Best Master's Degrees in Entrepreneurship Online

Oct 19, 2021

What is an Online Master's in Entrepreneurship Degree?

An online master's in entrepreneurship can help students acquire the knowledge necessary to become successful in their prospective business ventures and/or also support new entrepreneurs succeed in their startups. By earning an online master's in entrepreneurship, students can work at their own pace from anywhere in the world. As per current trends, many colleges and universities offer a variety of master's programs online. To know more about getting an online master's in entrepreneurship, continue reading.

The Best Online Master's Degree Programs in Entrepreneurship

As we compiled our list of the best online master's degrees in entrepreneurship, we looked at programs that work to meet students' needs, give them a sound foundation in theory and practice, and deliver hands-on learning experiences that will help them take their business ideas to the next level.

Study.com used data from the U.S. Department of Education along with information on faculty prestige, overall value, and program flexibility as well as unique educational experiences to deliver the top choices for the best online master's degree in entrepreneurship.

1. Central Michigan University

Tuition Acceptance Rate Graduation Rate Financial Aid % Placement Services Career Services Accepts
$17,150 70% 61% 96% Yes Yes AP / NCCRS Credits

Working with Central Michigan University's distinguished faculty, students in the school's online Master of Entrepreneurial Ventures (MEV) program cover intellectual property rights, capital raising strategies, crowdfunding approaches, e-commerce best practices and more. The program also offers students the unique opportunity to compete for seed funding in Central Michigan University's New Venture Competition, a workshop-driven entrepreneurial challenge that helps students develop and launch their business ideas.

2. Everglades University

Tuition Acceptance Rate Graduation Rate Financial Aid % Placement Services Career Services Accepts
$20,000 75% 52% 85% Yes Yes AP Credits

The top-rate online Master of Science in Entrepreneurship program from Everglades University focuses on giving students the theory and strategy to make their entrepreneurial ventures successful and then showing them how to apply those ideas to real-world efforts through a capstone final project. The program can be completed in 48 weeks and has both online and on-campus options.

3. Peru State College

Tuition Acceptance Rate Graduation Rate Financial Aid % Placement Services Career Services Accepts
$8,898 No Available Data (2019-2020) 34% 97% Yes Yes AP / NCCRS Credits

The online Master of Science in Organizational Management program from Peru State College program focuses on flexibility, giving students the option within each class to tailor their study to their specific entrepreneurial project and offering final internship, practical project, and thesis options for program completion. The online program boasts a 22:1 student-to-faculty ratio, accessible professors and several start dates throughout the year.

To get a more in-depth look at our school ranking methodology, please visit Study.com's ranking methodology page.

Tuition information is based on published tuition and required fees, per data by the National Center for Education Statistics (NCES).

Why Should I Get an Online Entrepreneurship Master's Degree?

While there are several universities and colleges that offer free courses in entrepreneurship that students can take online, these courses do not provide students with an in-depth understanding of the field like a master's program does. By getting a business owner education at the master's level online, graduates will be better prepared to start a new business and have a better understanding of how to run a successful business, including financial management, people management, market analysis, supply chain management, leadership skills, idea feasibility, and more. Additionally, having a strong grasp of business administration can help potential candidates get senior-level or top executive positions in organizations with higher salary packages.

How Long Does it Take to Earn an Online Master's in Entrepreneurship?

Since most online programs are self-paced, earning a master's in entrepreneurship typically takes 30 to 45 credit hours or between 1 to 2 years to complete. Students or working professionals, who wish to work toward their master's at a slower pace, can opt for part-time programs and finish in about 2 years.

Curriculum for Online Master's Degree Programs in Entrepreneurship

To earn a master's in entrepreneurship, students will need to complete up to 45 credit hours, depending on the program. The curriculum will be divided into core courses and elective courses. Core courses focus on developing a strong foundation of business concepts for entrepreneurs, while elective courses are more industry-specific (family business, social entrepreneurship, etc.). Many universities also offer internships toward the end of the program. Students can either join an internship at an organization or use the opportunity to start a startup.

Entrepreneurship Foundational Courses

Most programs require students to complete 12 to 30 credit hours of core courses in entrepreneurship. Core courses vary depending on the area of concentration and can focus on:

  • Marketing for entrepreneurs
  • Law for entrepreneurs
  • New Ventures
  • Sustainability
  • Global strategy and innovation
  • Innovation and creativity
  • Accounting
  • Finance
  • Business ethics

Core courses can help students develop in-depth knowledge about becoming an entrepreneur. These courses can also help students to gain other skills such as leadership and innovative thinking that are beneficial for those pursuing top executive positions upon completion of the program.

Entrepreneurship Specialist and Elective Courses

In addition to core subjects, students could choose from elective courses. Some programs require up to 15 credit hours in electives. Elective courses provide students the opportunity to develop specific skills that interest them and are relevant to their career goals. Elective courses may include:

  • Global entrepreneurs
  • Family business
  • Non-Profit entrepreneurs
  • Sustainability
  • Strategic entrepreneurship

Licensure and Certification in Entrepreneurship

Becoming an entrepreneur does not require any specific certification or licensure; however, students may choose to become certified in areas that are relevant to their business. Upon graduating, some students may decide to get their Entrepreneurship and Small Business (ESB) certification from Certiport. To get an ESB certification, students might need to complete 150 class hours and take an exam.

For students who would like to become consultants, they can become Certified Business Consultants (CBC or CertBC). By completing the certified business consultant program, students will gain real-world consulting experience, learn effective consulting methods and also gain access to job opportunities with management firms. Students will need to complete selected courses, fill out an application form, pay membership fees and might also be required to take an online test upon completion of the program.

Admissions Requirements for Online Entrepreneurship Master's Programs

Every program has specific admission requirements, which must be thoroughly researched before applying. The basic requirement for an online master's program in entrepreneurship is a bachelor's degree with a minimum GPA of 2.0. Along with the application, letters of recommendation, college transcripts, references, and sometimes an essay might be required.

In certain cases, some universities and programs might consider a GMAT/GRE waiver for those with several years of work experience. Some schools require students to complete prerequisite courses before starting their online master's in entrepreneurship.

What Can I Do with an Entrepreneurship Master's Degree?

Getting a master's in entrepreneurship will enable students to pursue a variety of career choices in many industries such as, finance, marketing, IT, manufacturing, and more. Armed with a master's degree in entrepreneurship, graduates can either start their own business, help other startups succeed or become managers in small businesses. Graduates can also get top executive positions in companies to implement new and innovative changes and policies, which can steer companies toward new and unexplored avenues and development. Senior level positions include:

  • Consultants
  • Managers (marketing, sales, business)
  • Executive directors
  • Analysts (management/financial/business)
  • Venture capitalist
  • Chief executive officer

Job Outlook for a Master's in Entrepreneurship

The job outlook is plentiful for those with a master's in entrepreneurship. While most students upon completion of their master's in entrepreneurship, start their own company, there are many others who pursue top management positions, such as business manager, executive director, analyst (business, financial, management), accountant, and finance manager, among others. Entrepreneurship graduates can start a career in any industry as many businesses need skilled professionals, who can offer creative solutions and can develop the company with new and innovative ideas. Entrepreneur graduates will find that business and creativity go hand in hand and can pursue creative careers in business.

While the U.S. Bureau of Labor Statistics (BLS) doesn't offer a job outlook specifically in the field of entrepreneurship, it does provide outlooks for business and financial occupations where many entrepreneurs might work. According to the BLS, those who choose to work in business and finance have an overall outlook of 5% from 2019 to 2029. This is faster than the national average.

How to Become an Entrepreneur

In general, there are no specific education requirements to become an entrepreneur. However, depending on the industry that individuals choose to pursue, some entrepreneurs might need to hold a degree. In addition, the chances of succeeding as an entrepreneur might become higher with a higher level of education since programs are designed to provide graduates with the tools needed to enter the field successfully. With a master's in entrepreneurship, graduates will have a better grasp of administration, leadership, finances, marketing, innovation, and problem-solving skills.

To increase the chances of success, new entrepreneurs will need to:

1. Have a business plan

2. Research market potential and viability

3. Know their target audience

4. Obtain funding

5. Network

6. Have a marketing plan

7. Create short- and long-term objectives

8. Have a support system

According to Payscale.com, entrepreneurs with a master's degree made a median annual salary of $71,485 as of March 2021.

How to Become a Business Consultant

Some graduates with a master's in entrepreneurship might choose to become business consultants. Although the minimum qualification to become a business consultant is a bachelor's degree, having a master's degree is more beneficial, as you will have a strong knowledge of marketing, communications, and administration. Graduates can choose to become consultants in sustainability, operations, marketing, HR and other areas. According to Payscale.com, consultants made a median annual salary of $77,356 as of April 2021.

The most important skills for a consultant to have are innovative problem solving, communication, analytical and leadership skills. Consultants are hired to analyze company history, data, financial records etc., and provide advice that will steer the company towards growth and innovation. Consultants are also hired to improve efficiency, revive parts or the whole business, reduce expenses, increase cash flow, implement new technologies and train employees on using the technologies.

Common Undergraduate Degrees for Entrepreneurship

Although a business major is not needed to start a master's in entrepreneurship, an undergraduate degree that is business oriented will be more beneficial. Having an undergraduate degree in business will not only help to reduce any course prerequisites, but having prior knowledge and understanding of business concepts will make things easier for students pursuing a master's in entrepreneurship. Some common business undergraduate degrees are:

  • Finance
  • Accounting
  • Economics
  • Business administration

Students may also wish to take earn an online bachelor's degree in entrepreneurship before going for a master's in entrepreneurship.

Post-Graduate Options After Completing a Master's in Entrepreneurship

Students wishing to continue studying online at a doctoral level have two options. They can pursue either Doctor of Business Administration(DBA), commonly in entrepreneurship, or Doctor of Philosophy (PhD). The timeline to complete a doctorate in entrepreneurship is generally 4 years, but students can take up to six years. During the four-year period, many students receive research assistantship positions, receive a tuition waiver and an annual stipend.

Most programs consist of 36 - 47 hours of coursework, primarily during the first two years. Other program requirements include:

  • Teaching
  • Research
  • Dissertation
  • Attending seminars
  • Elective courses

Doctoral candidates will need to complete all required coursework, pass the exam and complete their dissertation before receiving their doctorate. Due to the nature of the program, online and part-time options are not available.

Entrepreneurship Professional Organizations

Graduate students can take advantage of the numerous resources available to them to develop skills, start their careers, find out about internship opportunities, attend conferences and grow their network. Below are some professional organizations that entrepreneurs can take advantage of.

United States Association for Small Business and Entrepreneurship (USASBE) - Students throughout the nation can join this organization and take advantage of resources available such as industry-specific research, continuing education programs and a job board. The USASBE also holds an annual conference that students, members and the public can register for and attend.

Startup Grind (SG) - With over two million entrepreneurs from 125 countries, SG offers conferences, events, resources, in-house publications and much more to help budding entrepreneurs, from around the world, succeed. They also have a community just for students.

Young President's Organization (YPO) - This organization is an inclusive community of leaders and top executives who have made an impact in the business world at a young age. Young entrepreneurs can learn from industry leaders and build a network of top successful individuals. The organization provides leadership training, networking opportunities, events, awards, regional chapters and more..

Financial Aid, Scholarships and Grants for Online Master's in Entrepreneurship Programs

It is not uncommon for graduate students to seek financial aid when pursuing higher education to help pay tuition costs. Graduate students can fill out the Free Application for Federal Student Aid (FAFSA) to seek out which federal loans and grants they are eligible for. Additionally, some universities offer tuition discounts, which a student can find out about and apply for at their chosen university. Working professionals pursuing higher education might also qualify for special assistance from the company they are working at. Another option for financial assistance comes in the form of scholarships. These can be offered by colleges/universities, non-profit organizations and businesses, among others. Some examples of available scholarships are:

1. California Institute of Advanced Management (CIAM) Entrepreneurship Scholarship - This scholarship of $3,000 can be applied for by CIAM students who have started or have an existing business. Applicants will need to provide proof that they have a business and must have a GPA of 3.0 to apply.

2. Lily Pabilona Emerging Entrepreneur Scholarship - This award is open to full-time Asian-American undergraduate and graduate students who have a GPA of 3.0 or higher. Potential candidates can receive between $1,000 and $5,000 toward their tuition fees.

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