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Why Study An MBA In Entrepreneurship?
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Studying an MBA in Entrepreneurship is a great way to get started as an entrepreneur. You'll learn how to be strategic and innovative while taking advantage of networking opportunities with other founders.
While an MBA will give you the core management skills you need to progress your career, specializing in entrepreneurship will teach you how to drive innovation, whether that’s within a company or leading a startup of your own.
Pursuing a degree at a business school that specializes in entrepreneurship can also help you build an entrepreneurial mindset. These mindset skills include innovative thinking, problem-solving, and approaching setbacks.
What is an MBA in Entrepreneurship?
The MBA (Master of Business Administration) is the most popular graduate business degree and is considered a top choice for professionals who want to boost their general business abilities and prepare themselves for future leadership careers.
But, if you're considering founding your own company someday, then an MBA in Entrepreneurship could help you achieve that goal.
MBA Entrepreneurship programs range from dedicated specialist programs - such as the WU Executive Academy MBA In Entrepreneurship And Innovation - to a traditional MBA with a specialization or major in entrepreneurship.
On an MBA Entrepreneurship program, your core courses will cover general business administration topics that you'll need to be a well-rounded leader. So, you'll explore:
- Leadership
- Finance
- Management
- Economics
- Operations management
- Marketing
Your mandatory or elective courses in the entrepreneurship specialization will vary between programs but typically will include:
- Managing a growing business
- Entrepreneurial finance
- Innovation roles
- New venture creation
- Tools for entrepreneurs
- Social entrepreneurship
- Becoming entrepreneurial
What is the classroom experience like on an MBA in Entrepreneurship?
While classroom learning is a significant part of any graduate business degree, an MBA Entrepreneurship course focuses specifically on helping students develop abilities they can use in their own business ventures.
So, during an entrepreneurship track, MBA students may also participate in business simulators, which will explore the various steps of launching startups, from idea development to securing funding.
“Entrepreneurship and innovation aren’t armchair philosophies.” says Nikolaus Franke, academic director of the WU MBA in Entrepreneurship and Innovation. “The real learning takes place when students apply this knowledge to practical problems. It’s done through practice.”
The Stanford Graduate School of Business MBA is ranked first in the world for its entrepreneurship track, which provides students with opportunities to develop their business ideas and founder skills.
Students can participate in Entrepreneurial Summer Programs (ESPs), which involve an internship with an early-stage company and seed internships where they work on scaling entrepreneurial ventures in Africa and South Asia.
While most MBAs in entrepreneurship are two-year courses - the traditional format for an MBA - some business schools offer accelerated MBA degrees. The MBA at IE Business School in Spain includes an entrepreneurship track and can be completed in just 11 months.
Online and part-time MBAs offer the same content with an added degree of flexibility. You can complete programs at your own pace over a number of years and continue working while you study.
MBA programs tend to require a minimum of two years of work experience, so your cohort is likely to be full of early-stage professionals, many of whom will have aspirations of launching their own businesses. You may also be taught by entrepreneurs with experience starting their own companies.
“The diversity and encounters that you will experience during your MBA might open new business opportunities that would never have occurred if you had not joined,” says Aude Theobald, head of international admissions at EDHEC Business School, which offers an MBA with an entrepreneurship track.
What can you do with an MBA in Entrepreneurship?
MBA in Entrepreneurship graduates typically aim to launch their own ventures at some point in their career, although many accept job offers at established firms after graduation.
Graduates can use their MBA knowledge to drive internal innovation and become intrapreneurs within organizations. While studying at Maastricht School of Management, Francisco Portilla Vazquez enrolled in the joint MBA and EMBA entrepreneurship specialization despite having no plans to launch his own venture.
He thinks the track helped develop his innovative thinking skills, which helps in his job as a glass production engineer. “The importance of entrepreneurship is becoming more meaningful as I progress in my job,” he says.
In the US, at Babson College, as many as 76 percent of graduates from the full-time MBA accepted jobs within three months of graduation in 2023, with technology and finance among the top industries. The average salary among graduates in the US was approximately US$118,000. These figures apply to graduates from the entire program.
In Europe, IE Business School is renowned for its innovative curriculum featuring an entrepreneurship track and two startup labs where students build their own ventures. 8 percent of graduates of the full-time MBA started their own businesses after graduation in 2023.
Is an MBA in Entrepreneurship worth it?
Whether you want to develop entrepreneurial skills to launch your own startup, or become an intrapreneur, an MBA is a significant investment. According to the BusinessBecause Cost of MBA Guide, the average cost of studying a top MBA is US$205,763.
However, tuition fees and overall costs can vary significantly depending on the business school and course length you choose, as is the case for many of the top MBA Entrepreneurship courses.
The Babson MBA is offered over one or two years; the one-year option costs around US$90,000, while the two-year degree costs around US$115,000. Tuition fees for the two-year Stanford MBA total around US$130,000.
Studying outside of the US can mean cheaper fees, especially as many MBAs in Europe are one-year programs. For example, the accelerated IE IMBA costs around US$90,000, while the EDHEC Global MBA with Entrepreneurship track is US$58,000.
You can also make paying for your program easier by enrolling in a part-time MBA, allowing you to continue working while you study. These programs also have lower tuition fees; the WU MBA in Entrepreneurship and Innovation costs US$43,000.
Alternatively, you can apply for a number of scholarships, fellowships, and loans offered by schools and independent organizations to help with funding.
Do you need an MBA to be an entrepreneur?
No, you don’t need an MBA to become an entrepreneur; there are many examples of successful entrepreneurs who didn’t pursue an MBA (famous names include Steve Jobs and Jeff Bezos).
However, by enrolling in an MBA program, you’ll get access to an unrivaled network, resources, startup accelerators, office space, mentors, influential alumni, and potential investors, to drive your business forward.
In fact, many MBA entrepreneurs say going to business school increases the chances of your startup project becoming a success.
Plus, with an MBA, you’ll develop your core business acumen and acquire transferable skills, which means you can expect a strong return on your investment, whatever career path you take. All of this makes an MBA in Entrepreneurship more than worth it.
Ready to start your founder's journey? Download the free BusinessBecause MBA Application Guide, which is filled with advice and insider tips on how to land a place on your dream MBA program.
