Entrepreneurship Master’s Degrees

Graduates with a strong sense of managerial autonomy coupled with a desire to launch their own venture might find that earning a master degree in entrepreneurship is a great investment in their future business. Instead of learning a business by trial and error, pursuing a Master’s in Entrepreneurship program could help students develop a more complete understanding of start-up dynamics.

What are Entrepreneurship Master’s Degree Programs?

Entrepreneurship plays an important role in the growth of the U.S. economy, offering the possibility of job creation and income generation to diverse groups. However, the reality is that some businesses do not survive. If you are an innovator, you may have a fantastic product, but without the strategic, analytical, and quantitative skills, you may not get it to the appropriate market. A master’s in entrepreneurship could help you to assess risks, manage a small business venture, and identify workable or profitable areas.

Types of Master’ in Entrepreneurship

While different schools might vary in their offerings, you’ll commonly find two basic types of degrees.

Master of Science in Entrepreneurship

Some MS in Entrepreneurship programs are geared more toward students who have a technology-based innovative idea for a product or service and are hoping to use their vision within a larger organization or bring it to fruition in the global marketplace. Students may need to take a minimum of 30 credits of required courses, as well as choose from electives in the areas of finance, information systems, law, management, enterprise risk management, human resources management, marketing, public affairs, and real estate.

Master of Business Administration (MBA) in Entrepreneurship

In contrast, the MBA in Entrepreneurship may require a broader spectrum of business courses, emphasizing business administration strategies that encourage innovation. Coursework might include business fundamentals from an entrepreneurial perspective, including financing, organizational structure, strategy, entrepreneurial management, and more. In addition, focused entrepreneurship classes may allow students to study opportunity recognition, business plan development, and the entrepreneurial process.

The Potential Benefits of Pursuing a Master’s Degree in Entrepreneurship

Earning a master’s degree in entrepreneurship could be a great investment for individuals who are looking to start their own business or take their current business to the next level. This higher-level degree is designed to provide students with a comprehensive understanding of the entrepreneurial process, including aspects such as ideation, product development, financing, and marketing.

Here are some important benefits of earning a master’s degree in entrepreneurship.

Enhance your business skills

Many entrepreneurship master’s degree programs offer students the opportunity to work closely with industry professionals. Through this hands-on experience, students could gain valuable insights into entrepreneurship and develop practical skills that may be applied in real-life business situations.

Create networking opportunities

In the world of entrepreneurship, having a strong network may be critical for owning a thriving business. A master’s degree program typically brings you together with other students from diverse backgrounds, providing you with the opportunity to connect with like-minded entrepreneurs. This networking could help you to find potential partners, investors, and customers.

Get access to resources and support

Many entrepreneurship master’s degree programs offer access to resources such as business incubators, accelerators, and investment funds. These resources could help you find the support and funding necessary to launch your own businesses.

Develop critical thinking skills

The coursework involved in a master’s degree program could help develop critical thinking skills, which are very helpful in the business world. These skills enable individuals to analyze problems strategically, make informed decisions, and develop effective solutions to complex issues.

Improve job prospects and earning potential

With the rise of entrepreneurship as a career path, having a master’s degree in this field could offer you a competitive edge in the job market. Employers often seek out candidates with higher-level degrees in entrepreneurship because it showcases a high level of understanding and experience in this field.

Your earning potential might improve with a master’s degree as well. For example, Chief Executives may be required to have a master’s, and the median annual salary for this occupation in 2023 was $258,900 ¹

, which is higher than the salary for many other positions. In addition, people who held a master’s degree earned $12,688² more than those with a bachelor’s.

Choosing a Master’s in Entrepreneurship

Pursuing a Master’s degree in entrepreneurship could help you develop the knowledge and skills needed to start and grow your own business or move up in your current career. Your future goals could drive your choice of program, and there are other factors to consider as well.

Accreditation and reputation

When considering master’s programs in entrepreneurship, make sure to find out whether the school is accredited. Accreditation ensures that an institution meets high standards of academic quality and rigor. Earning a degree at a school that is not accredited could have several disadvantages:

• If you want to pursue additional education, some schools might not accept you
• You may be ineligible for certain types of credentials
• Employers might prefer candidates who graduate from accredited schools

In addition to accreditation at the school level, there is also programmatic accreditation. Master of Business Administration Programs might be accredited by agencies such as the Association to Advance Collegiate Schools of Business (AACSB), the Accreditation Council for Business Schools and Programs (ACBSP), or the International Accreditation Council for Business Education (IACBE).

A school’s reputation is also an important consideration when searching for a program, although not necessarily as easy to define. There are websites that rank master’s programs—but take into account the fact that the criteria they use for ranking might not be the criteria you are looking for in a program. You could get more personalized information by reaching out to current students and alumni.

Curriculum and concentrations

Master’s programs in entrepreneurship may vary in the curriculum they provide and the extent of real-world experience they offer. As mentioned earlier, some programs may focus more on aspects of business, while others are geared toward those who want to bring their innovative ideas to fruition. Regardless of the name of the degree, take a look at the required courses and electives and any additional requirements for graduation.

Faculty and industry connections

Research the faculty members in a program. They should be experienced entrepreneurs or business leaders who could provide practical insights and mentorship to students. In addition, consider the extent of their connections in the industry, such as partnerships with startups, venture capital firms, or business accelerators. These connections could be valuable for launching a business.

Flexibility and convenience

If you plan to work as you pursue your education, or if you need to attend to family or have other responsibilities, finding a flexible and convenient program could be key. Many schools offer online degree programs, which means you could take classes when convenient for you and pace your studies as needed. In addition, with online programs you could study anywhere with an internet location, avoiding the need for relocating and transportation time/cost.

Financing Your Master’s Degree in Entrepreneurship

Funding the cost of a master’s degree might be a significant concern for many students. Fortunately, there are several financing options available that could help you pay for college and, ultimately, make your entrepreneurial dreams a reality. Here are three avenues to consider.

Scholarships and grants

Many organizations, educational institutions, and foundations offer scholarships specifically for entrepreneurship students. These scholarships are often awarded based on merit, financial need, or a combination of both.

Loans and financial aid

For many students, loans and financial aid might play a significant role in financing their master’s degree. Federal loans are a common option for students pursuing higher education. The Free Application for Federal Student Aid (FAFSA) is the first step in determining eligibility for federal aid. Additionally, private student loans are available from various lending institutions, although it’s important to carefully review the terms and interest rates before committing to any loan.

Employer tuition assistance programs

Some employers offer tuition assistance programs that might cover a portion or the entire cost of your master’s degree. These programs are often offered to employees as a way to invest in their professional development and retain valuable talent within the organization. If you are currently employed, it is worthwhile to explore whether your employer has any tuition assistance programs or reimbursement policies in place. Make sure to familiarize yourself with the specific requirements and terms of the program before applying.

Career Paths for Master’s in Entrepreneurship Graduates

Earning a master’s degree in entrepreneurship could open up a world of opportunities for individuals looking to make their mark in the business world. Here are four potential career paths for graduates of this type of program.

Startup founder or CEO

Many students pursue a master’s in entrepreneurship with the goal of starting or managing a business. Armed with a master’s degree, graduates may have a solid foundation in business strategy, finance, marketing, and innovation, as well as the skills to develop a viable business plan, secure funding, navigate the challenges of entrepreneurship, and lead their own team. As a startup founder or CEO, graduates could bring their innovative ideas to life and have a direct impact on shaping the future of their industry.

Business consultant or advisor

Another potential career path for master’s in entrepreneurship graduates is to work as a business consultant or advisor. With their understanding of the entrepreneurial process, graduates could be well-equipped to provide valuable guidance and support to aspiring entrepreneurs and existing businesses. They might assist clients in areas such as business planning, market research, financial analysis, and growth strategies.

The median annual salary in 2023 for financial analysts was $112,950.³

The median annual salary in 2023 for market research analysts was $83,190.⁴

Top paying states for Market Research Analysts and Marketing Specialists, 2023⁵:

Product manager or marketer manager

Master’s in entrepreneurship graduates might also thrive in roles related to product management or marketing. They may excel in developing and launching new products or services. They could leverage their entrepreneurial mindset to identify market opportunities, create compelling value propositions, and execute effective marketing campaigns. Master’s graduates in entrepreneurship could play a key role in driving product innovation and strategically positioning companies for growth.

Social entrepreneur

For those passionate about making a positive impact in society, a career as a social entrepreneur may be an ideal path. Social entrepreneurship involves creating and leading ventures that aim to address social or environmental challenges while generating sustainable revenue. Master’s in entrepreneurship graduates may be well-suited for this career path, having the skills to develop innovative business models, secure social impact funding, and create strategies that balance financial profitability with social or environmental impact. Social entrepreneurs could have the power to make a difference and create lasting change in their communities and beyond.

GradSchools.com offers 46 Graduate Schools with Entrepreneurship Master’s Degree Programs

Sources: 1 bls.gov/oes/current/oes111011.htm | 2 https://www.bls.gov/emp/chart-unemployment-earnings-education.htm | 3 bls.gov/oes/current/oes132051.htm | 4 bls.gov/oes/current/oes131161.htm | 5 bls.gov/oes/current/oes112021.htm

Based on national data, not school-specific information. Conditions in your area may vary. Accessed 6/29/2023.