Entrepreneurship — developing an idea into a profitable business from the ground up — is an increasingly popular career choice. According to the Ewing Marion Kauffman Foundation’s 2013 Index of Entrepreneurial Activity, 12.2 percent of people ages 18 to 64 planned to start their own business within the next three years — up from 7.3 percent in 2010. These business owners and founders establish an enterprise, usually a small one, and then work to expand the business. By expanding their businesses, hiring more workers and championing new innovations, entrepreneurs play a vital role in the growth of the U.S. economy.
As more people show an interest in starting their own businesses, helping an existing business innovate or working for a startup, more business schools are offering advanced study in entrepreneurship. An MBA in entrepreneurship has become one of the fastest-growing concentrations to help students obtain the tools and knowledge necessary to become an entrepreneur. Students pursuing an MBA in entrepreneurship learn not only where to find venture capital and where the opportunities are for new businesses but also leadership, entrepreneurial, critical thinking, problem-solving and communication skills — all competencies necessary to manage and grow a budding business or an established company. According to the Minority Business Development Agency, a division of the U.S. Department of Commerce, entrepreneurs need leadership traits, a high level of motivation, a willingness to learn from mistakes and a competitive spirit. These are skills you can learn in an MBA program.
What Makes Up an Entrepreneurship MBA Program?
An MBA program with a specialization in entrepreneurship teaches the core courses of accounting, economics, finance, statistics, business strategy, marketing, human resources, leadership and information systems. These classes help students understand fundamental business practices and are tailored to the aspects of entrepreneurship.
An MBA program in entrepreneurship also focuses on the actual skills needed to plan, fund and launch a startup. Some MBA courses teach students about venture capital, market assessment, business plan development, franchises and innovation. An online MBA program can offer students the flexibility and convenience to complete courses on their own schedules, from the comfort of their own homes. Students looking to enroll in an online MBA program in entrepreneurship need to determine what best fits their interests and goals.
Career Opportunities with an MBA in Entrepreneurship
Many graduates with an MBA in entrepreneurship go on to launch their own venture or work to cultivate an entrepreneurial spirit within an existing company. Some graduates use their MBA in entrepreneurship as a springboard to find venture capital or to refine their leadership and management skills. Others may find positions as business development managers, consultants or marketing managers for industries as diverse as financial services, manufacturing, information systems and healthcare.
Becoming a successful entrepreneur can take years, and the road to success is not always a smooth one. The U.S. Bureau of Labor Statistics reports that seven of 10 new businesses close in within their first year. Additionally, only 25 percent of all new businesses operate for 15 years or longer, according to the Small Business Administration. However, for those who succeed, it’s rewarding to turn a dream into a career. Earning an MBA in entrepreneurship can help a motivated self-starter embark or continue on a long, successful career path.
Learn more about the LSUS online MBA in Entrepreneurship program.
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