The only time MBAs are useful in startups are people with experience and connections. Some reasons why MBAs suck at startups:

Reason #1: Lack of Technical Knowledge: Especially in web applications sector. In such cases, many entreprenuers simply bootstrap, without bothering to hire expensive MBAs.

Reason #2: Focus on jobs that bring in money quick: Witness the beeline for jobs in investment banking and consulting sectors. Such ivory tower mentality may keep MBAs insulated from realities on the ground.

Reason #3: Classroom business education is not enough. Mastering case studies deconstruction, powerpoint presentations, and arcane charts and jargon doesn't guarantee startup success. See this presentation titled "Do we need MBAs?" for more on this.

We don't recommend any other guide than our very own The Success Manual - Encyclopedia of advice to 130 most important skills.