By DeVry University
Have a great idea for a new business? You’re not alone. In fact, according to the U.S. Small Business Administration, over 900,000 new small businesses were founded between March 2019 and March 2020 alone.
However, running a successful business takes more than just a great idea. Whether you’re looking to start your own company or apply your skills toward a partner’s venture, it’s a good idea to take the time to develop some business acumen.
One way to do this is by earning an MBA in entrepreneurship. This focused Master of Business Administration degree is a great way to build on your business and leadership skills as you gain a solid understanding of the unique tasks and challenges that come with starting your own business.
Let’s take a look at 5 ways earning an MBA in entrepreneurship can help you.
1. Boost Your Skillset
Entrepreneurs wear many hats. Since many small businesses don’t have the budget to hire a staff right off the bat, entrepreneurs often have to serve as the accountant, business manager, marketer and salesperson all rolled into one. While some of these may be natural talents or learned on the job, many of the skills you’ll need can be also learned in an MBA in entrepreneurship program, where you’ll have the chance to develop a well-rounded skillset for each of these areas that can help you keep your business running smoothly.
2. Develop Leadership Skills
An MBA can help you build up leadership skills, which is useful whether you are managing employees or working with vendors. MBA’s are designed to help you learn how to work collaboratively and diplomatically, taking into account any variables or interpersonal dynamics that may crop up in day-to-day work. Leadership skills may encompass anything from conflict resolution, active listening, giving feedback and recognition to general people skills.
But people skills can be applied to more than just managing employees. Interpersonal communication is an important part of making inroads and developing relationships with others in your industry and may also help you expand your network.
3. Network with Like-Minded Professionals
As an MBA student, you’ll have the opportunity to network with your peers and professors both within and outside of your industry. You never know who might become your next business partner, investor, future colleague or confidant to bounce ideas off of or get support from while you’re growing your business.
4. Get Real-World Business Insights
An MBA can give you an in-depth understanding of how the business world is structured and how organizations of all sizes operate within it. It can teach you how to utilize software and other technology-based tools to compile data, run analytics and make informed decisions. It can also help you learn how to engage and communicate within a corporate setting, polish your presentation skills and sharpen your problem-solving abilities.
5. Learn to Avoid Common Business Mistakes
Of course, and MBA for entrepreneurs is not required to start your own business, but it can give you important insights to help you learn to avoid mistakes. As with any venture, there will be trial and error, but earning an MBA in Entrepreneurship can help you work through real-world examples prior to getting out in the field, allowing you to see what has worked for various small business and what doesn’t.
Earn an MBA with a Specialization in Entrepreneurship at DeVry
Our MBA program focuses on helping you build many of the skills you’ll need to evaluate various business situations, along with the tools and interpersonal skills you’ll need to take on a leadership role.
Combining our core MBA curriculum with coursework centered around the world of small business, our MBA with a Specialization in Entrepreneurship focuses on the new venture lifecycle. Over the course of this program you’ll learn how to conceptualize a new idea, create a business plan, market your business, manage various aspects of an organization and identify funding opportunities.
By working collaboratively with experienced faculty and peers, you’ll explore how to use various analytical tools and applications to collect and interpret data, analyze spending, and much more, helping you gain familiarity with tools that can help you as you start your business journey.
Kick-Start Your Entrepreneurship Journey
Earn your MBA from our Keller Graduate School of Management, 100% online. This flexibility lets you earn your degree on your schedule, allowing you to pursue your education in a way that fits your life. With 10 specialization options – including Entrepreneurship - you can tailor your experience around your personal interests and career goals. Classes start every 8 weeks.