fresh out of school, no debt- whats the best risk?

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Right now I'm in a 16 month co op position. I'll be finishing by the end of august 2006 and then will be headed into my last year of school.

In total, I'm hoping to have saved up around 55k (CDN).

Some of my peers are thinking of taking an MBA program when they come out of school (2 years 20k cdn).

I'm thinking about either starting a "start-up" or investing in real estate.

ANyone have any suggestions? Take the conservative path with school, the riskier path with real estate, the even riskier path of creating a startup or anything else you can think of.

Thanks!