Is experience the key to success when setting up a business?

Yes and No.

Yes because…

We don’t learn everything in School and we do learn may not be very useful; terminology evolves as quickly as language

Entrepreneurship involves taking a risk with starting a project/business/company. The rules are simple: write a business plan; ask the right people the right questions(since this is hard to gauge; ask everyone questions), if you’re starting a service check on the demand for this service and so on. All these simple tasks however can be taxing and unrewarding. Most of the time; the information you gather is not useful; people are self-involved(just as you are; you have to be to start your own thing) and losing spirit/hope/drive
is easy. 

I was an econ major and I’d never even heard the term P.P.P in college. [[]]
[[]] Would being an econ major really help start a business. It can only tell me when/if to shut down. It won’t tell me if a product/service will sell successfully or not. No amount of research will give me a fixed answer either. Starting businesses requires clairvoyance; lucky hunches and so forth. Without experience (where experience includes working/interacting close/closely to/with an existing successful entrepreneur) It is rather easy to lose heart and not be able to keep up with or filter through; what is relevant. 

Just as selective terminology is used in academia; so is the case in the workplace. People with strong ingrained concepts can still have sufficient trouble catching on to the semantics of different offices and appear to be incompetent. an entrepreneur cannot afford to appear to be incompetent.

The skill of covering up your weaknesses; shirking off opposition with grace, winning people over; comes with time and experience. 
This is never natural, not easy to learn(tell me about it) and unless you convince yourself of having genuine faith in people and the universe ; the effect wears off every now and then.

Seinfeld’s “Serenity Now” doesn’t work; a positive attitude cannot be mastered without effort; quick relief/fixes are harmful in the long run.

Having a positive outlook can be a fairly natural personality trait. 
Some people are very convincing; naturally.

You may not need experience in entrepreneurship and to be around successful people helps out in weighing out and bettering your chances for success if and only if they do not see you as a threat/competition.

Most successful entrepreneurs have humble beginnings largely because no one sees the janitor/doorman/Chai-waala/CocaCola-vendor as a threat. So; business ideas, tricks, agendas, and secrets are discussed openly in front of these people. They’re almost invisible thus non-threatening.

No because…

Exactly, the key success for entrepreneurship is not only the experience of entrepreneur, it include knowledge, Leadership, Communication, Ability to learn, Opportunities, and especially creativity and innovation. All successful entrepreneurs, start out

Running a business on your own requires skill and knowledge. The question is what skill and 
knowledge? Do you really need an MBA? Of cause, you really need when you study at university or
college, they will provide you the degree programs usually include the standard financial and managerial accounting, statistics, economics, strategy, management, finance and other that is very important for an entrepreneur. One key that all entrepreneurs should consider is leadership. Being an owner-manager will give entrepreneurs plenty of opportunities to put their new skills to the test and taking this first step will give them the opportunity to test out their responses to this new situation.
In turn, they’ll then be able to evaluate what has worked and what hasn’t, and help their plan what to do or avoid doing next time. For Communication, it is very important to take into consideration as a major influence for knowledge entrepreneurship. About Ability to learn, I want you to consider the story about the ignorant businessman, the intelligent businessman makes the same mistakes over and over again the same and unfortunate, outcomes, but they can take the advantage from this mistake it means that they have to push their ability to learn from their failure. Moreover,
entrepreneurs who identify more opportunities may select to pursue better quality opportunities with greater wealth-creating potential because they have more opportunities to choose from. For creativity, being an entrepreneur takes reactivity. Whether it is looking for a new idea to develop or finding a new solution to an old problem, creativity is what sets the light bulb off. “Innovation is the
specific tool of an entrepreneur, the means by which they exploit change as an opportunity for a
different business or different services.” And it causes growth and development of business, and any change and complexities cannot differentiate its goal or objective, especially, they’re able to overcome obstacles that would stop most people, turn problems and risks into opportunity, deliver and see ideas through to the final application.
According to these keys which can encourage the people to become a successful entrepreneur, 
we cannot say that only experience that is the key success for an entrepreneur. For this reason, this topic is absolutely wrong.