People with entrepreneurship degrees are generally thought of as people who can create incredible business opportunities out of thin air. It’s true that some entrepreneurship degree holders start their own companies. However, entrepreneurship degrees can also prepare people to expand, grow, or run an existing business. An entrepreneurship MBA offers excellent opportunities for interested students.
Successful entrepreneurship MBA students are usually strongly self-motivated. They’re willing to work hard and excel at a broad spectrum of activities. This differs from students pursuing an MBA with stricter specialization. Entrepreneurship students tend to be able to connect with people easily. It’s important to have a warm and welcoming personality. Entrepreneurship degree holders will likely be overseeing a number of people at the middle and upper level positions. Strong leadership skills will be required in order for everyone to be working towards the same goal. Students should be able to take both a macro and a micro view of things. For example, a student should understand how creating a new company policy will affect individual employees as well as the company as a whole.
Just as you would with other MBA programs, applicants should also look for an accredited program. Most major universities have entrepreneurship curriculum available. Application standards may differ, but typically include the Graduate Management Admission Test (GMAT) or something similar. The GMAT helps admissions offices to predict an applicant’s aptitude for business-related matters. Some institutions require interviews.
Entrepreneurship students will face a wide variety of courses. Their curriculum will be generalized to prepare them for a number of situations in the field. Entrepreneurship coursework will vary by specific program, but common courses can include:
- Business ethics
- Business law
- Human resources management
- Investment management
- Managerial finances
After graduation, jobs open to entrepreneurship degree holders may include:
- Business consultant
- Corporate head or manager
- Corporate vice-president
- Department head or manager
- Small business owner
Actual job titles may vary by company. Employee responsibilities are broad, but typically revolve around expansion, growth, and management for most degree holders. Because of the broad and general nature of the MBA, degree holders are usually well-prepared for management positions. However, it may be difficult to apply to a more specialized position in some companies with an entrepreneurship degree.
The U.S. Department of Labor’s statistics show that a CEO can earn an average salary of $140,350. Among Fortune 500 companies, CEO’s may be compensated with average salaries above $1 million per year. Department heads or managers received an average salary of $77,240 each year. Bonuses, health insurance, retirement assistance, and other perks were also given in larger companies. For small business owners, the first and second years typically determine whether their business will survive for the long-term. They may have to be willing to accept lesser pay and fewer benefits before receiving a steady salary as their business establishes itself.