Best Online MBA Entrepreneurship Programs

An MBA in Entrepreneurship may be one of the best graduate degrees for business majors who want a non-desk job in business and the freedom to pursue their interests in a business. The online format of these programs provides flexibility for students to continue working while studying. The MBA portion of these degree programs also provide students with a solid foundation in business administration that could be applied to a number of leadership positions, which can increase a student's job prospects. Finally, earning an MBA, like other advanced degrees, may lead to a pay increase. Per PayScale.com, graduates with an MBA in Entrepreneurship made a median annual salary of $100,366, as of February 2021.

How Long Does It Take to Earn an Online MBA in Entrepreneurship?

Although it varies by school, many online MBA programs in entrepreneurship can be completed fairly quickly. Some of these programs may allow students to earn their degree in as few as 12 to 15 months. However, for students who would like to earn their degree at a slower pace, there are some programs that may offer part-time formats that allow students to finish in closer to 2 years. Factors such as course load and a student's educational background may also help determine how long it takes to earn the degree. For example, some programs may have additional foundation courses for students who do not have a background in business.

Although there are several different types of online resources for students interested in entrepreneurship, such as free business entrepreneurship courses or free online continuing education for business professionals, earning an MBA in the field can provide students with specialized knowledge and skills. Students in online MBA in Entrepreneurship programs may be required to take between 30 and 36 credits of courses. Many of these programs set up the curriculum to include core MBA courses and concentration courses in entrepreneurship. Students may be able to choose from different concentration and elective courses in the field and some programs may require additional foundation courses in business. Explore details of these programs' curriculum below.

MBA in Entrepreneurship Foundational Courses

Depending on the program, students may be required to take between 21 and 24 credits of core MBA courses. Usually, these courses provide students with advanced knowledge in multiple areas of business to give them the necessary background for leadership positions. Some programs may even include research methods courses to help give students an understanding of business-related research for future business ventures. Several online MBA in Entrepreneurship programs do not require any culminating experience of any kind. Although it varies by program, students may take core courses in areas such as:

• Organizational strategy
• Business strategy
• Policy and administration
• Financial management
• Managerial economics
• Data analysis
• Strategic management

MBA in Entrepreneurship Specialist and Elective Courses

Students may then take between 9 and 12 credits of entrepreneurship concentration courses. These courses are specifically designed to help train students to become entrepreneurs and think about business in creative, innovative ways. They also aim to provide students with necessary leadership and managerial skills that new businesses may need, in addition to those skills taught in an MBA. For example, depending on the program, students may courses in topics such as:

• Franchising
• New venture management
• New venture marketing
• Law for entrepreneurs
• Entrepreneur management

Licensure and Certification in Entrepreneurship MBA

While licensure and certification is not typically required to become an entrepreneur, there are certification options available in the field. For example, some students may decide to pursue the entrepreneurship and small business (ESB) certification from Certiport. This certification requires 150 hours of instruction and the passing of an exam to demonstrate students' knowledge and expertise in the field. Other certifications and requirements may vary by the type of position that graduates with an MBA in Entrepreneurship take on. While many business-related positions do not require licensure or certification, some may prefer or require certifications related to the position or industry, such as some chief executive officers needing to hold their Certified Public Accountant (CPA) license.

Admissions standards are typically unique to the MBA program and those in entrepreneurship are no exception. Students should carefully research the requirements to their program(s) of interest, but in general, they need to have at least a bachelor's degree and commonly need to meet a minimum GPA requirement. However, some programs may provide multiple pathways to admissions qualifications. For instance, programs may set a minimum GPA requirement of a 3.0, but students who fall below this may still be able to enter the program if they have so many years of work experience and/or scored well on the GMAT exam. Other programs may not require applicants to take the GMAT or GRE for entrance. Depending on the program, there may be additional prerequisite requirements for non-business majors, such as coursework in areas like accounting, finance, statistics, and economics. Some programs may include an interview process and common application materials may include a resume, letters of reference, and/or essays.

Trying to decide between different online MBA programs in entrepreneurship may be difficult, as many provide a quality education in the field. Students may want to narrow their list by finding business-accredited MBA programs that may be preferred by employers. This program-level accreditation is offered by organizations such as the Accreditation Council for Business Schools and Programs (ACBSP) and the Association to Advance Collegiate Schools of Business (AACSB International) to indicate that programs have met business-related standards in addition to regional accreditation standards. Students may also want to compare the format of a program and the time to degree completion, as some students may want to finish their degree in 1 year and others may want to go to school part-time and finish more slowly. Some students may want/need to compare admissions requirements and search for programs that do not require the GMAT or do not have prerequisite courses for non-business majors. Finally, students may want to consider the total cost of a program and explore if any additional forms of financial aid is available from the institution.

An MBA in Entrepreneurship is a flexible degree that can help prepare students for a range of advanced positions within the field of business. Many of these positions may have leadership and managerial responsibilities. Entrepreneurship graduates may decide to begin their own business or may also thrive in upper-level positions that are involved in innovation, change, and policy making for an existing organization. Either of these professionals may work for an organization that is involved in any number of industries, such as healthcare, finance, technical services, and manufacturing. While some graduates may take on the job title 'entrepreneur', other possible job titles include:

• Founder
• Venture capitalist
• Innovative consultant
• Sales manager
• Executive director
• Marketing manager
• Business operations manager

Job Outlook for an MBA in Entrepreneurship

In general, the job outlook for graduates with an MBA in Entrepreneurship is positive because they can qualify for a wide range of positions in a wide range of industries. An MBA is usually valued by an organization for managerial positions of various kinds. However, some industries and positions may be growing at faster rates than others. For example, according to the U.S. Bureau of Labor Statistics (BLS), the job outlook for top executives and sales managers was 4% from 2019 to 2029. This rate is as fast as the national average. Marketing managers, on the other hand, had a job outlook of 7% during the same time period. This is faster than the national average.

How to Become a Top Executive

Top executives include job titles such as operations managers, executive directors, chief executive officers (CEOs), chief operating officers (COOs), chief financial officers (CFOs), and more. Usually, these executives need to have at least a bachelor's degree, but master's degrees are fairly common for top executives and some positions may require it. These professionals may hold an MBA or a degree in a field related to what they do. It is usually expected/required that these executives have extensive work experience. Typically, this work experience comes within their own company as they work their way up from lower-level positions. Licensure or certification requirements vary greatly by position.

According to the BLS, as of 2019, top executives in general made a median annual salary of $103,230, but salaries varied across positions. For instance, chief executives made a median annual salary of $184,460 for the same time period. The responsibilities of top executives vary based on the position, but overall these professionals are in charge of setting goals and meeting these goals for their organization. They typically oversee the work of various staff members, help create policies, work with management, and find ways to cut costs and improve efficiency.

How to Become a Sales Manager

Sales managers include those who sell business to business and those who sell business to consumer. While some positions may only require an associate's degree, most of these professionals hold at least a bachelor's degree. They may have a background in marketing, management, or other business-related areas. It is also important for these managers to have some prior sales experience. They may start their careers as sales representatives or purchasing agents. Many work their way up from these lower-level positions to management.

Per the BLS, the median annual salary for sales managers was $126,640, as of 2019. Sales managers oversee sales teams and set sales goals that these teams aim to meet. They may also oversee budgets for the sales department, evaluate sales numbers, set prices and/or discounts, train staff, and try to expand their market by finding new customers. Sales managers typically have to work with other managers in an organization, such as marketing managers, to develop consistent strategies and plans for acquiring new customers.

Professional organizations in any field are a great source of news and ideas within the given field. These groups help professionals connect and communicate with one another, as well as further develop their knowledge and understanding of the field. Some of these organizations may offer membership, professional certifications, events, and other valuable resources. Specifically for the field of entrepreneurship, there are a range of available professional organizations. Many of these groups are designed for specific communities within the field, such as small business owners or minority groups. A couple examples of available organizations include:

• Small Business Association- The SBA is a government organization that offers local and federal assistance, including loans and grants. The group also provides a learning center, business mentors, contracting programs, and an extensive business guide with resources for business owners.
• National Association of Women Business Owners- Working to support women business owners, the NAWBO offers membership and participates in various advocacy initiatives. Professionals can stay updated with media resources and regular advocacy updates. The organization also holds an annual business conference and provides a range of business resources.

While a business-related degree is not usually required for entrance into an MBA in Entrepreneurship, many students may enter these programs with some type of business degree. Beginning an MBA program with a business-related background may also help cut the need for any prerequisite coursework and help students begin their MBA with a solid understanding of business. Students may earn an undergraduate degree in areas such as finance, accounting, economics, business administration, and more. Some students may even earn an online bachelor's degree in entrepreneurship prior to pursuing their MBA in the field.

Students wishing to pursue study at the doctoral level in entrepreneurship and still study online have a few different degree options available to them. Most commonly, students can earn an online Doctor of Business Administration (DBA) in areas such as entrepreneurship or entrepreneurship and business management. There are other closely related online degrees available as well, such as an online Doctor of Philosophy (PhD) in Organizational Leadership with a focus in entrepreneurial leadership. Some of these doctoral programs may include some residency requirements. These degree programs may help prepare students for even more advanced leadership positions and/or research positions within the field.

Financial aid is commonly needed and widely available to help students pay for their postsecondary education. At the graduate level, students should still fill out the Free Application for Federal Student Aid (FAFSA) and evaluate any available loans or grants that they may be eligible for. Other financial aid options may come with their school of interest. For example, some institutions may offer a tuition discount to different groups of students, such as military service members and their spouses. Students may also look outside of their school of interest to professional organizations or other groups that may offer scholarships. While these awards vary in amount and may or may not be eligible for renewal, they do not have to be repaid. Some available scholarships include:

• The National Black MBA Association Graduate Scholarship- Offered by the NBMBAA, this award is available to undergraduate or graduate students with leadership potential who have demonstrated involvement in their communities and academic excellence. Winners may be awarded up to $5,000 for their education.
• Lily Pabilona Emerging Entrepreneur Scholarship- This award is geared towards Asian Americans wishing to pursue a career in entrepreneurship. Students must be a full-time undergraduate or graduate student of any major with a 3.0 GPA or higher, and may win between $1,000 and $5,000 towards tuition.