MBA in Entrepreneurship

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Is an MBA in Entrepreneurship right for your career? This guide outlines everything you need to know from required skills and course content to top business schools.
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Required skills

If you want to head your own start-up, being flexible is a must. According to Forbes, around 90 percent of new ventures fail, and so, entrepreneurs need to be flexible enough to change and reshape their ideas as often as necessary to ensure they succeed.

Specific skills required will of course depend on the product or start-up the entrepreneur wants to develop. A food and drink start-up not backed with decent culinary talent is likely to flop; turning it off and on again won’t fix a software venture without technical IT skills; a consultancy firm without decent consultants…well, you get the idea.

Resiliency. The ability to weather the ups and downs of any business since it never goes exactly the way the business plan described it. This skill enables the entrepreneur to keep going when the outlook is bleak.

Above all, passion for the product or service is the number one skill required.

Skills taught

The soft skills developed on an MBA include networking, team work, leadership skills, creativity and flexibility in decision making – all of which will stand you in good stead for launching a start-up.

Your start-up venture may start off with just you, but if you have ambitions to grow the company, other people will need to be involved, and you’ll be working in close proximity with many of them. Therefore, having strong interpersonal skills and working comfortably with others is pretty important.

In terms of hard skills, as you’ll take care of all aspects of business in a small team, having a well-rounded skillset is essential. You’ll need to understand strategy, finance, marketing, analytics and much more.

More specifically, an MBA in entrepreneurship will also help you with some of the unique challenges entrepreneurs face when turning an idea into a successful business. You’ll look at things like managing growth, how to secure finance, social impact, market research and monetizing innovation.

The business plan

While walking into the first course of an MBA in entrepreneurship with a business plan in hand isn't necessary, it can be helpful to know exactly what you want from your MBA. As with any other MBA career path, the clearer an idea you have, the more you’ll be able to get out of it.

However, if you don’t have a preformed business plan, don't worry – an MBA in entrepreneurship is built around helping you create and implement startups and new ventures. While it can be helpful, you might find that your MBA takes your preconceived notions and rips them to shreds. When it comes to startups in particular, who knows how the new ideas you’ll be exposed to and the people you’ll meet will inspire you?

Common entrepreneurship MBA courses include:

  • Generating new startup and venture ideas
  • New venture feasibility
  • Financing, managing, and marketing new ventures
  • The legal structures behind a new business
  • Sustaining a startup
  • Venture capital
  • Entrepreneurial strategies
  • Social innovation and entrepreneurship
  • Product design and marketing

Specializations

You can choose to further specialize, with a huge range of MBAs in entrepreneurship that target specific industries available at top business schools. Specializations in IT, retail, any of the STEM fields, the environment and green tech, biomed, biotech, healthcare, marketing, and finance are just some of the options out there.

Venture capital competitions

Venture capital competitions are a central part of an MBA in entrepreneurship, allowing students the chance to fail without serious repercussions. Failure is a huge part of success in entrepreneurship as entrepreneurs need to see their ideas in a different light, reshape them, and ultimately, make them better. Students have their business plans analyzed and criticized by venture capitalists and professors, also giving students the chance to secure funding and other prizes to develop business plans. The VCIC (Venture Capital Investment Competition) is one of the best known and largest venture capital competitions.

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Overview (Subject): 

Having an entrepreneurial mindset is key for success in business, and today, entrepreneurs are more important than ever before in advancing the social and financial make-up of nations across the globe. That’s why, more and more people are choosing to undertake an MBA in entrepreneurship.

For some, the degree will be a huge help in building a professional network, seeking venture capital, and building a successful start-up. It also affords you a rare chance to fail in a safe environment, whereas a failed venture outside of a business school environment can be devastating.

So, what exactly does this enigmatic degree entail, and who should pursue it?

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Stanford Graduate School of Business has been ranked as the best business school in the world for specializing in entrepreneurship in our recent QS MBA Rankings by Specialization in Entrepreneurship, with 16 percent of its graduates starting their own business.

The complete top 10 can be found below:

1) Stanford Graduate School of Business

2=) IE Business School

2=) Imperial College Business School

4)  Saïd Business School

5) ESADE Ramon LLull University

6=) Harvard Business School

6=) IESE Business School

8) Haas School of Business

9) The Wharton School

10) Judge Business School

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Overview

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Top Business Schools

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Career Options
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Possible job roles

Although it isn’t the typical corporate-focused course of study, there are many jobs available with an MBA in Entrepreneurship, mainly because of the opportunities available to graduates ready to start their own business.

You could use your creativity and entrepreneurial skills within an established company as an intrapreneur. Similarly, as entrepreneurs are good at multitasking, project management is a good career prospect.

Entrepreneurship MBAs could also land a roll as a growth hacker. As entrepreneurs know how to build businesses up from scratch through trial and error and experimentation, this makes it a lot easier to work in organizations as a growth hacker to heighten their userbase.

Similarly, you could easily land a leadership role in a large organization, but this often isn’t the end goal.

Choosing an entrepreneurship concentration means students envisage themselves as innovators and leaders in their field, with strong ideas on how they want to start their business and guide it for long-term growth and marketplace success (according to US News and World Report.)

Therefore, many entrepreneurship graduates pursue career paths that are far from traditional. Some students network with peers and start a new company before graduating from their MBA program. While others will take time to start a new company during their degree, to ensure it can be successful thanks to start-up “incubator” systems.

All three of these unconventional career paths are a great fit for students ready to take the lead and bring a new service, product, or concept to market. Starting something new, and being one’s own boss, is often considered the “American Dream” in terms of employment. With this degree, that’s easily within reach.

Salaries for entrepreneurship grads

According to PayScale, MBAs graduating with an entrepreneurship concentration could be set to earn an average of $98,000 in the US. But with the opportunity to specialize in your career post-graduation, there’s room salaries to soar.

For example, a product manager in software earns an average salary of US$102,295; senior product managers are earning an average of US$125,355; marketing directors earn US$110,060 on average; business development director can earn an average of US$122,196.

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Key skills: MBA in entrepreneurship

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