An MBA in Entrepreneurship is a specialized Master of Business Administration (MBA) program that focuses on preparing individuals to start, manage, and grow their own businesses, or innovate within existing organizations. This degree combines traditional MBA coursework with specialized courses and experiential learning opportunities tailored to the needs of aspiring entrepreneurs.
Entrepreneurs who enroll in an online MBA in Entrepreneurship stand to gain a lot from the program from a higher pay potential to advanced knowledge highly valued in the world of business. Choosing the right college to obtain your online MBA in Entrepreneurship can be a bit tasking as there are many colleges to choose from. Below, we have provided you with a list of the colleges that offer the Best Online MBA in Entrepreneurship, you can go through the list and pick the college that resonates with your career needs.
Online MBA in Entrepreneurship Core Courses
An Online MBA in Entrepreneurship offers the same core curriculum as a traditional MBA in Entrepreneurship the only difference is that the course work of an online MBA in Entrepreneurship as the name implies is delivered online.
In an Online MBA program with a focus on Entrepreneurship, core courses cover a range of business topics essential for entrepreneurial success while incorporating specialized content relevant to starting and growing a business. Here are some of the core courses you will encounter in an online MBA in Entrepreneurship:-
- Entrepreneurship and New Venture Creation: This course provides an overview of the entrepreneurial process, including opportunity recognition, business model development, market analysis, and feasibility assessment.
- Business Plan Development: Students learn how to create comprehensive business plans, including market analysis, financial projections, marketing strategies, and operational plans, essential for securing funding and guiding the launch of a new venture.
- Startup Financing and Venture Capital: Students learn about different sources of funding for startups, including bootstrapping, angel investment, venture capital, and crowdfunding, as well as financial modeling and valuation techniques relevant to startup financing.
- Marketing for Entrepreneurs: This course covers marketing strategies and tactics specifically tailored to the needs of startups and small businesses, including customer acquisition, branding, digital marketing, and market research on a limited budget.
- Legal and Ethical Issues in Entrepreneurship: Students explore legal considerations and ethical dilemmas faced by entrepreneurs, including business formation, intellectual property protection, contracts, employment law, and corporate governance.
There are a lot more courses explored in an online MBA in Entrepreneurship program, the courses are just a fraction of the courses explored in the program.
Admission Criteria for an MBA in Entrepreneurship Program
The admission for an online MBA in Entrepreneurship program may vary slightly depending on the institution offering the program and its specific requirements. However, here are some common admission criteria you will encounter when applying for an online MBA in Entrepreneurship:-
- Bachelor’s Degree: Most MBA programs require applicants to have a bachelor’s degree from an accredited institution. While the undergraduate degree does not necessarily need to be in business or a related field, some programs may prefer candidates with a background in business, economics, or a STEM discipline.
- Work Experience: Work experience requirements can vary but many MBA programs, including those in Entrepreneurship, prefer candidates with some professional experience. The typical range of work experience required may be anywhere from one to several years, depending on the program. Some programs may waive or reduce this requirement for exceptional candidates or recent graduates with strong academic backgrounds.
- GMAT/GRE Scores: Many MBA programs require applicants to submit scores from the Graduate Management Admission Test (GMAT) or the Graduate Record Examination (GRE). However, some programs may offer waivers for applicants with significant professional experience or other qualifying credentials.
- Letters of Recommendation: MBA programs often require applicants to submit letters of recommendation from individuals who can speak to their academic abilities, professional accomplishments, leadership potential, and character.
- Personal Statement or Essay: Applicants are sometimes required to submit a personal statement or essay as part of the application process. This essay provides applicants with an opportunity to discuss their career goals, reasons for pursuing an MBA in Entrepreneurship, relevant experiences, and how they will contribute to the program.
- Resume/CV: Applicants are usually required to submit a current resume or curriculum vitae (CV) detailing their educational background, work experience, professional achievements, and any relevant extracurricular activities or volunteer work.
- Interviews: Some MBA programs may require applicants to sit for an interview as part of the application process. The interview may be conducted in person, over the phone, or via video conference. It offers applicants an opportunity to discuss their qualifications, career aspirations, and fit for the program.
Prospective students are advised to carefully review the admission criteria and application requirements for each MBA program they are considering to ensure they meet all eligibility requirements and submit a strong application.
Top Online MBA in Entrepreneurship Programs
1. Citadel Military College of South Carolina
The Citadel’s online MBA with a concentration in entrepreneurship is tailored for working professionals and active-duty service members. The specialized coursework covers areas such as developing competitive marketing strategies, identifying venture opportunities, and initiating new ventures.
Applicants are required to submit standardized test scores; however, those holding a master’s degree with a GPA of at least 3.0 can request a waiver for the GRE/GMAT requirement. In cases where applicants fall short of GPA or testing standards, provisional admission may be an option.
The Citadel Military College of South Carolina holds accreditation from the Southern Association of Colleges and Schools Commission on Colleges, and its MBA program is accredited by the Association to Advance Collegiate Schools of Business.
2. Central Michigan University
Central Michigan University, located in Mount Pleasant, offers a fully online MBA program specializing in entrepreneurship. This comprises 36 credits and covers nine core courses and three concentration classes. Within the entrepreneurship concentration, students have the opportunity to select from various courses, such as venture capital, crowdfunding, and technology for entrepreneurs.
Prospective must possess prior knowledge or experience in statistics, economics, and accounting before enrolling in this online program. Applicants must hold a bachelor’s degree from an accredited institution with a minimum cumulative GPA of 2.7.
Central Michigan University is accredited by the Higher Learning Commission, and its MBA program holds accreditation from the Association to Advance Collegiate Schools of Business. The cost per credit hour is $662.
3. University of Illinois at Urbana-Champaign
The University of Illinois at Urbana-Champaign offers a fully online MBA program tailored for working professionals seeking flexibility. The program offers a specialization in innovation: from creativity to entrepreneurship, aimed at cultivating an entrepreneurial mindset. Coursework includes subjects like strategic innovation and fostering creative thinking, and students complete a capstone project before graduating.
Prospective students are required to submit an online application, alongside three letters of recommendation, a current resume, and official transcripts. GRE or GMAT scores are optional for admission. The University of Illinois at Urbana-Champaign holds accreditation from the Higher Learning Commission. The cost per credit is $302.
4. Babson College
Babson College, situated in Babson Park, Massachusetts, offers an online MBA program specializing in entrepreneurship. Tailored for working professionals, this program allows students to complete coursework asynchronously, providing flexibility to accommodate individual schedules. With this approach, students can finish the degree in 18 months.
Prospective applicants are required to complete an online application and provide academic transcripts, professional recommendations, and a current resume. Babson College holds accreditation from the New England Commission on Higher Education. The cost per credit is $1,990.
5. Pennsylvania State University
Penn State’s World Campus offers a wide range of online degrees, including an MBA program focusing on corporate innovation and entrepreneurship. Alongside core MBA courses totaling 39 credits, students explore topics such as business modeling, emerging trends, and corporate innovation strategies.
Applicants must have a bachelor’s degree from a regionally accredited institution. While specific prerequisite courses are not mandatory, a background in subjects like accounting, economics, and statistics is recommended to strengthen the application. Before starting their studies, new students participate in a residency experience to familiarize themselves with the program.
Pennsylvania State University holds accreditation from the Middle States Commission on Higher Education. The cost per credit for the program is $1,236.
6. University of Massachusetts – Amherst
The Isenberg School of Management at UMass Amherst offers a flexible online MBA program specializing in entrepreneurship. Designed to match the rigor of its on-campus counterpart, this MBA is particularly suitable for professionals seeking career advancement and increased earning potential. Students typically complete the program in two years, combining core coursework with classes focusing on entrepreneurship, such as product marketing fundamentals and strategic technological innovation management.
Applicants are required to have a minimum of three years of professional experience after earning their bachelor’s degree. Exceptional students may qualify for a GRE/GMAT waiver based on their academic and professional background.
UMass Amherst holds accreditation from the New England Commission on Higher Education. The cost per credit is $2,081 for in-state students and $4,043 for out-of-state students.
7. University of North Carolina at Chapel Hill
The University of North Carolina at Chapel Hill, a leading public institution in the state, provides an entirely online MBA program with a specialization in entrepreneurship. Students enrolled in this program engage in core business curriculum alongside courses focused on entrepreneurship, covering areas like business strategy, innovation management, and introduction to entrepreneurship.
To apply for this adaptable online MBA, candidates need to complete an online application and possess a minimum of two years of relevant business experience. Applicants with less than five years of professional experience are additionally required to submit GRE or GMAT scores.
UNC-Chapel Hill is accredited by the Southern Association of Colleges and Schools Commission on Colleges and the Association to Advance Collegiate Schools of Business. The cost per credit for this program is $2,025.63.
8. Johns Hopkins University
Johns Hopkins University offers a flexible online MBA with a concentration in entrepreneurship that typically takes students three years to complete. In addition to online coursework, degree-seekers must take three courses that include multi-day onsite components. While pursuing their degree, students complete core classes alongside concentration coursework that covers topics such as entrepreneurial finance, entrepreneurial ventures, and new product development.
Prospective students must have at least two years of post-bachelor’s work experience and provide GMAT or GRE scores. Johns Hopkins University is accredited by the Middle States Commission on Higher Education. Association to Advance Collegiate Schools of Business. The cost of credit is $1,650
9. Ohio University
Ohio University located in Athens was, founded in 1804. It offers a fully online MBA program with a specialization in business venturing and entrepreneurship. Completing this program typically takes two years, with students engaging in concentration coursework that covers topics such as new venture creation, innovation management, and concept development.
To apply for this program, interested individuals need to submit an online application along with official transcripts, two letters of recommendation, and a current resume. While standardized test scores are not required, applicants should have a minimum of two years of professional experience.
Ohio University holds accreditation from the Higher Learning Commission, and its MBA program is accredited by the Association to Advance Collegiate Schools of Business. The cost per credit for this program is $1,028 for in-state students and $1,047 for out-of-state students.
10. University of Arizona
The Eller College of Management at the University of Arizona offers a flexible MBA program with a specialization in entrepreneurship that can be completed entirely online within 14 months. This program comprises 28 core credits and 17 elective credits, allowing students to study asynchronously. Coursework includes topics such as customer-focused entrepreneurship, leading for innovation, and global social entrepreneurship.
In addition to the standard application requirements, prospective students are required to submit a comprehensive essay outlining their career goals and their interest in pursuing the University of Arizona’s online MBA program.
The University of Arizona is accredited by the Higher Learning Commission, and its MBA program is accredited by the Association to Advance Collegiate Schools of Business. The cost per credit for this program is $1,145 per unit.
Frequently Asked Questions About Best Online MBA in Entrepreneurship Programs
What Can I Do With an Online MBA in Entrepreneurship?
An Online MBA in Entrepreneurship is designed to equip you with the knowledge and skills to excel in the world of entrepreneurship. The program combines core business fundamentals like accounting, finance, and marketing with a strong focus on launching and managing new ventures. You will learn about essential aspects of starting a business, from crafting a business plan and securing funding to developing marketing strategies and managing day-to-day operations.
An Online MBA in Entrepreneurship opens doors to a wide range of careers, from entrepreneur and business consultant to product manager and venture capitalist. The program also prepares you to pursue unconventional paths like becoming a freelancer, social entrepreneur, or angel investor. With this versatile degree, you will gain the skills and knowledge to create a successful career that aligns with your passions and goals.
How Do I Choose The Best Online MBA in Entrepreneurship Program?
Choosing the right Online MBA in Entrepreneurship program requires careful consideration of several factors to ensure it aligns with your academic goals and career aspirations. Here are some factors that you should consider very seriously when choosing the best MBA program in Entrepreneurship:-
1. Accreditation
Accreditation is important for ensuring the program meets rigorous academic standards and is recognized by potential employers. Look for programs accredited by reputable organizations like the Accreditation Council for Business Schools and Programs (ACBSP), the Association to Advance Collegiate Schools of Business (AACSB), or the International Accreditation Council for Business Education (IACBE).
2. Curriculum and Specializations
Evaluate the program curriculum to see if it covers the core business fundamentals and essential entrepreneurial topics you find valuable. Does it offer specializations that align with your interests, such as social entrepreneurship, tech startups, or family-owned businesses?
3. Faculty Expertise
Research the faculty’s background and experience. Are they entrepreneurs themselves or possess strong academic credentials in entrepreneurship? Look for faculty actively engaged in the entrepreneurial ecosystem and well-positioned to guide you.
4. Program Format and Flexibility
Consider the program format (part-time, full-time) that best suits your schedule and learning style. Explore the online delivery methods (video lectures, discussions, etc.) to ensure they align with your preferences.
5. Cost and Financial Aid
Online MBA programs can vary significantly in cost. Research tuition fees, additional expenses, and scholarship or financial aid opportunities to make an informed financial decision.
6. Program Rankings: Review online MBA in Entrepreneurship program rankings published by reputable sources like U.S. News & World Report or The Princeton Review. Keep in mind that rankings are one factor among many to consider.
How Lucrative is an Online MBA in Entrepreneurship?
Financially, the path you choose determines the outcome. The median annual wage for business and financial operations in the US is $68,350 (BLS, 2018) with experienced product managers making over $100,000 (Glassdoor).
What are the highest-paying jobs I can get with an MBA in Entrepreneurship?
Here are some of the highest-paying jobs you can take up as an MBA in Entrepreneurship holder:-
1. Venture Capitalist: $154,000 (median)
VCs invest in promising startups, providing them with funding and guidance. They analyze businesses, identify high-growth potential, and manage investment portfolios. This role requires strong financial acumen, business judgment, and the ability to spot promising ventures.
2. Chief Executive Officer (CEO): $208,000 (median)
The CEO is the top executive of a company, overseeing all operations and making strategic decisions. Entrepreneurial CEOs often leverage their startup expertise to lead established companies or their ventures. This role demands exceptional leadership, vision, and the ability to navigate complex business challenges.
3. Product Manager: $100,000
Product managers oversee the entire lifecycle of a product, from conception to launch and beyond. They conduct market research, develop product roadmaps, and ensure the product meets customer needs. An entrepreneurial mindset is valuable for identifying opportunities and bringing innovative products to market.
4. Investment Bankers $85,000
Investment bankers help companies raise capital through various methods like issuing stocks or bonds. Entrepreneurial skills are valuable for understanding startup needs and crafting creative financing solutions. With experience, investment bankers can progress to high-paying leadership positions.
5. Consultant
Consultants offer expert advice and guidance to businesses on various matters like strategy, operations, and growth. Entrepreneurship consultants leverage their knowledge to help startups navigate challenges and achieve success. Compensation can be lucrative, especially for experienced consultants with a strong track record.
Conclusion
An online MBA in Entrepreneurship empowers you to become an architect of your future. If you dream of launching your venture or bringing innovation to established companies, this degree will equip you with the knowledge and skills to thrive. By carefully considering factors like accreditation, program focus, and your career goals, you can choose the right online program to begin your career.