What is an Entrepreneurship MBA?
Whether it’s networking, team building, leadership, or decision making, the MBA in Entrepreneurship equips students with the skills needed to launch a successful startup. There’s a preconceived notion that an MBA in Entrepreneurship is only for those interested in running their own business. The Entrepreneurship specialty is more than just a program of study for business founders. The MBA course work provides students a solid foundation in supply chain management, sales management, customer relations, marketing, and finance.
The most successful entrepreneurs have a comprehensive understanding strategy, finance, marketing, and analytics. They are able to make business decisions based on both quantitative information and qualitative data. More specifically, an MBA in entrepreneurship will also help assess the viability of a business venture. From building a concrete business plan to adapting to an ever-changing business climate, an entrepreneur must always have a pulse on the latest trends in his or her respective field. You’ll be looking at things like managing growth, how to secure financing, social impact, market research and monetizing innovation.
The MBA in Entrepreneurship allows students to explore real-world strategy and methodology to running a successful consultancy business. Using Fortune 500 companies as models for success, Entrepreneurship students have the unique advantage of seeing how startups transform themselves into highly-successful public companies while still maintaining their core principles.
What is the Career Outlook for an MBA in Entrepreneurship?
Employment of top executives is projected to grow 6% from 2014 to 2024, about as fast as the average for all occupations. An MBA in Entrepreneurship is designed for aspiring entrepreneurs, existing business owners and C-Level executives interested in successfully managing teams. Whether your interest lies in managing a successful e-commerce company, starting your own financial advising practice, or simply learning the best way to manage inside sales team, the MBA in Entrepreneurship is an invaluable course of study.
Considered to be one of the most practical degrees, the MBA in Entrepreneurship has no boundaries. You will be given the recipe for strategically starting and successfully managed all aspects of a business. You’ll develop projects that serve your business needs while simultaneously becoming a stronger, more capable leader. In addition, you will have a comprehensive understanding of how to use corporate social responsibility as a business strategy.
Employment growth will vary by industry and is largely dependent on the sector. Top executives are expected to face very strong competition for jobs. With that being said, the IT, Healthcare, and the Financial sector should have ample opportunity for executives in major cities throughout the U.S.
What are Salary Ranges for MBA Executives?
For general and operations managers, salary depends mostly on your sector. The lowest 10% earned less than $44,290, and the highest 10% earned more than $208,000.
The median annual wage for general and operations managers is $99,310.
The median annual wage for chief executives is $181,210.
Employees with a master’s degree earn 20% more on average than those with only a bachelor’s degree and almost 80% more than those without a degree, according to the U.S. Bureau of Labor Statistics. Master’s degree holders are also significantly less likely to be unemployed. The best part about an MBA in Entrepreneurship: the business skills learned in each program are transferable no matter the chosen career path.
What Can I Do with an MBA in Entrepreneurship?
As an entrepreneur, you will hold the title of Founder, CEO, CFO, COO, Managing Director, Group Leader, etc. Whether you want to be a solopreneur, independent contractor, head of sales, or community organizer, the MBA in Entrepreneurship gives you the versatility to manage all of the business functions that make up an organization. Simply stated, you can do anything with an MBA in Entrepreneurship.
Like most successful business people, the majority of their leadership stems from learning about their customers. Executives have a pulse on their clients and tailor their products and services to their most important stakeholders. Other business functions like Human Resources, Organizational Behavior, Operations, or Finance can be managed by hiring a specialist in each respective field. But understanding the competition, the buyer persona, and how to motivate a workforce will be of more value to an entrepreneur than balancing a spreadsheet.
|Entry Level |
Learn Job Skills Across Many Disciplines
As an entrepreneur, you are responsible for business development and customer retention. You have to find the balance between keeping your current customers/clients happy and at the same time, attract new ones. This is an ever-changing process. The MBA in Entrepreneurship sharpens your skills in every major business function while giving you the strategy behind growing a business. Whether it’s competitive analysis, customer discovery, investor pitching, or business planning and launching, the Entrepreneurship MBA gives you 21st-century leadership skills. This makes for an excellent consultant who is up-to-date with industry trends – one who is capable of seeing the strengths and weakness of an organization. Here is a list of the positions one can hold with an MBA in Entrepreneurship:
- Director of Innovation This person manages the development, implementation, and execution of the company’s innovation strategy in a manner that supports profitable growth and enhances brand equity and culture. Supports the professional development of the team through coaching, mentoring, and leadership development.
- Business Development Director builds market position by locating, developing, defining, negotiating, and closing business relationships.
- Community/Outreach Manager is the face of a company, managing communications in all directions.
- Creative Directors are the creative leads at advertising and marketing companies, working with designers, artists, copywriters, sales teams and marketers to create a vision for products sold.
Globalization has opened the door to entrepreneurs looking to embrace the opportunities different cultures have to offer. The customer is no longer isolated to one’s own country. The existence of the multinational organizations, e-commerce startups, and thriving international tech companies has created a new type of global business leader. This influx has led to expanded opportunities for professionals in a variety of entrepreneurship-related roles, including:
- Founder — The founder (and co-founders) of international startup companies are responsible for bringing an idea to life and taking on all aspects of a company until it’s large enough to hire employees from around the world. Founders are involved with all aspects of a company’s growth, such as product prototyping, manufacturing, marketing, raising capital, operations, and technology.
- Funder — Also known as venture capitalists (VCs), these individuals help start, grow or mature small firms and startups. VCs work with the investment team to look for companies that have potential to grow; analyze the company’s accomplishments, goals and business models; and advise them in developing their business.
- Corporate Innovator — Executives in this pathway work for medium to large corporations and can be responsible for generating innovative new ways to do business with a company. Corporate innovators identify new markets to enter, spread best practices to promote efficiency and shepherd innovative ideas through the product life cycle.
- Early Executive — Early senior managers at startup companies often benefit from approaching their roles with an entrepreneurial mindset. These professionals help young companies operate more efficiently and can develop a better understanding of how to start their own future businesses.
What are the Key Skills Needed for a Successful MBA Career?
|Communication skills.||Top executives must be able to communicate clearly and persuasively. They know how to break down even the most complex industry terminology into laymen’s terms for the sake of clear messaging. They must effectively discuss issues and negotiate with others, direct subordinates, and explain their policies and decisions to those within and outside the organization. They must master elevator pitches and habitually uphold the principles of the organization.|
|Decision making skills.||Top executives need sound decision-making skills when setting policies and managing an organization. They must assess different options and choose the best course of action, often daily. Once again, top executives must always keep the company’s mission statement in mind as their guiding principle when making tough decisions.|
|Leadership skills.||Top executives must be able to lead an organization successfully by coordinating policies, people, and resources. They must be honest and lead-by-example.|
|Management skills.||Top executives must shape and direct the operations of an organization. For example, they must manage business plans, employees, and budgets. They must motivate, lead, and train subordinates while eliminating the pitfalls associated with micromanaging employees.|
|Problem-solving skills.||Top executives need to identify and resolve issues within an organization. They must be able to recognize shortcomings and effectively carry out solutions. They must strike the balance between protecting the company’s bottom line without compromising customer satisfaction.|
|Time-management skills.||Top executives do many tasks at the same time, typically under their own direction, to ensure that their work gets done and that they meet their goals. Top executives wear multiple hats and are masters at multi-tasking.|
What is the Difference Between an MBA and a Master in Entrepreneurship?
The Master of Business Administration degree in Entrepreneurship is the typical and traditional route to graduate-level business education. The MBA is viewed as a practical, yet professional degree rather than a research degree. The core coursework gives you a solid foundation in Accounting, Finance, Marketing, Operations, Sales, Management, Statistics, and IT. Even with a specialization, is most commonly a generalist degree, helping students to gain an understanding of the whole of the business environment rather than deep knowledge of any one specialty. Holders of the MBA in Entrepreneurship will build their skills in business development, organizational leadership, e-commerce, financing, and management on top of the foundation courses.
A Master of Science in Entrepreneurship is actually a specialized science degree. This curriculum dives deep into the case study methodology of Entrepreneurship and is research-based. The degree is more analytical than theoretical and will have a highly-focused curriculum using real-world data. The degree also applies plenty of scientific methods to the starting, running, and owning a business rather than simply being a key operator of the business itself.
What are the Typical Classes for an MBA in Entrepreneurship?
- Business Model to Launch
This is the course where students will complete the journey from idea to business plan and pitch. Topics covered: the voice of the customer, opportunity validation, strategy and partnership development, pro forma financials, investor pitch and business plan.
- Product Innovation
Introduces concepts and methods used for coordinating strategy formulation and the identification and evaluation of new product opportunities; planning and organizing the process of development; testing new products and new markets; and commercialization.
- Small Business Finance
Crowdfunding, venture capital, angel investors, joint ventures, government grants, export financing, SBA loan guarantees, purchase order financing, and equipment leasing is some of the course topics. The class features case studies and 12 industry guest lecturers. Students will analyze financing strategies and prepare financing plans for start-ups and existing businesses. Future small business entrepreneurs, investors, lenders, and advisors can benefit from taking this course.
- Social Entrepreneurship
Social entrepreneurship is recognized as encompassing a wide range of activities: enterprising individuals devoted to making a difference; social purpose business ventures dedicated to adding for-profit motivations to the nonprofit sector; new types of philanthropists supporting venture capital-like ‘investment’ portfolios; and nonprofit organizations that are reinventing themselves by drawing on lessons learned from the business world. This course explores entrepreneurship as a mechanism for social change, economic development, and community wealth creation. Specifically, we examine the concepts and practice of social entrepreneurship, through reading and project assignments, class discussions, cases, and guest speakers.
Provides an introduction to the principles, practice, and processes of negotiations as a management skill with bosses, subordinates, peers, clients, and customers. Discussion of the preparation and planning for negotiation, the strategy and tactics of negotiation, issues regarding both distributive and integrative bargaining, and ethics in negotiation.
- Technology Ventures
In this course, students will explore the fundamental issues that revolve around technology-intensive ventures. Analysis and evaluation of a business plan for technology business ventures including demand forecasting, financial modeling, licensing of technology and intellectual property and other issues for current business conditions.
How Much is Tuition for MBA Entrepreneurship Programs
Compared to an average out-of-state tuition of $53,344, the average-in-state tuition is $34,140. It may be more worthwhile to stay in-state and take advantage of the large average saving for living in-state. With that being said, it may make more financial sense to go to a top MBA program out-of-state if job placement, networking opportunities, and average salary are superior than your in-state MBA program. Tuition, of course, does not include other expenses like rent, transportation, food, etc.
Completing your MBA in Entrepreneurship online will cost, on average, $29,824 for in-state tuition. Out-of-state online MBA tuition will cost students $47,418 to complete the program. In other words, you may be able to save some serious tuition costs if you’re comfortable with completing your MBA degree online versus attending class in an expensive city.
GMAT Scores for MBA Entrepreneurship Programs
The average GMAT score for on-campus MBA in Entrepreneurship programs is 579 585.91; whereas the average GMAT score for online MBA in Entrepreneurship program is at 568 578.07. It’s important to determine how heavily your prospective B-School weighs the GMAT score in their admissions decision. Some may use an admission matrix based on both your GPA as well as your GMAT. Others may take into consideration your entire academic experience, professional accomplishments, your GMAT, and your personal statement. If it’s a simple equation for admission, taking the GMAT again to boost your scores may be the best bet especially if your B-School weighs the GMAT heavily.
Campus GMAT Scores
Online GMAT Scores
Student / Faculty Ratio for MBA Entrepreneurship Programs
The Campus MBA Student/Faculty Ratio is 2.62. That means for every2.62 students, there is a Professor/Instructor/Graduate Assistant available for teaching. The average online MBA Student/Faculty ratio is at2.46. It’s important to state that the ratios noted are for all MBA programs across the nation and are not specific to the Entrepreneurship concentration. As a prospective MBA student, it’s important to research what constitutes faculty at your given MBA program. There may be a high number of adjunct professors that teach part-time, a small number of tenured professors, or a sudden uptick in graduate assistants teaching core business classes. Quality of instruction is just as important as quantity when it comes to student/faculty ratios.
Campus Student/Faculty Ratio
Online Student/Faculty Ratio
Student Population for MBA Entrepreneurship Programs
The power of networking as an MBA student is critical to one’s success as you transition into the business world. The average MBA full-time enrollment for on-campus programs is 157 students compared to the average 336 part-time MBA students. If you want to not just be a number, you may want to attend a smaller MBA program. With that being said, there may be greater access to job fairs, real-world connections, and professional organizations with larger MBA programs. It’s really a question of preference and job placement numbers. The highest MBA full-time enrollment program is 1,868 students compared to the smallest full-time MBA program at 6 students.
Student Population from the United States
A highly diverse MBA student population is a strong one, especially with regard to the Entrepreneurship concentration. With the average percentage of students from the U.S. hovering at
72.61% enrolled in full-time classroom MBA programs, there is definitely a nice representation of other cultures mixed into the classrooms. With the growth of internet companies and tech startups reaching all-time highs, its imperative to learn how other cultures operate in the business world. The online MBA student population has the exact same percentage of U.S. students enrolled in its programs. An MBA student wants to learn as much as possible on how to operate a business whether it’s a U.S.-based company or a multinational organization. Eventually, you will either conduct business with someone from another company, have customers from other parts of the world, or work alongside vendors from different cultures.
Campus Global Enrollment
Online Global Enrollment
Faculty Information for MBA Entrepreneurship Programs
The best way to learn about business is to interact with professionals in your respective profession. Most business professor have extensive experience as either managers, executives and/or entrepreneurs in their given field. They also have the educational credentials to back their experience with theoretical knowledge. An institution that has a large percentage of their professors tenured or working full-time is a great sign. That means the college or university is dedicated to teaching their MBA students from industry leaders. The average full-time MBA faculty for campus programs in the U.S. is 70. The average part-time MBA faculty is 85. The average number of on-campus full-time MBA faculty members with a doctorate degree is 84 and the average number of of full-time faculty members for an online school is 84.
Campus Faculty Numbers
Online Faculty Numbers
Best MBA Programs in Entrepreneurship – GMAT Scores, Salaries, Rankings
- The number of on-campus MBA Entrepreneurship programs offered: 409
- The number of online MBA Entrepreneurship programs offered: 135
There is definitely an upward trend towards more specialized MBA concentrations whether they’re being offered on-campus as part of a full-time program or as a flexible online program. The Entrepreneurship concentration is available at 409 on-campus programs throughout the U.S. compared to 135 online programs. From the part-time executive online MBA program that caters to the working professional or the full-time on-campus MBA program for the recent business grad looking for a dedicated plan of study, there are plenty of B-Schools offering traditional and non-traditional MBA in Entrepreneurship tracks. It’s really just a matter of preference for the aspiring MBA student.
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