tread onto the path with success rather than creating the path. Most of the new business start with a fresh idea thus need a new approach everytime whereas MBA helps one to execute the tried and tested plans when subjected to a particular situation during the course of the business.
While MBA is necessary to understand business better and within limited time frame, majority of the successful CEOs, Enetrpreneurs are either drop outs or don’t have an MBA degree in hand. Take into the consideration cases like Bill Gates, Steve Jobs who gained relevant knowledge and right experience at the right time and became successful entrepreneurs of all time. Although having an MBA degree makes you abled enough to perform business plan handling and to understand the relevant concepts. Thereby, helping one to gain momentum and maintain business successfully when it catches pace. But before this stage, a business may not require an MBA. For a business to flourish it is required that it is nurtured like a child with passion and thus Innovative idea generation is the key. Therefore, having the right skills to implement the idea and creative approach are much needed requirements for a person to hit the bullseye. Risk management is however best learnt during an MBA as it tells about the schemes that can be adopted, alternatives available in a situation and avoiding unnecessary risks so that one can give the possible best shot.
Thus it can be concluded that MBA is necessary to understand the business concept but not mandatory to be successful in it. At the inception stage it is the entrepreneur’s capacity to dwell the business scenario but at the later stages even the business needs MBA graduates to move ahead without risks. Hence, the different business stages demand differently so an MBA might not be important at certain stage but becomes necessity at other.