What should a young entreprenuer do? MBA or buiseness?

Well m an engineer from nit alahabad India in computer sciences,and have a work ex of 13 months in IT company a MNC,CSC. I never really felt like going for a job as I already had an option of joining my family buiseness. So I started out my own web venture a href="http://www.freembastuff.com" rel="nofollow"http://www.freembastuff.com/a I want to implement all the latest algorithms and technology in it. As during my college days I had worked on various platforms and implemented algorithms on data mining and artificial intelligence . With all that knowledge I believe I can do anything . But the main focus for me had been cracking CAT a v reputed examination 2.8lkh for 800 seats in India.though m getting a decent score in cat n other examination of similar types n expect a call for interview .I m confused wether to give time to my venture or continue for my MBA aspiration.As some of the examinations are still left. My question ultimately comes on is MBA necessary for an entreprenuer?