What You Should Know About This Degree
A master’s degree in entrepreneurship opens doors to a range of opportunities within existing companies and for individuals who want to start their own business. Entrepreneurship programs focus on leadership skills like managing human and financial capital; problem-solving skills, and risk management.
If you are planning on pursuing a master’s in entrepreneurship as a way to become a business owner, it’s important to consider the risks that are inherent to starting your own business. While a degree program will teach you skills and principles to help you navigate risks, you should consider if you have the right qualities for business ownership. These include a strong work ethic, the ability to manage people and make tough decisions, and a tolerance for uncertainty.
Your current educational background may inform the type of degree you seek. For example, MBA programs are designed for students who have an undergraduate degree in business, or extensive professional experience. Meanwhile, MS or MPS degrees are better suited for students of all educational backgrounds, as they typically include more foundational courses in their curriculums.
Because hands-on experience is valuable to entrepreneurs, many programs have in-person components like internships or residencies, even if all coursework can be completed online. Find out what, if any, in-person requirements a program has before enrolling, to confirm that you can accommodate them.
Here are some questions to ask when researching Online Master’s in Entrepreneurship programs:
- Do I have to take standardized tests for admission? Depending on the program, you may need to submit GMAT or GRE scores as part of their admissions applications. Taking these tests is an investment of time and money, so it’s important to factor this into your application preparations. You may also choose to seek out programs that don’t have these requirements, or waive them if you meet certain eligibility criteria.
- Does this program offer business development feedback? Many entrepreneurship programs offer students the opportunity to develop business plans and get expert feedback through labs, incubators or workshops. This type of experiential learning can be valuable, especially if you are planning on starting a business. Find out what kind of opportunities a program offers during your research phase.
Now is also the time to gather your application materials, speak to an admissions representative if you have any questions, and consider how you will fund your graduate education. If you are currently employed, find out if your employer offers tuition assistance benefits. Other options include student loans, scholarships, and assistantships.