Over the past decade, numerous business schools have begun experimenting with studio-based inquiry, often drawing inspiration from professional studios used within art and design schools and from business and governmental studios used for problem-solving and innovation. Business school studios vary considerably in form, ranging from temporary "pop up" studios to dedicated facilities with full-time staff, with the primary purpose of educating managers in craft, art, and design-based approaches to business problems. The jury on the studio phenomenon is out--can they deliver on their educational promise? To address this question, we pull together 25 years of studio experimentation in multiple settings, visits, and observations of studios around the world and interviews with studio makers from various disciplines. We consider the question of "what is a business studio?" in some detail, conjecture about the value that studios might have for management education, provide examples of four different business studio orientations and how these might translate into practice, and highlight what we believe to be some essentials when starting and running a business studio.