When the first MBA in Entrepreneurship was developed, it became the cause of tremendous debate. And it seems that several years later, this debate is still ongoing. Some question whether there is any point to would-be entrepreneurs going to business schools, arguing that they should instead spend their money on actually launching a business. The other side of the argument is that obtaining an MBA in Entrepreneurship is an investment in the future, ensuring greater success in these new businesses. Then, there are those who feel that obtaining an MBA in any skill is never a waste of time, because the skills are highly transferable. See also Social Entreprenuership programs.
What We Do
Someone with an MBA in Entrepreneurship has gained a number of very important soft skills that can directly be used in their work. These include team work, networking, leadership, flexibility, creativity and more. All of these skills are essential in launching a new business, which is at the heart of what an entrepreneur does.
In many cases, these start ups involve a single person operating from a single room. However, most of those who have an MBA are ambitious and it doesn’t take long for this to have grown to a much larger company. It is also for this reason that leadership and team working skills are so vital.
Those who have an entrepreneurship degree also has very specific hard skills that must be employed in their business. They must be able to run and manage every aspect of a business. These include making strategic decisions, running marketing efforts, keeping track of finances, performing analytics and so on.
Finally, a true entrepreneur will deal with a range of highly unique challenges. Their goal is to take an idea and turn it into a business that is a true success. This means they spend a great deal of time securing finance, managing growth, researching the market, measuring social impact and, naturally, monetizing on their innovation.
Why It’s Hot
The U.S. Bureau of Labor Statistics categorizes someone with an MBA in Entrepreneurship as a Top Executive. This is also due to the fact that they will always be at the head of their own company. Top executives earned an average of $101,650 per year in 2012 and an average growth of 11% was expected between 2012 and 2022. However, this is the salary of someone who holds a bachelor’s degree, and those with an MBA can expect far more. One thing to remember, however, is that entrepreneurs take risks. When it works, it works well, but there are likely to be a number of failed business attempts as well.
The reality is that the world is always looking for something new. Entrepreneurs deliver this. They anticipate what the next big thing will be and they try to create it. As such, there will always be a demand for them.
The majority of entrepreneurs work as general managers or operational managers. If they change their business format after some time, as a cause of sustained growth, for instance, they may also become chief executives. An entrepreneur is not linked to a single industry. As such, their work environment can vary greatly as well. Some work out of their own living room, whereas others work on construction site, or in penthouse offices. As the enterprise they have started grows, it becomes more likely that the office of the entrepreneur will grow with it.
Someone with an MBA in Entrepreneurship is under a great deal of pressure. Each success is a direct measure of the individual’s success, but so is every failure. As such, hours can be long and stressful. If they perform poorly, it may mean the end of the venture, after all.
It is also common for an entrepreneur to spend a great deal of time on the road, traveling for conferences, networking, training and more. Additionally, they may switch between different elements of their own business, as they feel certain areas need more focus. Putting all this together, it is no surprise most entrepreneurs work well over 40 hours per week.
How to Do It
An MBA in Entrepreneurship has to start with obtaining a bachelor’s degree, which takes four years to complete. A huge range of majors can be applicable, particularly because entrepreneurship itself spans all industries. However, acceptance to programs is incredibly competitive. Hence, more important than the actual major is the GPA and the score on the GMAT exam. It is also recommended to apply for a range of different schools, thereby increasing chances of being accepted to one of them. Many AACSB accredited MBA programs online have dropped the GMAT requirement.
There are both on campus and online options available and one particularly good online option is H. Wayne Huizenga School’s MBA in Entrepreneurship. The goal of this program is to give entrepreneurs a new way at looking at businesses. It is an inspirational program that teaches new methods of approaching various challenges. It also helps people to develop their unique skills. Much of the curriculum is based on the traditional, general MBA. However, additional courses are included that look at practical skills and knowledge. These courses are presented by esteemed professors, guest lecturers and others who are all true entrepreneurs themselves. Graduates are able to create business plans and feasibility studies, can be valuable team members when looking into consulting assignments and will have started building their portfolio. Basically, they learn to start businesses, run a department within an existing corporation or even acquire existing businesses and turn them around.
MBA in Entrepreneurship Online
The following degree programs are online programs that have concentrations in the entrepreneurial field while completing requirements for an MBA degree. Each listing includes the name of the degree, the name of the school with a link to the page that details each degree, and any relevant information about the degree that may explain the type of student it is designed for. It also includes whether or not the GMAT test score is required for admission or not.
- *Online MBA in Entrepreneurship – Southern New Hampshire University – (Editor’s Pick) – The ability to research and analyze potential business opportunities is the focus of the specialization classes for this degree program. Classes can be scheduled on a part or full time basis. The no GMAT 39 credit program can be completed in 18 months if taken full time.
- *Online MBA in Innovation and Entrepreneurship – Northeastern University – (Editor’s Pick) – This degree trains each student to become an expert in creating business plans and studying the feasibility of certain business ventures. The tools needed to work with forecasting, capital management, budgeting, are all necessary to skills to perfect for professionals with the entrepreneurial spirit. No GMAT is required.
- *Online MBA in Entrepreneurship – Colorado Technical University – (Editor’s Pick)– Deeply investigating the theories and practices behind entrepreneurial decision-making is how this program aims to help the students. The courses are integrated marketing, strategy planning and leadership, skills for success, and business planning capstone.
- *Online MBA in Entrepreneurship – Northcentral University – (Editor’s Pick) – Admission to this program does not require a GMAT score, and includes 15 credits towards the core MBA classes, and 15 credits go towards the focus area. In addition to the subject matter, students can expect to perfect their analysis and decision-making skills.
- *Online MBA in Entrepreneurship – Washington State University – (Editor’s Pick) – This school does require a GMAT test score for admission, and the program includes an international segment that includes a global business experience combined with sightseeing and time to explore. A capstone course includes a comprehensive business plan that must be delivered prior to graduation. Washington State University is featured in our latest affordable online mba rankings report.
- Master of Business Administration in Entrepreneurship – Kaplan University – 75 program credits are needed to earn this degree, and includes 16 credits of the specialization. Implements the FastTrac NewVenture framework for creating and developing all steps of the process in creating a new business. Applying classroom concepts to real world opportunities prepares and develops the entrepreneurial spirit and drive in each graduate.
- Master of Business Administration in Entrepreneurship – Penn State University – Building virtual teams from the online students all over the world is how this program best capitalizes on the diversity of students they attract. All students benefit from the experience to interact and exchange ideas, which applies directly to the increasingly global nature of the business world. This is a 2 year degree program and requires a GMAT test score, unless the applicant has earned a doctoral degree.
- Master of Business Administration in Entrepreneurship – University of North Carolina – For those interested in the global marketplace, this program has some unique offerings. There is a “global Immersion” that takes each student on global situations that can analyze learned decision-making skills. The total program includes 66 credit hours an can be completed in as little as 18 months or as long as 36 months. They do require the GMAT be taken.
- Master of Business Administration in Entrepreneurship and Small Business Management – South University – This degree aims to provide a straight-forward schedule for working professionals that strive to maintain a balance of the things they live.The classes can be attended any time day or night. Focus areas include courses in marketing, new venture creation, legal environments, and growing organizations, all geared towards entrepreneurial situations. No GMAT is required
- Master of Business Administration in Entrepreneurship and Managing Innovation – Benedictine University – For those interested in stepping away from the corporate world and taking a chance that they can create something great on their own, this degree would be a perfect companion. A full-time advisor is available to help the students get their most out of the program. No GMAT is required.
- Master of Business Administration in Entrepreneurship – Post University – This MBA specialization online degree does not require a GMAT test score, and aims to build onto the skills of the students that come from past work and experience. The entrepreneur courses cover new venture creation, new product development, financing for new ventures, and acquisitions in new ventures. The program is designed to be completed in 12-18 months depending on scheduling.
- Master of Business Administration in Entrepreneurship – Drexel University – This online degree can be completed in 24 months on a part time basis. They do require a GMAT test score, but it can be waived under certain circumstances, such as relevant work experience. Cohorts, or groups that work together, are formed when incoming students begin their degree program. They then work together towards degree completion.
- Master of Business Administration Entrepreneurship – Pace University – The use of entrepreneurship labs helps to put theory to practice for students of this degree at Pace University. This breeds the mindset of capitalizing on potential opportunities, which is tested by working an internship with a local, global company. No GMAT is required.
- Master of Business Administration in Entrepreneurship – Temple University – This completely online program consists of 4-week long classes, made up of lectures that can be watched by video anytime day or night. The students engage in asynchronous discussions to share opinions and perspectives on the classroom material. By taking one course at a time, this degree would be completed in 20 months. A GMAT must be submitted for all applicants with less than 7 years of relevant work experience.
- Master of Business Administration in Entrepreneurship and Innovation – University of Tennessee at Knoxville – This 17-month intensive program includes a summer internship after the first school year. They do require a GMAT test score for admission, and focus on the cross-functional approach to help generate the skills necessary to transform the entrepreneurial spirit into a successful business endeavor.
- Master of Business Administration in Entrepreneurship – North Carolina State University – There is a GMAT requirement for this program that can be completed in as little as 21 months or as long as 6 years. All aspects of the program, in all fields, are designed to address the importance that technology has and will have in the developing of emerging markets into successful business. Courses can be taken when convenient to each student, with a deadline to complete so that the class can continue forward through the lessons.
- Master of Business Administration in Entrepreneurship – Regent University – This 42 credit hour degree program provides availability for 16 month completion on their Fast Track program. Scheduling can be chosen on a part or full time basis. They do require a GMAT test score for admission.
- Master of Business Administration in Global Entrepreneurship – Louisiana State University – There is no requirement for a GMAT test score for admission to this program. It is a traditional four semester academic schedule, and should be completed in 22 months. Summer is used for internships, both within the United States and global. Many students pursue the global positions for the unique experience it brings.
- Master of Business Administration in Entrepreneurship – Suffolk University – The courses available for the entrepreneurship concentration include: This broad offering within the specialty of entrepreneurship would indicate that each student would have a great opportunity to custom select the parts of the field that they want to capitalize on in their own professional careers after graduation. The GMAT test is required, except for certain situations.
- Master of Business Administration in Entrepreneurship – Aspen University – A thorough education in all aspects of business operations is supplemented with the focus studies that provide expertise in very important innovative finance and venture capital studies. The degree includes 12 classes, totaling 36 credit hours, and of that one class is a capstone class that completes the degree. There is no GMAT requirement for admission to this graduate degree program.
- Master of Business Administration in Entrepreneurship – Oklahoma State University – This school does not require the GMAT score be submitted, but does recommend it to improve chances at acceptance into the program. The curriculum is heavily weighted towards entrepreneurship compared to most programs. Of the 33 credit hours required for graduation, 18 of those hours are spent on the concentration.
- Master of Business Administration in Entrepreneurship – Ashford University – This program involves as little as two years or as many as four years to complete, depending on scheduling of each student. The graduates will learn to manage risks and consider best decisions to address business challenges. There is no GMAT necessary for this program.
- Master of Business Administration in Entrepreneurship – Nova Southeastern University – This 40 total credit program requires a GMAT test score from all student applicants that earned a GPA of 2.25-2.49 cumulative undergraduate GPA.
- Master of Business Administration in Entrepreneurship – Florida International University – This newly added online program ties from the existing MBA program offered on campus, and requires four years of related work experience. They do not require a GMAT test score for admission, and the program can be completed in as little as 18 months.
- Master of Business Administration in Entrepreneurship and Small Business Management – William Howard Taft University – This degree program is designed for individuals interested in starting or purchasing a small business or in providing consulting services to the corporate world. The program is broken into trimesters, and can be completed in three trimesters, each lasting 16 weeks. There is no requirement that a GMAT test score be submitted for admission.
- Master of Business Administration in Entrepreneurship – Rutgers University – The Flex MBA option is what gives students the opportunity for online courses, with on campus classes also required. This provides additional flexibility for students interested in continuing their current profession while earning this advanced degree in their free time. They do require the student submit a GMAT test score.
Pros & Cons
- It is a great way to build a network of professionals.
- It gives the necessary knowledge to seek new venture capital.
- You will be able to offer something new to the world.
- Failure is devastating, and most entrepreneurs will fail at some point.
- Working hours can be long and grueling.
- The financial commitment can be too much to bear for some.
- American Indian Graduate Center – Designed for graduate students in this country who are of Native American origin. Four awards of $5,000 are available.
- PRSA Diversity Multicultural Scholarship – First released in 1989, this scholarship has been running every year to recognize those who are truly committed to any form of public relations and academic achievement. Various scholarships of $1,500 are awarded to students of a minority background. They must be full time studies and have a current GPA of at least 3.0.
- Merchants Exchange of Portland Scholarship – The Merchants Exchange Scholarship is hard to apply for as an entrepreneur, but it is possible. It is an award for those who are committed to working in International Trade or Maritime Affairs. Hence, if this will be your career focus after graduation, applying could be a good idea. Ten scholarships of $2,000 are awarded each year.
- Elmon M. Williams MBA Scholarship – This scholarship is available to Kappa Delta Rho members. They need to either be enrolled in an MBA program, or are planning to do so. One scholarship of $1,100 is awarded.
- Bizshark Startup Scholarship – This is a contest held once a year and is designed for students with a true entrepreneurial spirit. By submitting an essay, they can earn $1,000 towards their degree.
With an online MBA in entrepreneurship, you have many rewarding and exciting career options:
- Business consultant. You will provide vital advice on how to improve business profits and efficiency. Also, you may work on the development and implementation of business plans, how to improve operations or how to expand into international markets or new business markets. Business consultants also provide needed advice to business management professionals, entrepreneurs and business owners. Many business consultants work for themselves, while others work for consulting companies. While you can enter this field with a bachelor’s degree, most business consultants find that they will earn higher rates with an MBA.
- Management analyst. You will offer extensive evaluations of the systems, procedures and operations of a business. Also, you will provide a comprehensive review of your company’s financial affairs, such as the ratio of income to expenditures. The goal of the analyst is to identify places that need process improvements and come up with ways to make businesses operate more efficiently.
- Chief technology officer. You will establish the technical vision for your company and oversee every aspect of the development of technology there. Also, you may oversee the R&D process at the company and also work on special technical projects. Many in this position will also have a background in information technology.
- Financial manager. As a financial manager in a company or in your own organization, you will have the very important roles of overseeing all financial activities and transactions that an organization needs to make money. Many financial managers oversee daily cash management and all types of capital investment activities. Also, these professionals have to establish the most efficient financial procedures and manage company budget processes. Also, you may work on raising capital for new products and projects, and deal with profitable mergers, assisting with assessing financial transactions across the globe.
- Management consultant. You will use your entrepreneurial skills with your MBA to offer the most focused business direction that companies need so much today to stay competitive. For instance, many companies may have complex business management problems as they are dealing with a merger or the release of a new product. These types of complex business situations require an expert management consultant to help the transition to be a smooth and profitable one. Another important function as a management consultant is to assist the organization to adjust to new US and international business regulations, as these can have a major impact upon the bottom line.
- Chief information officer. There is little doubt today that business and technology are more intertwined than ever before. As a CIO with an entrepreneurial background, you will head up all of the most important technology strategies and policies at your firm. Using the latest technology in an efficient is very important for profitable business enterprises today. With your entrepreneurial skills, you will need to conduct an analysis of how the company operates with technology, and then provide a complete update of the technological aspects of the firm. Usually, you will need to provide close oversight of the IT department and also the development of mission critical technical projects. All of these items will drive the business objectives of the company.
- Journal of Innovation and Entrepreneurship: This is one of the leading journals of entrepreneurship in the US, and provides you with the latest insights about how to grow a successful small business in the US today.
- Youth Business International: This organization provides young business men and women with opportunities to learn about how to become successful in business around the world today.
- Schwab Foundation for Social Entrepreneurship: This organization provides you with outstanding platforms at both the regional and global levels to highlight and advance new and sustainable models of social innovation.
- TechCrunch: Do you want to know everything that is going on in the technology world, and how that intersects with the business world? Then this is the technology journal for you.
- Fast Company: This is the globe’s top progressive business media brand. It has a unique editorial focus on technological innovation, ethical economics, design and leadership. It is written by the most progressive business leaders in the world.
Six websites with helpful resources for those working in field relevant to an MBA in Entrepreneurship