I'm currently in a similiar situation. I'll explain shortly, I have a question first; MBA = Masters Business?

I'm 20 years old (just turned 20) and am currently working on my Business Plan to seek the proper financing for start-up expenses. There are a few things I know that will hurt me, especially since I'm trying to generate funds exceeding $3m +/-:

-I do not have the "proper" educational background. I'm currently attending a JC but was accepted to Stanford University under their English and Pre-Law program. Although I am seriously contemplating denying their offer to pursue a Business degree, I pondered this - Does any type of education make me more credible when seeking financing? Or MUST it be Business-related? I understand that if I want to open a book store it would be wise to major in literature or english, to rienforce my knowledge of that field - however, the current business endeavor involves services, lurking in the entertainment sector to be more precise.

Despite my seeming lackadaisical situation, I read a tremendous amount and have developed, what I have been told by the SBDC, SBA, and professors at my school, to be an excellent Business Plan for someone who has never taken a business course.

-No credible entrepreneurial track record. Although I've been wheeling & dealing, buying and sellings, and working the streets since I was about 6, I have no documented entrepreneurship experience. This also hurts me, especially with the young age as a "dangerous" decision-making threat. How important is "proper" experience when seeking a significant amount of financing? I've had other roles that involve superior leadership skills, such as being the founder/president of the college's Business Club, "New Era Business," being a student Senator for one year and student President for another. I'm also involved with AGS - Alpha Gamma Sigma (CA's honors society), and the Honors Transfer Program. Do activities, such as these, compensate for my lack of entrepreneurial experience?

Moreover, I know that in order to properly counter my disadvantages, I will have to establish a very strong panel of advisors or "management" team. I'm currently working with a good friend, who is an associate, and have 1 Business lawyer, 1 executive from an administrative buereu of the Los Angeles County RR/CC, and an entrepreneur that owns 3 businesses on my staff team. Would I need more advisors, or perhaps more accomplished advisors, to make the financers most comfortable with investing in me?

Thank you in advance for your replies, fellas!

-Matthew