Top 5 Online MBAs in Entrepreneurship
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An MBA in entrepreneurship equips learners with the knowledge and tools to start their own businesses or advance into leadership roles. The U.S. Bureau of Labor Statistics (BLS) estimates nearly 600,000 new jobs in finance and business from 2018-2028. This outlook bodes well for self-starting, enthusiastic professionals looking to branch out on their own.
Traditional MBAs include coursework in management, marketing, and related business fundamentals. Specializations in entrepreneurship train students to move ahead in their current positions or to work independently.
Choosing the right MBA in entrepreneurship requires careful consideration of curricula, cost, and degree requirements. This page covers what goes into an MBA in entrepreneurship, plus opportunities and resources related to the degree.
What Is an MBA in Entrepreneurship?
An MBA in entrepreneurship benefits individuals working across economic sectors. MBA in entrepreneurship graduates can advance to chief executive roles, which should see a 6% growth rate in employment from 2018-2028. Entrepreneurship allows for innovators to strike out on their own. It also gives freelancers, travelers, and workers seeking new opportunities the skills to create their own flexible, fulfilling careers.
According to the BLS, local government, corporate management, and education employ the highest numbers of top executives in the United States. Executives in investment services and extraction, distribution, and transportation of natural resources earn the highest salaries in the profession.
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Why Should You Get an Online MBA in Entrepreneurship?
Through convenient, flexible coursework, top online MBAs in entrepreneurship build managerial and critical thinking skills. Working professionals can earn MBAs in entrepreneurship while maintaining their current positions, perhaps with the goal to run a business of their own.
The expanding gig economy continues to change professional landscapes around the world. Self-employment continues to thrive, as do startups in technology and related industries. MBAs prepare professionals to develop business plans, design budgets, and communicate effectively with investors and collaborators, all essential skills for entrepreneurs.
Entrepreneurship MBAs also foster growth in organizations by training student employees to coordinate among departments, manage finances, and serve as leaders. With MBA degrees, entry-level marketers, financial professionals, and sales workers move into managerial roles. In 2018, purchasing agents, who should hold bachelor's degrees, earned an annual median wage of $67,600. Sales managers, holding MBAs, made a median annual salary exceeding $124,000.
What Can You Do With an MBA in Entrepreneurship?
Chief Executive Officer
Chief executive officers (CEOs) are the highest-ranking officials in their organizations. By developing and coordinating strategic plans, CEOs make sure that their organizations meet their goals. They make decisions regarding management, budgets, and policies, collaborating with managers across departments or subsidiaries.
CEOs possess comprehensive business knowledge. They also communicate with boards of directors and relay information to investors and stakeholders. These professionals monitor markets, competitors, and industry developments. The BLS reports that CEOs earned a mean annual wage of over $200,000 in 2018.
Company and organization presidents develop, plan, and implement their institution's vision. Presidents serve as leaders, cooperating and coordinating with departments under their authority to meet short- and long-term goals.
Much like CEOs, presidents oversee budgets and financial management within their organizations, and they may have additional insights into daily operations. They work closely with boards of directors and report about their organizations' financial health to shareholders. PayScale found that entry-level presidents earn a median annual salary of over $102,000. Senior-level presidents earn nearly $165,000 annually.
Small Business Owner
Small-business owners work for themselves, overseeing their companies' operations. Small businesses cover a range of industries, with popular areas including childcare, cosmetology, and landscaping. Graduates with their MBA in entrepreneurship can start their businesses with a full understanding of the financial demands and challenges, increasing their chances at success.
According to the U.S. Bureau of Labor Statistics (BLS), self-employed workers across all industries earned a median annual income of $32,020. Those working in areas such as personal care and service, management, and transportation earned a median annual salary exceeding $60,000.
General and Operations Manager
General and operations managers plan and oversee their organizations' day-to-day operations. They deal with staffing, scheduling, materials, and administration. This particular job title encompasses diverse tasks across many industries. Employees who hold an MBA in entrepreneurship boast skills in leadership, financial oversight, and business structures, helping them to succeed in their respective fields.
The BLS reports an annual median wage of $100,780 for general and operations managers as of May 2019.
Often working for consulting firms or as self-employed workers, management analysts assess companies' financial data and budgets, interview staff, and suggest improvements. Because management analysts are often self-employed, MBAs in entrepreneurship can provide them with the necessary skills to run successful businesses and analyze other organizations' success.
According to the BLS, management analysts earned an annual median wage of $85,260 as of 2019. The BLS also projects demand for management analysts to increase by 14% from 2018-2028.
Online MBA in Entrepreneurship Curriculum
MBA curricula vary by program. Core coursework focuses on subsets of business administration to build a comprehensive understanding of the field. Learners study accounting, business communication, and business strategy alongside marketing, managerial economics, and applied statistics. MBAs in entrepreneurship build on foundational coursework with classes designed to help learners start their own businesses or advance into leadership roles. Topics include business innovation and entrepreneurial finance.
Business innovation coursework focuses on strategies, techniques, and tools to change and introduce new ideas in a business setting. Students learn to create business models, capitalize on new markets, and effectively manage employees in an innovative business setting.
Franchising and Licensing
Courses in franchising and licensing explain the differences between the two concepts and how to participate in each process. Learners explore the legal and ethical aspects of intellectual property, trademarks, and business contracts as they relate to franchises and licenses.
Entrepreneurial Planning and Feasibility
Entrepreneurial planning and feasibility classes train students to plan and implement new business ventures effectively and efficiently. Learners study theories of business planning, focusing on budgets and markets for specific types of goods and services. Often based on case studies and practical exercises, planning and feasibility coursework builds analytical, problem-solving, and critical thinking skills.
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How to Choose the Right Online MBA in Entrepreneurship Program
When choosing an online MBA in entrepreneurship, learners need to consider several factors. Cost, convenience, and curricula weigh heavily into one's choice, while graduation requirements and accreditation status help students decide which degree best meets their personal and professional goals.
An online degree allows students to complete an MBA program on a flexible, convenient schedule. Traditional MBAs include coursework that full-time students complete in two years. Online coursework may allow learners to earn their MBAs in as few as 18 months. Part-time students benefit from online programs by taking coursework over 3-5 years.
Many institutions offer flat-rate online tuition. Out-of-state students benefit from this, paying the same for their degrees as in-state students. Per-semester tuition gives learners the option to take additional credit hours without accruing additional costs.
Learners who want to earn MBAs in entrepreneurship should look at each program's class offerings, along with the institution's instructors and graduation requirements. Students focusing on the technology sector might find programs with coursework geared toward that industry, while individuals interested in healthcare or finance should find programs pertaining to those fields.
Most MBA programs culminate in an internship, thesis, or research project. Students may find opportunities to complete these requirements in cooperation with their current places of work. Entrepreneurs who want to branch out on their own may use these requirements to build their new businesses. Business administration degrees may hold programmatic accreditation. Colleges and universities maintain regional or national accreditation, but programmatic accreditation attests to high academic standards within a specific program.
Scholarships for Entrepreneurship MBA Programs
Graduate students can apply for scholarships available to all learners. Students in MBA programs procure financial assistance through scholarships, grants, and fellowship programs. Many scholarships provide aid specifically to business administration learners, while future entrepreneurs benefit from funding opportunities geared toward their specific goals.
Looka Student Entrepreneur Scholarship
Who Can Apply: The Looka Student Entrepreneur Scholarship supports full-time students studying business, marketing, or design. Applicants must own a small business, submit a short essay, and provide a brief business plan for consideration.
Mary Elizabeth Lockwood Beneventi MBA Scholarship
Who Can Apply: Offered through the Daughters of the American Revolution, the Mary Elizabeth Lockwood Beneventi MBA Scholarship supports students studying business administration from accredited institutions. Learners must enroll full-time and demonstrate a minimum 3.25 GPA for consideration.
National Black MBA Association Scholarship Program
Who Can Apply: The NBMBAA scholarship program offers funding through partnerships with educational institutions around the world. Applicants must be members of the NBMBAA and complete online applications for consideration.
Rising Farmworker Dream Fund Fellowship
Who Can Apply: Designed to support the children of farmworkers in the United States, the RFDF fellowship provides aid to MBA students to facilitate financial literacy, entrepreneurship, and business activities. Recipients of the RFDF fellowship return home after completing their MBA in hopes of breaking the cycle of poverty among farmworkers and their communities.
HubShout Internet Marketing Scholarship
Who Can Apply: As a leading search engine optimization company, HubShout offers financial support to future internet marketing professionals. Applicants must have at least one year of college, hold a minimum 3.0 GPA, and demonstrate a passion for internet marketing.
Professional Organizations for Entrepreneurship
Professional organizations for entrepreneurs bring together like-minded business innovators. Members benefit from opportunities to attend annual events and engage with online communities, building essential networks in the process. Professional organizations also offer entrepreneurs career guidance, webinars, professional development programs, and trend and research updates.
Founded in 1981, the NASE offers guidance to self-employed individuals and small business owners. Resources include a small business locator, subscriptions to publications and newsletters, and access to expert advice. The NASE also houses an extensive online business learning and resource center.
EO unites 14,000 entrepreneurs from around the world through mentorship, education, and event opportunities. Members gain access to EO's chapter events, leadership training, and career accelerator resources. The organization also offers a global student award program for aspiring entrepreneurs.
As a fee-based, invitation-only organization, YEC supports entrepreneurs under the age of 45. Bringing together entrepreneurs from across economic sectors, YEC strives to improve policies surrounding entrepreneurship, build mentorship relationships, and promote free enterprise.
The SEA promotes the U.S. social enterprise movement through mentorship and educational programs, a knowledge center, and discount programs. Members gain access to the SEA's member directory alongside resources to grow and advocate for social entrepreneurship on a national scale.
As a coaching organization for small and mid-size businesses, Vistage supports more than 23,000 CEOs, business owners, and key executives with purpose-built programs and an extensive research center. Members build leadership skills through Vistage's peer group and professional guidance-based approach.
Top Five Online MBA Programs in Entrepreneurship
The following list ranks the top five online MBA in entrepreneurship programs for 2021. All the listed schools hold regional accreditation from independent accrediting agencies. Some programs also hold specialized accreditation.
Accreditation ensures that the program and the school meet educational standards developed by third-party accreditation bodies. Some of the noteworthy accrediting agencies endorsing MBA schools and programs include:
- Middle States Commission on Higher Education (MSCHE)
- Southern Association of Colleges and Schools Commission on Colleges (SACSCC)
- Higher Learning Commission (HLC)
- New England Commission of Higher Education (NECHE)
- The Association to Advance Collegiate Schools of Business (AACSB)
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