A business degree (particularly an MBA) may be just want you need to land that big job at a Fortune 100, but it's the last thing you need to launch your own company. After all, YOU are the boss. You don’t even need to wear your best suit, and have a pretty resume to get a job working for your own company.
Instead, running your own business (no matter how big or small) will be a constant source of new experiences and new knowledge. There is truly no better way to learning than just DOING IT!
No question, many arguments can be made for having a degree, even if you are running your own business. But when it comes to starting up, you will save HUGE amounts of money (think tuition, room, board, and time to work) by just going out and getting started. Skip the degree for now. Five years later you can go back to school and actually afford it! Chances are you'll be the best student in the class. Heck, you’ll probably know more than the professor!