I took part recently in the MBA Advisory Group of my previous university where we discussed with alumni and staff on how to reposition the MBA to new students and potential employers. There I again realised a belief I always hold in relation to MBA is that this degree is more of an attitude than a piece of paper.
I think there are three variables working in a triangular relation that make a good MBA holder stand out from an extra ordinary one. They are - institution/environment, your own talent and external perceptions.
If for example you naturally have some business acumen, entrepreneurial, with superior presentation, analytical and people handling skills and you happen to get a degree from IBA or NSU, chances are high that employers may have a better perception towards your capabilities or potentials. So all your three variables in the MBA triangle are strong and in your favour. If however you turn out to be basically an airhead with a lot of intellectual glamour but little or no flesh underneath, your institute's perception in the eyes of external parties like employers, your parents, friends, girlfriend can still save the day. Infact a strong institution has the power to teach a donkey how to run faster than other donkeys. However it can't still turn donkeys to horses as pure donkeys will not be able to figure out which race is for horses and which ones are for them. Worst is when you are planning to do an MBA and if you lack the talent or attitude and at the same time don't have the degree from a prestigious institute. I believe that if you have the right attitude between your eyes then you can always compensate not studying in IBA with a degree from 'left-right university' (one of any directional universities in Bangladesh will do). However even an MBA from Top B-school cant guarantee your long lasting success if you lack the basic attitude of an MBA.
An MBA is not a prerequisite to succeed as an entrepreneur or a business leader. An attitude to succeed, innovate, initiate definitely are. Cultivate these first, a degree can follow later. There are too many examples in Bangladesh and abroad where businesses have been established and succeeded by people who didn't have any formal business education but had some basic attitude naturally or gained over time - all of which are attempted to be taught in a typical MBA course. So having the right attitude is important, then turn that into action.