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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 an agile, quick thinker, identifying problems and finding solutions.
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.
What is an MBA in Entrepreneurship?
MBA in Entrepreneurship programs range from dedicated specialist programs—such as the WU Executive Academy MBA In Entrepreneurship and Innovation—or a traditional MBA with a specialization in entrepreneurship.
Courses cover the core MBA syllabus, while offering specialist modules that develop your entrepreneurial expertise. Core MBA modules include:
- Leadership
- Finance
- Management
- Economics
- Operations management
- Marketing
Modules in entrepreneurship will vary between programs, but may include:
- Managing a growing business
- Entrepreneurial finance
- Innovation roles
- New venture creation
- Tools for entrepreneurs
- Social entrepreneurship
- Becoming entrepreneurial
During the entrepreneurship track, you’ll experience business simulators covering the various steps involved in launching your own business.
“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 second in the US for entrepreneurship by US News. Stanford MBA students can take part in Entrepreneurial Summer Programs (ESPs) involving an internship with an early stage company, along with seed internships where students work on scaling entrepreneurial ventures in Africa and South Asia. In 2020, more than 100 students enrolled in these programs.
Stanford’s MBA takes place over two years, which is typical for most full-time MBAs. You can also enroll in accelerated programs like the IE Business School MBA in Spain, which 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 business. You may also be taught by entrepreneurs with experience of 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 venture at some point in their career, although many accept job offers at established firms after graduation.
Within organizations, graduates can use their skills to drive internal innovation and become intrapreneurs. 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 2020, graduates from the Babson College MBA, ranked best in the US by US News for its entrepreneurship specialization, found jobs with top companies like Amazon, Goldman Sachs, and Accenture.
As many as 81 percent of graduates from the full-time MBA program at Babson accepted job offers within three months of graduation, with technology and finance among the top industries. The average salary among graduates was around US$94,000. These figures apply to graduates from the entire program.
Elsewhere, an emphasis on entrepreneurship at Stanford helped 18 percent of students launch their own ventures in 2020 after graduation. That’s more than the 15 percent of students who found roles in consulting, traditionally one of the most popular MBA industries.
In Europe, IE Business School is renowned for its focus on entrepreneurship within an innovative curriculum featuring an entrepreneurship track and two startup labs where students build their own ventures.
Sixty-five IE MBA students started their own businesses after graduation in 2020, 47 of whom had begun their businesses within the program’s entrepreneurship specializations.
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 in Entrepreneurship is a significant investment
The Babson MBA is offered over one or two years. The one-year option costs around US$90,000, while the two-year program costs around US$115,000. The Stanford MBA costs around US$150,000 for two years.
Studying outside of the US can mean cheaper fees. The accelerated IE IMBA costs around US$85,000, while the WU MBA in Entrepreneurship and Innovation is a much cheaper US$42,000 for the 18-month program.
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You can also make paying for your program easier by enrolling in a part-time MBA program, allowing you to continue working while you study. Alternatively, you can apply for a number of scholarships, fellowships, and loans offered by schools and independent organizations to help with funding.
But is an MBA in Entrepreneurship worth it? 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. However, by enrolling in an MBA program, you’ll get access to an unrivalled 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 in Entrepreneurship, you’ll develop your core business knowledge and acquire transferable skills which mean you can expect a strong return on your investment whatever career path you take—all this making an MBA in Entrepreneurship more than worth it!
Your next question is, which MBA program is your best fit? Our free guide, Finding Your Best Fit Full-Time MBA Program, gives you the expert tips and guidance you need to confidently narrow your options and identify the programs that make the most sense for your needs, preferences, and career goals.