Entrepreneurship — the ability and willingness to develop an idea and successfully grow it into a profitable business — is on the rise again in the United States. Reversing a downward trend that began in 2010 as part of the Great Recession, startup activity is increasing, according to the 2016 Kauffman Index: Startup Activity, an indicator of new business creation. In the 2016 Index, 330 out of 100,000 adults, or 0.38 percent, on average, started new businesses each month. In the 2014 Index, the average was 0.28 percent of the adult population.
Many business schools are taking note of this upward trend. As more people show an interest in launching their own businesses or joining startups, more business schools are offering an MBA in entrepreneurship. The MBA with an emphasis in entrepreneurship has become one of the fastest-growing specializations, and it helps students develop the entrepreneurial skills and knowledge they need to build great businesses.
What Does It Take to Be an Entrepreneur?
There are many traits and skills every entrepreneur must have before starting his or her own business or bringing an entrepreneurial spirit to an established organization. Successful entrepreneurs are optimistic, self-motivated, confident, courageous, energetic, ethical, hard-working, enthusiastic, focused, visionary, curious, decisive, resilient, passionate, competitive, adaptable and inspiring. People with these and other characteristics can develop additional entrepreneurial skills with an MBA in entrepreneurship.
An MBA program with an emphasis in entrepreneurship teaches advanced principles of financial management, marketing management, managerial economics, strategic management and management of information systems. The classes covering these subjects are critical to understanding fundamental business practices, but in these programs, they are specific to the needs of entrepreneurship. Students pursuing an MBA in entrepreneurship also can learn how to write an effective business plan, find venture capital and discover market opportunities.
Additionally, an MBA in entrepreneurship will provide entrepreneurial skills, such as leadership, critical thinking, problem-solving, time and stress management, risk management, quantitative research skills, presentation, project management, evaluation, and communication skills — all key competencies for growing a budding business or an established company. These interpersonal, or “soft” skills, can set an entrepreneur apart as a leader.
Earning an MBA in entrepreneurship can give a motivated self-starter the leadership skills and business savvy he or she needs to outpace the competition and establish a long, successful career.