This research was undertaken to find out what the successful entrepreneurs think about the relationship between an MBA degree and success of an entrepreneurial venture. It gives a comprehensive study of the views of the various entrepreneurs on importance of an MBA degree and the various hurdles they have to face in setting up a new enterprise. The study was done on 100 small scale entrepreneurs who were running enterprises in the city of Pune, Maharashtra. The enterprises ranged between real estate firms, service centres, restaurants, IT companies, showrooms, cyber cafes etc. A well-structured questionnaire was filled by the respondents for the study. Results revealed that the entrepreneurs believed that an education such as Masters in Business Administration (MBA) is not a necessity for starting a business. It also highlights the problems faced by the entrepreneurs