Do entrepreneurs really need a business-school education?
AMONG the thousands of business schools now operating around the world you would be hard-pressed to find one that doesn’t believe it can teach the skills of entrepreneurship. However, of the people who immediately spring to mind when one thinks of entrepreneurs—Bill Gates, Richard Branson or Oprah Winfrey, for example—few have done more than deliver a speech at a business school. Indeed, a recent study by King’s College in London has suggested what many intuitively suspect: that entrepreneurship may actually be in the blood—more to do with genes than classroom experience. All of which invites the question—does an entrepreneur really need a business-school education?
Not surprisingly some of the best-known schools in the field have a ready answer to this: they don’t actually profess to create entrepreneurs, rather they nurture innate ability. Or as Timothy Faley of the entrepreneurial institute at Michigan’s Ross School of Business puts it: “A good idea is not enough. You need to know how to transform a good idea into a good business.”
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