I am an Engineering student. I have killer products for startups. Should I launch it today or should I get MBA expertise first? Please, help.
If you have the product ideas and the capabilities to make them you should get started. An MBA is certainly useful, but if you plan on going the entrepreneurial route just carve out some time to learn at your own pace as you work on your business.
You don't have to read all of these books. But try to read one or two a month and you will be on your way to filling some of the knowledge gaps you make currently have. http://personalmba.com/best-business-books/
There are tons of benefits of getting a formal MBA, the key on in my opinion is the connections and meeting the other people in the program. Many will go on to be executives in major companies and those are great contacts.
I wouldn't wait... if you do decide to get your MBA and that is important to you - still don't wait. Start working on your first ideas and start-up now. Plenty of time to fail and learn worst case scenario.
MBA knowledge is definitely useful, although not everyone has the time or money for it, maybe its not for everyone. And there is certainly some bs in MBA, low-hanging fruit is a useful concept but not worth all the tuition fee, and the idea of just outsourcing everything except your core value-add is overly simplistic.
In MBA, you will study subjects like accounting, marketing and sales, corporate finance, and other subjects. These are important areas of knowledge to be a successful entrepreneur. Most people do not have this broad knowledge without MBA.
You also learn things like how the VCs screw entrepreneurs out of their companies, the tricks they use to gain control, and so on. That's really useful info in the tech area. :-)
So, to be brief, its surely helpful, but not everyone needs it. However if you can arrange it, its a good way to get a good idea about areas outside your area of expertise, so that you will be able to handle sales, financing, investments, and so on better than you can without.