Business Schools Can Teach Entrepreneurship

One of the reasons people seek to further their education is to connect with others in their desired industry. As a student, you have access to fellow students, alumni, professors, and recruiters from various companies that regularly come to campus.

Those in the network are usually open to lending a hand. That could mean mentorship, providing access to capital to get your ideas off the ground, partnerships, and more. You’re not just going to be gifted everything. But you will have the chance to build relationships with the potential to be helpful in the short- and long-term. Having access to a group of impressive people from the start is certainly easier than cold calling those in the know.

What makes college campuses unique is their position as a testing ground. Unlike entrepreneurs on the outside, the ones in business school have the opportunity to brainstorm and try out ideas with less risk.

They have the campus as a safety net. Sometimes, these aspiring entrepreneurs might roll their ideas into a school project. Others enter business plan competitions. A few schools even support incubators for students to pursue their dreams. In most cases, these endeavors give students the chance to gain valuable feedback from experts and perfect ideas (or toss them) without having to endure many losses.

Most US business schools are part of bigger colleges or universities. They are one of many schools. Sometimes, when the schools interact, great things happen. A team from the engineering school might develop the next big thing. And the business students can jump in to help them package, promote, and sell it. Those kinds of partnerships can really only happen on campus.

By now, you might have realized magic has nothing to do with success in entrepreneurship. The lessons learned in business school about finances, accounting, operations management, strategy, general management, and the like will all come in handy. Some schools have initiated specialized coursework for those aiming to start their own business.

For example, in Europe EMLyon was the first business school to establish a small business incubator, which is still running today. IE Business School, INSEAD, Judge Business School and Warwick Business School all have incubators and place a focus on teaching entrepreneurship. In the USA, Stanford, Harvard, Wharton, Babson and USC are amongst the most recognized for developing entrepreneurs.

QS published a global ranking of business schools by 10 specialisations. All of the aforementioned schools figure prominently.

Some might argue that entrepreneurs need an innate motivation and willingness to take risks. There may well be plenty of truth in that. And business school is not going to drastically change anyone’s personality in the majority of cases. But, it can equip those aspiring entrepreneurs with the toolkit necessary to launch and lead a company. No one can guarantee start-up success, but you can increase your odds with a business degree.

What's your take? Do you think business schools are doing enough to teach entrepreneurship? Let me know in the comments below.

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