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Why Should Aspiring Entrepreneurs Earn an MBA?

Aspiring entrepreneurs may want to consider an MBA degree. The MBA in entrepreneurship has become an increasingly popular choice for motivated self-starters who want to market their business ideas or advance into leadership positions in existing businesses. Startup businesses often need help to get going, and older businesses sometimes require a skilled hand to help them run efficiently, innovate new products or services, and succeed in today’s highly competitive global market. An online MBA program with an entrepreneurial emphasis can teach people how to take ideas and grow them into businesses. “A successful entrepreneur,” says Jorge Varela, assistant director of business incubator TECH Fort Worth, “is someone who successfully communicated their vision and passion so as to convince others to spend resources on the idea.”

An online MBA program with an emphasis in entrepreneurship can improve the practical skills, knowledge, networks and opportunities students need to build great businesses. Most graduates with an MBA in entrepreneurship go on to launch their own ventures or use their new skills to improve their established enterprises by incorporating entrepreneurial ideas. Within large businesses, professionals with an MBA in entrepreneurship may find positions as chief executive officers, chief operating officers, general managers, business development managers, marketing managers, market researchers, business consultants or analysts. Entrepreneurship offers many employment opportunities, and an MBA in entrepreneurship can increase a graduate’s marketability and earning potential.

What Does an Online MBA Program in Entrepreneurship Cover?

More business schools are tailoring their MBA programs for working students by offering online, night and weekend classes. Students in an online MBA program in entrepreneurship can continue working while learning to start a successful business. The skills and knowledge they learn can produce immediate, real-world results.

An MBA in entrepreneurship focuses on everything a startup or growing business needs to succeed. Students will learn how to write a business plan, test their ideas in the market, formulate a business strategy, find startup capital, discover opportunities for new businesses, develop a product or franchise, manage employees and navigate business law.

Students will, of course, study core subjects like accounting, economics, finance, statistics, marketing, and technology and information systems. Some MBA programs will also focus on scheduling, risk management, budgeting and estimation, and tools and methodologies for project management. These classes help students understand fundamental business practices through the lens of entrepreneurship.

Rounding out an online MBA program in entrepreneurship are courses that help students develop skills and competencies essential for managing and growing a budding business or an established company. Entrepreneurial students learn leadership, teamwork, communication, collaboration, problem-solving, strategic thinking, quantitative research and evaluation. Many business schools provide opportunities to develop entrepreneurial skills through business plan competitions, research projects, internships, mentorships and networking. One of the benefits of an MBA in entrepreneurship is building a network of like-minded people who may be potential investors, employers and employees.

Competitive Edge With an MBA in Entrepreneurship

Although an MBA in entrepreneurship is not a requirement for a career as an entrepreneur, the knowledge and skills such a program offers can give aspiring entrepreneurs an advantage over the competition. Having a solid, formal foundation in business management and entrepreneurship can help students make better business decisions, roll out new businesses more efficiently and build on existing opportunities for the future.

Learn more about the University of West Florida’s online MBA with an emphasis in Entrepreneurship.


Sources:

Reuters: The Rise of the MBA Entrepreneur

Forbes: 5 Must-Read Lessons for MBAs Considering Entrepreneurship

Access MBA: MBA and Entrepreneurship

Forbes: Out With MBA’s — In With Masters in Entrepreneurship

Grasshopper: Entrepreneurship Degrees: Are They Worth It?

PayScale: Master of Business Administration (MBA), Entrepreneurship Degree Average Salary


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