The last decade has seen countless changes in connectivity, smart technologies and demographics which in turn has greatly impacted the way we do business. More than ever, business leaders must think globally and embrace change as a form of growth and innovation. Hence, there is demand for an alternative business education that can blend expertise and innovation in technology development with start-up culture and marketing skills. An Entrepreneurship MBA does exactly that.
What is an MBA in Entrepreneurship?
We all know what an MBA is but what is “entrepreneurship”? Many business schools are now offering entrepreneurship specializations as part of their curricula. What an entrepreneur essentially does is take up a vision or idea and offer the resources to turn it into a viable product or service. Focusing on new business models, entrepreneurs ensure and manage innovations and often times take risks to create effective business plans. In other words, entrepreneurs don’t hesitate to step out of their comfort zone to get results.
Entrepreneurship MBA Curriculum
An MBA in Entrepreneurship is designed to equip future leaders with both foundational knowledge and practical skills for starting a venture, either within an organization or a start-up. Completion through hands-on exercises and challenges integrated in course work in a learning-by-doing format make for a very interactive learning environment. The specialization backbone course gives you an overview of the entrepreneurship and innovation logic, while other courses specialize in more specific topics such as entrepreneurial finance.
Students can expect to learn and practice entrepreneurial strategy and execution such as business modeling, governance, networking, and intellectual property strategy. The skillset of an MBA in addition to entrepreneurial thinking, means you will possess the skills that reinforce your business acumen to become an entrepreneur. Essentially, you will learn what it takes to commercialize innovative ideas and develop entrepreneurial thinking.
The bulk of the coursework targets the development of an entrepreneurial mindset with integrative skills and a cross-disciplinary management perspective. A streamlined core curriculum in business fundamentals such as Financial Accounting and Managerial Economics is integrated with general managerial skills such as Marketing, Operations Management, and Strategy. In addition to core business classes, you will also learn how to think beyond business with courses that will improve your critical thinking, collaboration, and communication skills. Master’s programs generally culminate in a practice-based business project/capstone, or a research-based dissertation, where you will acquire entrepreneurship knowledge and team-based skills.
Employment related skills for Entrepreneurship MBAs
Upon successful completion, graduates should be able to demonstrate the ability to evaluate alternative solutions to problems and develop solutions as well the ability to reflect on business and management practice. A quality program will not only teach you the professional and technical skills but also the soft skills that are essential for career success. Ethics, integrity, teamwork, and self-awareness are all important components of best practices in today’s global economy.
Salary Impact of Entrepreneurship MBAs
Based on a study conducted by the international Institute for the Study of Labor, IZA, the mean, median, and standard deviation of incomes for entrepreneurs, tend to be higher than those with jobs in established corporations. The study deduced that entrepreneurs are more productive and even happier because they “create” their own environment. Indeed, they create controlled environments that maximize their strengths and competencies, thus, creating market efficiencies. In addition, entrepreneurs tend to have a larger social impact on the world due to their sense of innovation.
According to the BLS, human resource managers earned an average annual salary of $117,080, financial managers earned an average annual salary of $134,330, and general and operations managers earned an average salary of $119,460.
Career Impact of Entrepreneurship MBAs
In addition to starting your own company, graduates are prepared for top positions in leadership and management in the public, private, and not-for-profit sector: Business and operations consulting, Business opportunity exploitation, Market research, Financial management, start-up establishment, market strategization, Human resources management, and team-building are some examples.
How can earning a MBA benefit entrepreneurs?
Just as you may choose an entrepreneurial specialization within an MBA, holding an MBA also offers value to entrepreneurs due to the fact that MBA programs teach the key components and functions that make a business successful including accounting, finance, sales, marketing, and administration. Basically, an MBA will give the foundational knowledge and confidence about your business and, thus, will allow you to take the risks that are an inherent part of entrepreneurship. Even if starting your own business is not your thing, more and more companies are looking for candidates with an entrepreneur’s mindset.