Should Entrepreneurs Go to Business School? Maybe.

I never went to business school — but I have, on occasion, wondered how my life would be different if I had. Who would I have met? What advice would I have been given? What insights might I have uncovered with a little more guidance?

I have no regrets about the path I chose. I’ve always been comfortable with teaching myself and learning on my own time, so the B-school track never really felt right for me. I’m not alone — in 2023, less than 6% of entrepreneurs held an MBA. Still, that figure represents a 45% increase since 2010, meaning that overall, there’s far more demand for such degrees than in years past. 

Lately, I’ve been getting a lot of questions about whether business school is a good idea for aspiring entrepreneurs, especially in the age of AI. My answer? It depends on what you’re hoping to get out of it. 

What business school can give you

Experts largely agree that business school can offer you one thing that can’t be achieved via online tutorials: a large, built-in network. Not only will you be sitting in a classroom full of ambitious people, but you’ll also have access to faculty, guest lecturers and very likely, an expansive alumni network. These are the people you can call upon when you need advice, a warm introduction or feedback on your latest idea. 

It’s not part of the syllabus, but it is one advantage that comes up in nearly every discussion weighing the pros and cons of an MBA. Northwestern’s Kellogg School of Management, for example, has a global alumni network that spans 65,000 people across more than 15 industries, and other programs have similarly impressive reach. 

That said, a network is only what you make of it. Connections go cold if you don’t nurture them, and even the most impressive alumni directory won’t matter if you don’t pick up the phone. 

It’s also totally possible to create a network on your own. When I was building Jotform, I leaned heavily on a community I built the old fashioned way — through meetups, former colleagues and yes, alumni from my alma mater. It may have been a more painstaking process, but in the end, I felt I had the resources I needed. 

An expansive network has obvious benefits. The question is whether an MBA is the only way to get one, and whether the years and the tuition are the price you’re willing to pay for it.

Formal training vs. learning by doing

There are plenty of reasons why getting an MBA might seem like a good idea. Maybe you think having a degree from a top university is validating — or that investors will take you more seriously. Maybe you just like the idea of two years to think before the pressure of running something real sets in.

While there is merit to this thinking, none of that will actually get you any closer to building what you want to build, especially with price tags that can set you back $100,000 — or more — each year. (Though it’s worth noting that some schools are currently slashing fees to attract more students). 

Still, the parts of business school I wish I’d had before I started Jotform were the parts I had to learn from sometimes painful trial-and-error. Before I became a founder, I lacked even a basic knowledge of leadership, accounting or marketing. I was a coder, and that was pretty much it. 

I was lucky, though: As a bootstrapped founder, my mistakes were made on a relatively small scale. I grew slowly, which gave me time to hone my leadership chops gradually. Had I not gone that path, it’s entirely possible I’d have wished for more training. 

The fact is that nothing can really ever prepare you for starting your own business. An MBA can, however, help lay the groundwork.  

The role of AI

Had I had access to AI when I started my business back in 2006, things would have looked very different. Not in the fundamental sense — I still would have been a bootstrapped founder, and I still would have opted to learn-by-doing. But the learning curve would certainly have been less steep. 

Somewhat counterintuitively, I think this actually strengthens the argument for pursuing an MBA in the AI age. Good business schools are teaching students to think strategically and grow the soft skills that successful leadership demands. Case discussions force you to defend a position out loud, in front of people who will push back. Group projects teach you to manage disagreements. Those are muscles that need to be built, now more than ever. 

Networks can be built from scratch, and AI can certainly close many of the skills gaps a budding entrepreneur will need. If you’re on the fence, ask yourself why you’re doing it, and what you hope to gain.

I never went to business school — but I have, on occasion, wondered how my life would be different if I had. Who would I have met? What advice would I have been given? What insights might I have uncovered with a little more guidance?

I have no regrets about the path I chose. I’ve always been comfortable with teaching myself and learning on my own time, so the B-school track never really felt right for me. I’m not alone — in 2023, less than 6% of entrepreneurs held an MBA. Still, that figure represents a 45% increase since 2010, meaning that overall, there’s far more demand for such degrees than in years past. 

Lately, I’ve been getting a lot of questions about whether business school is a good idea for aspiring entrepreneurs, especially in the age of AI. My answer? It depends on what you’re hoping to get out of it.