From Karen Schweitzer,
Your Guide to Business School.
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You Don’t Have the Time
Business school isn't a nine-to-five experience. It is time consuming and requires a full commitment. Your day will most likely begin at 7:00 a.m. and continue into the evening hours. Between classes, study groups, test preparation, homework, and extracurricular activities, there is very little time to do anything else. If you aren't prepared to sacrifice your evenings, weekends, and any other spare time you have, there is no point applying to business school.

You Don't Need an MBA
An MBA looks great on a resume, but that's no reason to attend business school. You need to evaluate how an MBA will increase your perceived value and salary potential. If an MBA will not help you achieve your career goals, business school will be a serious waste of time and money.

You Aren't Ready
Business school requires more than just a time commitment; you need a desire to succeed. Most programs are intense, not to mention competitive. If you aren't ready to give it your all, you won't take as much away from the experience. In fact, you'll be lucky if you even pass at all.