Business schools and MBA programmes have long been building entrepreneurship studies, centres, and focus areas for business students hoping to launch their own companies after graduation. Despite the high cost of a traditional MBA, the resources, knowledge, and networks available to student entrepreneurs have ensured the risks were well worth it. Many programmes are finding that model of providing a basic business education, supplemented with general entrepreneurship knowledge, may not be enough to serve those looking to start their own businesses. Seeing this educational gap, a Master’s in Entrepreneurship may be just the thing future business owners need.
Serious entrepreneurs likely have less patience for the traditional graduate school experience. They may be tired of “working for the man” and hope to embark on a new journey of working for themselves as soon as possible. This makes the high tuition and longer-term investment of traditional business school a much less attractive alternative. With the recent economic downturn and lower return on investment for MBAs in a myriad of industries, this makes launching a business an increasingly appealing opportunity. With a typical master’s degree programme in entrepreneurship, which is shorter than a part- or full-time MBA programme, future business owners can be on their way to paving their own success sooner.
Entering a entrepreneur-specific graduate programme ensures that the focus is solely on tools and knowledge that will help an individual launch a business. In any other programme, students are required to learn about a wide variety of basic subjects to build a strong foundation of knowledge. While the areas of marketing, finance, accounting, and management are important, there are many other subjects that an entrepreneur needs to master in order to begin getting a business off the ground. Students need to know how to start a business; from writing a business plan, to accessing venture capitalists, and startup incubators. It’s important to understand how a business should be run on a day-to-day basis and how to lead an organisation.
If these reasons don’t provide enough incentive to consider a master’s degree in entrepreneurship, consider the number of reputable schools offering highly ranked programmes. Many familiar names, ranging from the University of Michigan, to Harvard and Stanford, have stepped into the fold. These programmes come complete with annual funding in business plan competitions, available to students seriously focused to launching a venture. While tuition can vary between schools, scholarships, entrepreneurship clubs, and mentorship programmes will provide support to upcoming entrepreneurs.
Students who once had no choice, but to enroll in an MBA programme in the hopes of starting a business now have an excellent alternative to consider. The growing community of master’s in entrepreneurship provides specialized knowledge and education to equip the most serious of students. This network is likely to continue to grow as more and more business savvy entrepreneurs join the marketplace. Graduate programmes in entrepreneurship offer top resources and knowledge for students hoping to become their own bosses, and can do so quicker than a traditional MBA programme.
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