Can You Learn to Start a Business?

It seems, then, that straight theory-based training is not all the rage at business schools these days. James A. Goodrich, associate dean of the Graziadio School of Business and Management at Pepperdine, suggests that MBA students today are learning mainly how to deal with change in their prospective business ventures. "It's certainly different from when I was in school," says Goodrich. "Now I think there's more of an assumption that you're going to have to do this [in your business]."

Goodrich also notes that while there is still an emphasis on the basics of business-building, like financing and accounting, there is a growing trend toward the strategic side of business-with an emphasis on going global. "There is less of a focus on the mechanics," he says. "[For example,] students think about studying abroad-they're looking outward more."

As far as learning by doing, the Pepperdine MBA program seems to combine the best of both worlds-sound business training with a combined emphasis on the practical (i.e., inviting serial entrepreneurs and real-life business owners into the classroom to teach). As Goodrich puts it, "the school of hard knocks."

So is learning by doing the way to go? Not necessarily, according to Goodrich. "I'm of two minds about that," he says. "Bill Gates doesn't have an MBA, but he hires MBAs. I suspect that in reality, more people will continue to [sign up for MBA programs]."

Final Exam

The truth about entrepreneurship is that it's ever-changing and constantly growing. If you choose to get an MBA or you'd rather learn at your own pace from a special mentor, there's one thing that all great entrepreneurs (and great people) know: No matter how much you know, there is always more to learn.

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This article was originally published in the December 2001 print edition of Entrepreneur with the headline: Can You Learn to Start a Business?.