What is a Master of Entrepreneurship?
A Master of Entrepreneurship is a fairly new degree that teaches leadership and management skills that are applicable in the world of business. Even when working for yourself you must have impeccable management skills that allow you delegate responsibilities and make wise judgments when it comes to hiring employees. A Master of Entrepreneurship imparts you these skills. If you have a bachelor’s degree and want to build your own business, but lack the business 101 skills to take you to the next level, a Master of Entrepreneurship may be for you. You may also have years of experience in an industry and want to go out on your own, but aren’t sure where to start. A Master of Entrepreneurship will give you the knowledge of how to start a business and build it into a successful company.
A Master of Entrepreneurship is essential for those who are having trouble networking or do not know how to get their name out there. This is an important quality to have as an entrepreneur. Public speaking courses will help you learn how to work a crowd and approach people. There are also opportunities to network within your classes and with professors. Once you become comfortable networking with people you know, you will find it easy to go out to industry events and chat with people who can help your business grow.
There is no set type of bachelor’s degree a person must have to enter a Master of Entrepreneurship program. You must have an undergrad degree, but people with background in math or writing will absorb just as much when attending Master of Entrepreneurship program courses. It is all about creating that spark in your business that will help elevate it in the public eye. You will learn marketing strategies and how to operate a business efficiently.
A Master of Business Administration is similar to a Master of Entrepreneurship, but in the latter you are focusing on your own company or product. In the former you’re learning how to work as a component of an already existing company. While MBAs can also found businesses, their degree isn’t as focused on that outcome as a Master of Entrepreneurship, which teaches students to start and run a business from the ground up. An entrepreneur must be comfortable with setbacks and able to see the big picture, even when times are tough. The people you meet in these courses will help you learn the ropes of being a business owner and allow you to have like-minded people to discuss business hardships with.
Entrepreneurs are vital to the economy because as they succeed, they are able to employ local people. This enriches the economy of a community and allows money to feed back into the community, relying less and less on big businesses. Entrepreneurs are on the rise after years of decline. Entrepreneurs are now becoming more common as people want to rely on themselves versus being employed by a large corporation that do not offer job security in a down market.
What Can I do with a Master of Entrepreneurship?
With a Master of Entrepreneurship, you’re learning how to make your own opportunities and take your company to new heights. There’s no one job a Master of Entrepreneurship qualifies you for. It’s all about learning management and networking techniques to apply to your own business. Should your entrepreneurial ventures not pan out, a Master of Entrepreneurship is still a master’s degree that should prove to be useful in any business setting.
There is no guaranteed salary for an entrepreneur, because you might be starting a business in any field, and it can take years to make a company profitable. Expect to make a limited salary in the first years of your startup business. Some may build their business quickly and make a nice salary to go along with it. In the first 2-5 years of a business, you are looking to break even and take home a limited salary. After building your business and learning the kinks of running a company, you will most likely increase your salary. This may continue to increase every year, depending on what industry you’re in. Like other businesses, your company’s success may go up and down depending on the economy. Some businesses will heavily rely on the success of others such as contractors who need people with the ability to purchase and buy homes in order to stay in business.
Courses Offered in Master of Entrepreneurship Programs
Learning to be an entrepreneur involves delving into every aspect of running a business, from finance and accounting to contracts, law, supply chain management, and myriad other responsibilities. The courses you’ll take in a Master of Entrepreneurship program will have to simultaneously cover a broad range of material, and dig deeply into them, because the slightest slipup on a tax form, small business license application, or other crucial form can mean death for a fledgling company. Some of the courses you might take while studying entrepreneurship include:
- Globalization and Emerging Markets: The developing world includes some of the biggest and fastest growing economies on Earth, and savvy entrepreneurs are looking for every possible way to get in on the action. Learning how to start a business that can take a bite out of explosive growth in the Chinese and Indian economies and other emerging markets is a good investment of time.
- Entrepreneurial Finance: This course covers how to make wise investments and spending decisions with their seed capital. The way a company spends its money early on has ripple effects for the company’s success in later years. Getting into good financial habits, as a company, is crucial.
- Launching Technology Ventures: No startup can get away from the internet. Even if the product or service being sold is not particularly web dependent, all manner of communication and marketing activities will be inextricably bound to the internet, and learning how to maximize the potential of this channel is absolutely necessary.
- Legal Aspects of Management: There are many legalities involved in operating a new business, and they only multiply as a company grows, especially if it is successful. Learning to navigate the laws of business, understand terminology, and retain high quality lawyers are basic needs for a budding entrepreneur.
Getting Started in Entrepreneurship
While you don’t need a degree to start a business, getting one can sure boost your odds of success. There are legal and financial issues you probably won’t even think of if someone hasn’t mentioned them to you, and being in class with experienced professors and like-minded students is a great way to find out things you didn’t even know you needed. Finding a high caliber program is especially important when you’re considering business school, and doing research into every school you consider is a must. Looking at school rankings can be a part of this research, but looking deeper into certain metrics, such as graduation rate and post-grad employment rate, at different institutions, can give you an idea of how successful a school’s business students are after graduating. Getting in touch with the schools and hearing them pitch their own programs can also be helpful. If you want to learn more about a few top accredited online entrepreneurship programs, explore the links below, which will help you get in touch with these schools.