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Both points are totally valid. Yes, people learn at their own pace, have different needs etc. and yes, you can succeed in life without B-School. The idea here was also that we do an MBA because we have certain needs and goals, and when someone reaches their goals without an MBA (like our friend Jim) then they may (again like Jim) choose to bypass this step in their careers.
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This point is very true!
In the entrepreneurial example you had chosen , Jim could be anyone he wanted to do, without bschool, be it a Vice president in that company which bought him out or a partner in a good VC firm; positions which people get to several years later in their careers, after an MBA. Why would anyone want to go back to BSchool after they have made it big. Before, yes maybe. That too is not absolute.
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Well, super super Duper Duper stars don't get an undergrad degree. Not to sure what the point of this post is. Surely, a post like the one above belongs on another forum.
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Well, super super Duper Duper stars don't get an undergrad degree. Not to sure what the point of this post is. Surely, a post like the one above belongs on another forum.

Superstars without an undergrad degree are 2 in a million.

IMO,B school is all about taking your odds out and swinging for the fences, knowing that even if you don't score that home run, you would never strike out.
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lagomez
Well, super super Duper Duper stars don't get an undergrad degree. Not to sure what the point of this post is. Surely, a post like the one above belongs on another forum.

Hmmm, I'm not sure about that. There is something in the nature of the undergraduate degree, especially in the US that is besides the academics, important in the maturing process. Even son's of ministers, presidents, the superwealthy, etc. seem to do undergraduate degree. But an MBA shall we say is high in its utility, and for us regular folk, as our friend Anasthaesium put it so well, we gotta dig in the spikes and swing for the fences.
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I totally agree with the poster. Jack Welch never went to B School. Same is true for majority of enterpreneurs. People need to get their expectations clear. 99% of the Top 20 MBA grads are not going to be CEOs, founders of billion dollar companies. Around 5-10% will make it to the top management level. The rest are going to be hanging around trying to be CEOs but would never get there. That's why its called a pyramidical structure. Infact by 40-45 most people have different set of priorities than they had when they were 28. Thats how life is.