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As a person who is entering a top ranked MBA program in about 3 weeks, I think any MBA would agree that doing something like this is a good idea for the learning. At very worst, you will learn what doesnt work.

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As someone who did the MBA, I think it's an incredibly valuable asset but one that is mispriced and too long in duration. I've gotten more experience building apps on elance and trying to build business cases. The valuable insights can be gained from the books of the best lecturers (in my case Bruce Greenwald http://bit.ly/Vz5SL) and direct correspondence.

I think the MBA should be 3-6 months long and priced accordingly. And have a larger entrepreneurship component for those that are so inclined.

Pretty valuable info for a "very worst" scenario.

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