Why Study MBA Entrepreneurship
While many people will study an MBA to be able to access higher paid positions further up the corporate ladder many others will study purely as a way to boost their business skills. An MBA can help you better understand how to be an employer, an investor or even an inventor. According to the Graduate Management Admission Council 45% of Alumni entrepreneurs started their own businesses after graduation from the 2010-2013 classes compared to just 7% back before 1990.
An entrepreneurship MBA can provide you with a firm grounding in business that you will need to ensure that you can take that idea and turn it into a successful business. It also gives you greater credibility when dealing with customers, banks and partners. Also you can see the possibilities of MBA in accounting.
But finding the right course for you is not always easy, not every MBA is taught the same way and different programs put their emphasis into different areas. An MBA is not cheap, nor is it easy to complete so you will want to do your homework before you select the program that you will study.
Selecting the Right MBA in Entrepreneurship
Before you just go ahead and apply you will need to ask some questions of the programs that you are considering to gauge just how committed they are to providing help to entrepreneurs. The following are some simple things that you should ask and research prior to application:
- Does the program actually state that entrepreneurship is one of its focuses? A program that does not count this area within its areas of support is unlikely to be able to provide you with focused help that you are looking for.
- Who are the faculty members? You need to look at the background of those that are providing your support. Are they all pure academics or have many of them actually started and run businesses in the “real world”. You will need help from people with reliable hands on experience.
- How will they teach entrepreneurship
? This is an area that is not exactly easy to teach out of a text book. This is often an area that requires a hands on approach and a very experiential route to ensure that you have the best understanding.
- Can they support you with an existing business idea? Many applicants already have an idea as to what business they are looking to start. So you need to look at what support the school is able to provide you with. Do they have specialized teams and incubator facilities to help. Are there other departments able to aid your specific area of expertise?
- How many students have actually started their own businesses? This is often the best indicator of a program’s success in this area. If the graduates are able to go ahead and start their own businesses after graduation or even whilst still studying. Many entrepreneurship MBAs can boast of students that leave already running successful businesses.
The importance of getting a good education around entrepreneurship cannot be understated. As the National Standards for Entrepreneurship Education say:
“Entrepreneurship is a key driver of our economy. Wealth and a high majority of jobs are created by small businesses started by entrepreneurially minded individuals, many of whom go on to create big businesses. People exposed to entrepreneurship frequently express that they have more opportunity to exercise creative freedoms, higher self esteem, and an overall greater sense of control over their own lives. As a result, many experienced business people political leaders, economists, and educators believe that fostering a robust entrepreneurial culture will maximize individual and collective economic and social success on a local, national, and global scale.”
Also, don’t forget about papers you should to have done for admission. It doesn’t mean that you have to write Harvard MBA resume, but be ready to put a lot of efforts for making you dream come true!