Author and entrepreneur Tim Ferriss always dreamed of getting an MBA from Stanford.
It wasn't until he actually sat in on a class that he realized traditional business school wasn't for him.
Rather than give up on his dream entirely, he decided to create his own "real-world MBA." In 2007, he set up a two-year "Tim Ferriss Fund" of $120,000 — roughly the cost of two years at Stanford's GSB — which he would use for angel investing.
"I would aim to intelligently spend $120K over 2 years on angel investing in $10K to $20K chunks, meaning 6 to 12 companies in total," he writes in his latest book, "Tools of Titans."
The goal of this "business school" wasn't to make a profit. In fact, "the most important characteristic of my personal MBA: I planned on 'losing' $120K," Ferriss explains.