The best education for entrepreneurs are the learning plans they design for themselves (sometimes without even realizing it) to fit their needs and personal situation. This can be a combination of formal education, reading business-related materials, mentoring, and trial and error of his or her own ideas.

Formal Education (College and University)
Formal education is important, but even it should not be taken passively. Courses that encourage creativity, brainstorming, and problem-solving help establish a thought process that is very beneficial to entrepreneurs. On the other hand, courses that focus entirely on memorization and recall are not necessarily bad but are limiting.

College and University definitely help an entrepreneur gain necessary knowledge (such management or accounting theory) and skills to help them with their business ventures. However, one main mistake some people make is believing that a college education and degree alone is a gold-key of business success when it should be treated as one part of an overall educational plan. While it is sometimes hard for many people in their late teens and early 20s to know what they want to do as a career, focusing on skill development can actually open up possibilities of several different career and business paths.

Mentors
Having experienced business mentor is literally better than someone handing you a million dollars because if you listen to him or her, they'll make you a lot more than that over your lifetime. Mentors usually come from different backgrounds in any situation. Some people have parents or family members who own businesses. Others meet a mentor through an employment situation – such as church, or through friendship and social connections. You may have one business mentor in your life or several. The main thing is usually you have to seek a mentor out, as opposed to them coming to you.

Literature
Business books, magazines, articles, CDs, DVDs, and seminars also have educational value. If for some reason you feel like you can't or don't want to pursue a college education, designing a self-study program from your local library and bookstores can be very economical alternative. The best thing there is book for every problem, so books won't limit you to learn necessary knowledge given different needs of your learning process

Lastly, after all of your preparation and learning you still have to do the work, and this is where you will learn valuable lessons from your own experiences. Starting and running a business is a challenge, but it can be very rewarding and could change the way you see yourself as an individual.

Learning Sources for Entrepreneurs