Why Get a Masters in Small Business Management

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Small business are a very important part of the success and fabric of the US economy. They drive innovation, growth and prosperity, and reflect the American dream as well as the spirit of entrepreneurship can lead to a long and fulfilling career. Whatever your industry interest, it is highly likely that this graduate degree can help you to meet your financial and personal business goals.

Earning a master’s degree in small business management can provide you with the critical business, communication and management skills to become a successful small business person or entrepreneur.

With this unique master’s degree, you will learn from real life, small business entrepreneurship and case studies. This will aid you in developing the business acumen and technical skills that you need to take over an existing small business, grow your own small business, or become a critical employee in the small business in which you work.

Your small business management degree will prepare you for many types of managerial and leadership positions, including:

  • Management analyst: Known also as management consultants, these highly paid professionals often work as consultants in their own company. They propose ways for other companies to boost efficiency. They also provide advice to senior executives on how to make companies more profitable.
  • Personal financial advisor: Provide advice to their clients on insurance, investments, mortgages, college savings plans, taxes and retirement. Many personal financial advisors run their own companies, and earning a small business management degree can be very valuable.
  • Financial analysts: Provide detailed guidance to businesses and people who need to make important investment decisions. Working in their own companies in many cases, they must perform assessments of bonds, stocks and many other types of investments.

Why Earn a Master’s in Small Business Management?

Earning a degree in small business management is a wise investment in your future. The US Small Business Administration states that small businesses provide 50% of all US jobs today. Here are some more revealing statistics about the importance of small business in America in the 21st century:

  • 28 million small businesses in the US account for 54% of sales of all products.
  • Small businesses have provided 66% of all new jobs since the 1970s.
  • 600,000 franchised small businesses account for 40% of retail sales.
  • Small business companies occupy up to 50% of all US commercial space.

If you run your own business or work in a small business, you will benefit from earning a master’s degree in small business management. For example, you will learn how to expertly apply finance, accounting, human resources, management and marketing knowledge to small business operations.

With so many jobs in America created by small businesses, this degree will help you to gain the skills you need to manage a small business, including handling accounting, budgeting, operations and writing business plans.

Admission Requirements

The small business world is so important to the financial health of the country. If you want to get your master’s in small business management to make your career in this booming sector, below are the typical admissions requirements you can expect:

  • Updated resume that shows your business experience; ideally at least two years.
  • Statement of purpose about your future goals in the world of small business.
  • GPA of 2.5 or higher.
  • Complete transcripts of bachelor’s degree work.
  • Should have a business degree or related degree in finance or accounting.

Curriculum and Courses

Earning this master’s degree will give you the skills to turn small business challenges into opportunities, no matter if you are starting or developing a new company.

The master’s in entrepreneurship small business at Walden University covers entrepreneurship both inside and outside corporate settings, managing small businesses that are sustainable, and also strategies to navigate the many risks and rewards of being an entrepreneur.

Your required courses, all of which can be completed in an online format, include:

  • Business Essentials
  • Dynamic Leadership
  • Managing People and Promoting Collaboration
  • Fostering a Culture of Innovation
  • Improving Business Performance
  • Marketing for Competitiveness
  • Managerial Finance
  • Accounting for Management Decision Making
  • The Impact of Entrepreneurship
  • Managing a Sustainable Small Business

Career Outcomes and Job Titles

Getting a small business management master’s degree will provide you with a great degree of flexibility in your career. You will be able to qualify for jobs with these types of titles:

  • Business manager
  • Buyer
  • Supervisor
  • Office manager
  • Operations manager
  • Procurement director
  • Finance manager
  • Sales manager
  • CEO, CFO or COO

Job and Salary Outlook

  • Management analyst –Management analysts and consultants will see rapid job growth by 2024, with a 14% increase in demand. It is believed by experts that demand for small business consulting services will increase as companies want to increase efficiency and control costs. As markets are getting more competitive, companies will need to use their resources more efficiently. Small businesses who work in management analysis services should especially focus on the healthcare industry, as demand in this sector will increase exponentially in coming years. Median pay as of 2015 was $81,000.
  • Personal Financial Advisor –The field of personal financial advising is a wise place to focus for small business professionals. It is anticipated that jobs will increase by a staggering 30% by 2024. This surge in need is being driven by the aging population. As baby boomers are moving into retirement, they will need planning advice from skilled personal financial advisors. Also, people are living longer, so people need retirement funds longer. Median pay in 2015 was $89,000.
  • Financial Analysts –Job demand for financial analysts will increase by 12% by 2024. This healthy demand is being caused by a growing number of financial products becoming available. Also, investment portfolios are more complex than before. Further, continued financial regulatory reform is driving more demand for financial analyst professionals who can provide the proper advice to their clients. The median wage in this field is $80,300.

Scholarships and Grants

Earning a master’s degree involves a substantial cost; each credit hour can cost hundreds of dollars. To ease the financial strain, you can apply for the following small business scholarships:

  • Insureon Scholarship: This insurance provider offers an annual small business scholarship in the amount of $2500. It can be used by both bachelor’s and master’s students in any business related field.
  • Grasshopper Entrepreneur Scholarship: This small business offers one $5000 scholarship per year that can go either to a small business professional, or a student that is studying a business related field at the bachelor’s or master’s level. You will need to indicate in your personal statement that you are planning to work specifically in the small business field.

Additional Resources

Please remember to check out these useful small business resources:

  • National Federation of Independent Businesses: This is one of the leading small business associations in the US, with more than 325,000 business owners in membership. The mission of the group is to fight for your right to own, grow and operate your small business.
  • National Small Business Association: This small business group has been advocating for small business owners and entrepreneurs since 1940. It was the first small business advocacy group in the US, and it continues to push for business friendly tax and regulatory policies to help small businesses to thrive.
Sady Brown
Written by Sady Brown
Sady Brown is Editorial Strategist for Nogre.com