Earning an MBA in entrepreneurship can help you open your own business. During your studies, you will learn to manage inventory, market to clients and customers, and maintain meaningful relationships with important company stakeholders. The knowledge and skills gained through an MBA in entrepreneurship are essential for your business to thrive.
What Is an MBA in Entrepreneurship?
Self-motivated learners typically find an MBA in entrepreneurship to be a good fit. While earning this degree, you can expect to take classes that cover foundational business concepts, like accounting, marketing, ethics, and management. These classes might require projects that involve solving a real-world business problem, which may take the form of a capstone.
What Can You Do With an MBA in Entrepreneurship?
Chief Executive Officer
Chief executive officers often oversee large corporations. These professionals earn a high average salary of around $156,874. They make important decisions for a company and must possess the confidence and ability to collaborate with a trusted board of advisors.
Chief executive officers form and drive strategic growth plans for an organization and work with department directors to ensure employees resonate with the company's mission. According to the Bureau of Labor Statistics (BLS), this career is projected to grow by 6% between 2018 and 2028.
Venture Firm Partner
An MBA in entrepreneurship can help you earn a job as a business partner for a large corporation, like a venture firm. On average, these professionals make $204,213 per year and benefit from a $65,000 bonus and $42,500 in profit sharing. Most banking and finance firms look for partners with portfolio and project management skills.
Successful venture firm partners dedicate themselves to the company's mission and believe in the service that the company provides. They must voice concerns and offer advice in a constructive way. This position falls under the top executive category, which the BLS projects to grow by 6% between 2018 and 2028.
Partner, Management Consulting Firm
These professionals offer consulting services to businesses. They must possess strong leadership skills, be able to solve unique and common business problems, and maintain a positive outlook. They also need strong communication skills.
Partners for management consulting firms earn an average annual salary of $227,141 with a $59,738 bonus, $62,500 in commission, and $25,000 in profit sharing. Like other top executive positions, the BLS projects this career to grow by 6% between 2018 and 2028.
Administrative Services Manager
These professionals oversee clerical and administrative staff and help set goals and deadlines for their employees. Administrative services managers lead building maintenance and oversee the hiring of cleaning and security services staff. They must possess strong leadership and organizational skills and be willing to have tough conversations with employees.
This position is vital to ensuring that businesses thrive and employees work in a safe, clean, and positive environment. On average, administrative services managers earn $96,180 per year, and the BLS projects this position to grow by 7% between 2018 and 2028.
Sales managers oversee the revenue generated by a company's sales branch. They oversee employee issues within their department and resolve customer complaints with sales and services.
These professionals must also adapt to customer preferences, monitor the department's budget, assign sales territories, and empower their employees to meet sales quotas. The BLS projects this career to grow by 5% between 2018 and 2028.
Why Should You Get an Online MBA in Entrepreneurship?
Earning an online MBA in entrepreneurship allows you to advance your career while maintaining your current job. Online classes typically allow you to complete coursework around your schedule so you can tend to the rest of life's demands. Programs offering an asynchronous format feature added flexibility, as they do not require set online meeting times.
An MBA in entrepreneurship provides you with the knowledge needed to overcome adversity in business, particularly issues associated with small businesses. As entrepreneurs must perform a wide variety of tasks for their business, classes cover a broad range of topics, like marketing, strategic planning, accounting, and leadership theories.
The average MBA salary varies by business, but you can expect to earn anywhere from $100,000 to $200,000 per year with this degree, as recorded in the career section above.
Online MBA in Entrepreneurship Salary
A realistic salary projection for this degree presents a wide range. After all, this degree opens many different doors. If you choose to open your own business, you may experience more freedom, but might not see financial payoff until the business matures.
Experience is another factor that heavily influences how much money you can earn with this degree. For example, a partner at a management consulting firm with one to four years of experience typically earns $140,000, while a person with more than 20 years of experience in the same position earns $247,000, on average.
Your level of education also heavily influences your earning capabilities. Some companies cap how much you can earn without obtaining a master's degree. Take a look at the wide salary gap between two similar business roles that require different education levels:
Comparison of Average Annual Salary by Occupation and Degree Type
Chief Operating Officer (MBA)$97,000 Occupation
Director of Operations (Bachelor's)$63,000
FAQs About MBA in Entrepreneurship Careers
- What certification should I get in addition to an MBA in entrepreneurship?
Since you can choose from many different careers within business, you should earn certifications that relate to the role you wish to work in. For example, if you want to work as a project manager, you can earn a project management professional (PMP) certificate. If the supply chain and logistical aspects of business interests you, you can become a certified Supply chain professional (CSCP).
- What jobs can I get with an MBA in entrepreneurship?
With an MBA in entrepreneurship, you can work in nearly any role within the business field. Aside from starting your own business as an entrepreneur, this degree can prepare you to become a project manager, marketing manager, CEO, or chief financial officer.
- Is an MBA in entrepreneurship a better choice than a different master's degree in entrepreneurship?
Earning an MBA in entrepreneurship rather than a different master's degree in entrepreneurship shows that you possess a wider range of business skills. An MBA is a multi-subject degree, covering multiple aspects of business, like accounting, marketing, and project management.
- What are the differences between an MBA in business entrepreneurship and an MBA in marketing?
An MBA in entrepreneurship places emphasis on what it takes to start and effectively run a business. It looks at all of the functions of a business. An MBA in marketing places more emphasis on how to reach target audiences and persuade them to purchase a product or service. However, both degrees prove beneficial to someone who wishes to gain employment in a leadership business role.
Professional Organizations for Entrepreneurship
Joining professional organizations connects you with other professionals and expands career opportunities. Below, we outline five helpful organizations for any entrepreneur.
- American Management Association The American Management Association provides learning opportunities in communication, leadership, analytics, HR management, and project management. This organization also provides business certifications.
- Entrepreneurs' Organization Entrepreneurs' Organization currently hosts more than 14,000 members in 196 chapters and 62 countries. This organization provides educational opportunities for its members as well as a mentorship program and annual events.
- Young Entrepreneur Council The Young Entrepreneur Council welcomes individuals working in the business field under the age of 40. Members gain access to a peer-to-peer forum where individuals can post questions and offer support to others working in this field.
- Social Enterprise Alliance The Social Enterprise Alliance aims to connect professionals who want to use entrepreneurship for social good and humanitarian purposes. Members gain access to networking and educational opportunities.
- Business Professionals of America This organization hosts 45,000 members in over 1,800 chapters across 25 states. Each year, the Business Professionals of America hosts an informative leadership conference.