Your advantage over other people with more experience is your willingness to work harder for less money. In this economy, where everyone is looking to save a buck, that means you either work for someone not able to pay for a more experienced employee or someone that can afford to have employees that are not as productive as long as they are cheap. The first would be a small startup before a major round of financing; the second would be a large business that has a team that does what you plan on doing, so that they can afford to have you be an intern. Due to minimum wage laws, you cannot intern for free, and either way you will require some managerial attention, which is not free for that business.
I know I am being harsh, and describing a situation where you are completely without any experience, but if you can find a job under those conditions, any experience you do have can only be to your benefit.
As for the entrepreneurial masters' business degree you have, it is good when you are looking to start your own business more then when looking to work for others. If you cannot find a job, this might be the perfect time to start a business. It is better to have a small business with a small income then to have no job and no income :)