Minnesota Entrepreneurship Masters Degrees
Graduates with a strong sense of managerial autonomy coupled with a desire to launch their own venture might find that earning a masters in entrepreneurship may be an investment in their future business. Instead of learning by trial and error, a Masters in Entrepreneurship program exposes students to a more complete understanding of start-up dynamics, which may be extremely helpful in this competitive and dynamic economy. Whereas general business degrees may offer a perspective on management, entrepreneurship masters programs are intended to provide students with the foundation for getting a small business venture off the ground. Whether you have a Bachelors Degree in Entrepreneurship or another undergraduate business degree, Masters Entrpreneurship degrees offer you the opportunity to refine your ability to negotiate, write a business plan and assess risk.
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. Rather than prepare students for a specific career, an Masters degree or Masters of Business Administration (MBA) in Entrepreneurship may help students to assess risks, manage a small business venture, and identify workable or profitable areas.
Fun Fact: Credit for coining the term entrepreneur generally goes to the French economist Jean-Baptiste Say, but in fact the Irish-French economist Richard Cantillon defined it first[i] Click to Tweet
What type of Masters in Entrepreneurship Program is Right For You?
To help you find a Masters in Entrepreneurship graduate program that will address your academic and business
needs, use the GradSchools.com search tools. You might start the process with a location search if you are hoping to study in a particular city, state or even country. Narrow the results by determining the program format. Learning on a college campus gives students the opportunity for networking and face-to-face interaction with faculty. Busy working professionals or adults with families or in family run businesses may have different time constraints. If this is your situation, and you learn well independently, you might look into master’s degree in entrepreneurship online or another flexible format, such as the hybrid one. Some schools combine campus and web-based learning methods into one program so you might get the better of two worlds.
Some of the listings might include MBA-Entrepreneurship, Master of Science in Innovation & Entrepreneurship, Master of Arts in Organizational Development and Leadership – Innovation and Entrepreneurship, Flexible MBA –Entrepreneurship and MBA in Global Entrepreneurship. Opening several programs simultaneously may help you compare curriculum, cost, admission requirements and faculty.
What type of Masters in Entrepreneurship Degree is Right For You?
Certainly, entrepreneurship covers a large and diversified subject. Entrepreneurship is the process of designing a new business, taking substantial risk in being an owner and operator, trying to sell a product or service to the right market, and ending up with a profit. This involves a business plan, a strategy, and knowledge of human resources, products and financing. It may also involve navigating government regulations, taxation, marketing and working with community to engage and attract clientele.
Some of the things to consider when evaluating masters in entrepreneurship programs are:
- Is entrepreneurship one of the courses offered or is it the main emphasis of the degree?
- Who is on the faculty? Are they experienced entrepreneurs that you respect, know of or want to learn from?
- Is learning via textbook or are there any hands on experience, internship or observation of existing start-up businesses that you will be learning form?
- If you are going into the program with an idea for a start-up, will the faculty be able to assist you, and/or will the program itself provide tools for you to implement your ideas?
Be organized, call each school, and ask questions, so that you are in a better position to understand the different education paths. They may be somewhat similar, but they may also have significant differences.
Potential Curriculum in Master of Entrepreneurship Programs
Entrepreneurship coursework may integrate all business disciplines, including marketing, finance, operations, and strategy. The courses are designed to help students develop skills in building businesses, investing in businesses, raising capital, and evaluating business opportunities. Specifically, students specializing in this aspect of business will focus on analysis, decision-making and business planning.
The Master of Science (MS) in Entrepreneurship
Some MS in Entrepreneurship programs are geared to students who may have a technology based innovative idea for a product or service and are hoping to use their vision within a larger organization or be able to bring it to fruition in the global marketplace. Students may be required to take a minimum of 30 credits of required courses, as well as choose from electives in the finance, information systems, law, management, enterprise risk management, human resources management, marketing, public affairs, and real estate areas.
The Masters 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, specialized entrepreneurship classes may allow students to focus on opportunity recognition, business plan development, and the entrepreneurial process.
Entrepreneur Salary and Job Outlook
Broadly, rather than preparing graduates for one specific career, masters in entrepreneurship programs position students for potential success in leading innovation and strategic management in start-ups and small business ventures in dynamic industries such as technology, media, and other industries. The Bureau of Labor Statistics reports that many Top Executives often have a Masters of Business Administration, and are among the highest paid in the United States; the median annual wage for chief executives was $168,140 in May 2012[ii].
Ready To Pursue A Masters or MBA in Entrepreneurship?
You have great ideas, a positive outlook, and are hoping to convert your innovation into a profitable, well-managed small business. Why not set yourself up for potential success; look into masters programs in entrepreneurship on GradSchools.com today!
Sources [i] en.wikipedia.org/wiki/Entrepreneurship | [ii] bls.gov/ooh/management/top-executives