An entrepreneur is a self-directed professional who has a new business, enterprise or idea. An effective way to become a better entrepreneur in many industries is to earn a master’s degree in entrepreneurship. Entrepreneurship master’s degree programs will offer you the tools, strategies, confidence and networking connections that you will need to launch or grow a new business.
A curriculum in entrepreneurship at the master’s level will equip you with the skills needed to succeed as the leader of your own company. You will learn important assessment and feasibility techniques, tools to assess new products and market fit, and how to grow a new business through effective brand building and financial management.
Why Earn a Master’s In Entrepreneurship?
Earning a master’s degree in entrepreneurship can be a great fit for an aspiring entrepreneur who wants to develop proven skills in business before starting out on his own. This degree will give you a competitive edge in the business world, regardless of the type of industry you choose.
This type of graduate degree will teach you vital business knowledge and advanced skills that can ensure that your new or existing business will be successful.
Some of the skills that you will learn could include how to evaluate good startup company ideas, how to analyze the value of new companies, and how to create new marketing ideas for new businesses. All of these skills are very important to separate good business ideas from bad ones. After all, the majority of startup companies fold in the first five years, so you want to make sure that your business idea is viable.
Entrepreneurship Is a Booming Trend in US
Today there are 27 million entrepreneurs in the US, which represents 20% of all adults who are working. Also, 80% of those who want to start a new business in the next three years are taking actions to do so, including incorporating or registering their own business.
Also, there is a growing trend in the US for ‘solopreneurs’ who are entrepreneurs who work alone. The advantage of this type of business is that it keeps the company lean and nimble and free. This can lead to challenges in growth, but with a master’s in entrepreneurship, many of these professionals are able to grow their companies.
Master’s in entrepreneurship programs are increasingly competitive, as more professionals want the skills and knowledge needed to run their own companies.
Thus, admission requirements for these graduate programs can be rigorous. At Babson College, these are the requirements to be considered for admission:
- 0 GPA in undergraduate work is generally required
- GRE and GMAT scores are required, although they may be waived at some universities
- Updated resume that reflects your entrepreneurial spirit and experience
- At least three professional or educational references that can describe your strengths as an entrepreneur
- Statement of purpose
- Complete, official bachelor’s transcripts
Curriculum and Courses
Babson College offers a high quality Master of Science in Management in Entrepreneurial Leadership that is nine months in length. You take the program in a cohort format, meaning that you take your courses at the same time as others. This provides you with a set of classmates that you will progress with throughout the program.
The program has two, 14 week semesters, and you will take classes in marketing, economics, operations, management, accounting, and business strategy. Required classes include:
- Entrepreneurial Economics
- Finance for Entrepreneurs
- Marketing Management
- Operations Management
- Quantitative Methods
- Information Technology
- Managerial Accounting
This program also requires you to engage in a consulting project at the end of the nine months so that you develop real world skills. You will work with a local company or organization to help them to develop a strategic solution to a business challenge.
You also have the option of taking a travel study class to explore international entrepreneurial ecosystems. This helps students to develop their own global mindset as a thought leader in entrepreneurship.
Career Outcomes and Job Titles
Professionals who earn a master’s degree in entrepreneurship often become the leader or executive of their own companies. However, there are many other career directions for professionals who earn this graduate degree. Some of the common job titles that are seen with this master’s degree include:
- Business manager or director
- Sales manager or director
- Research and development manager
- Non-profit fundraiser
- Corporate recruiter
- Business reporter
You also will be qualified to work in nearly any industry, including the following:
- Real estate
- Mortgage industry
- Financial services
- Health care
One of the most common job outcomes for those with this master’s degree is management analyst. Management analysts are often private consultants, and they work most often in these areas:
- Business, technical and scientific management: 22%
- Finance and insurance: 10%
- US government: 8%
- State and local government: 7%
- Enterprise management: 5%
Job and Salary Outlook
The job outlook for entrepreneurs today is quite strong, as the economy is generally gathering strength. It is anticipated that more than 200,000 small business and entrepreneurial jobs will be created in 2017.
For the field of management analysts, which is a common career path for entrepreneurs, there will be 14% job growth by 2024, which is faster than average. It is thought that there will be more demand for private consulting services in the next decade, as companies are looking for new ways to control costs and increase efficiency.
It is thought that there will be especially strong job demand for management consultants in healthcare. This booming job sector is seeing much higher costs as the population of the US is growing older.
Also, federal health care reform has required many changes to business practices for insurance companies and healthcare providers. It is thought that more management analysts will be needed to deal with these changes. If you have an interest in healthcare-related entrepreneurship, it is recommended that you look for the opportunity in your master’s program to take classes that are related to health care entrepreneurship.
Scholarships and Grants
There are many more master’s in entrepreneurship programs now than a decade ago. There also are more scholarships and grants available for students whose passion is entrepreneurship:
- Fedex Small Business Grant: Every year, Fedex offers its small business grant contest; the company awards grants to 10 small businesses around the US. The grand prize winner gets a check for $25,000, and the runner up receives a $15,000 check.
- Small Business Innovation Research Program: This program encourages small businesses to conduct more research and development projects that have a good chance of being commercialized. The idea of the program is to increase commercialization in the private sector and to encourage more entrepreneurship.
For professionals who are interested in a master’s degree in entrepreneurship, we recommend that you review these additional resources, which can help you in your future career:
- United States Association for Small Business and Entrepreneurship: This is the largest academic association in the world that is dedicated to the advancement of entrepreneurship. It now has more than 1000 members from colleges and universities, nonprofit organizations and the public sector.
- National Association for Community College Entrepreneurship (NACCE): The purpose of this growing group is to focus its 300 community college members and 2000 staff on igniting entrepreneurship in their communities around the US.