Pursuing a distance degree like the Online MBA is a solid choice for tomorrow’s leaders planning to work for a large organization, the manager of a small nonprofit, or entrepreneurs starting out on their own venture. Master’s of Business Administration degrees have stood at the pinnacle of business leadership training for decades. The online version of this high-quality and highly sought-after degree exists as a mainstay in robust business management training. It is uniquely situated to be a great fit for busy entrepreneurs who need to wear a lot of hats and work hard to get their dream off the ground. This makes the Top Affordable Entrepreneurship Online MBA Program Ranking a must see for today’s dreamers, hustlers, risk-takers, and business builders.
Most Affordable Entrepreneurship Online MBA Programs in the Nation
Entrepreneurs can gain much from this degree as it focuses on many business areas. While a narrow idea of what an entrepreneur does may only include developing a product or service that can make money, innovative thinking is needed everywhere in business. Entrepreneurs may start their own company or find a place of leadership in an existing organization. With these factors, and many more in mind, here is a comprehensive ranking of the nation’s top twenty-five affordable Entrepreneurship Online MBA programs.
To find the most affordable Entrepreneurship Online MBA programs, the top online MBA programs listed by Online MBA, MBA, and university rankings systems was where we started. This list of top MBAs was then ranked based upon each program’s base tuition rate, which was collected from each MBA’s website. The final benchmark was to identify which affordable Online MBA programs focused on the role of an entrepreneur. Each MBA in this list is coupled with an Online MBA Coach Score. This score is based on the MBA tuition and shows each program’s affordability in relation to the others on this list.
1 | Fayetteville State University
Broadwell College of Business and Economics
The nation’s best affordable entrepreneurship online MBA is available at the Broadwell College of Business and Economics at Fayetteville State University. This stellar degree’s core curriculum includes twenty-seven credit hours, followed by nine-to-twelve elective credit hours, which can lead to the acquisition of a specialization in one of eleven business areas. [email protected] concentrations and specializations are created in line with the requirements of the industries for working professionals in different fields. The business school offers more information to program researchers on how they can benefit from each emphasis, depending on specific career goals. Broadwell’s online MBA in Entrepreneurship is designed to give distance learners the chance to develop innovative business solutions and plans while equipping them with the tools to do so within their current business ventures. FSU’s online MBA program requires students to complete thirty-nine credit hours. Courses include New Ventures and Entrepreneurship, Management of Technology, and Entrepreneurial Finance. This affordable entrepreneurship online MBA has what it takes.
OMBA Coach Score: 100.00
2 | Prairie View A&M University
College of Business
Prairie View A&M University’s College of Business features an affordable entrepreneurship online MBA. PVAMU’s Master of Business Administration is designed to provide the skills and knowledge needed to succeed in profit and not-for-profit enterprises. The online degree integrates various business disciplines to give graduate students the high-quality educational experience to assume a leadership role as managers or entrepreneurs. The prestigious AACSB-International accredits this MBA program students can pursue as online or evening programs. The flexibility of this degree means that students can choose the evening MBA with courses offered in Houston at the university’s Northwest Houston Center or pursue the 100% online format. With the needs of today’s graduate students in mind, this program is affordable. PVAMU’s online MBA has been consistently ranked as an affordable program among AACSB accredited degrees for over five years. All MBA students must complete thirty-six graduate credit hours of course work. This entrepreneurship-focused online MBA puts the knowledge and skills MBA students gain into practice.
OMBA Coach Score: 98.61
3 | Southern Arkansas University
David F. Rankin College of Business
Southern Arkansas University’s David F. Rankin College of Business features an affordable entrepreneurship online MBA. The program’s business emphasis curriculum includes graduate-level courses in management information systems, accounting, economics, strategic management, finance, marketing, organizational theory, and quantitative analysis. Additionally, critical perspectives are emphasized within the program. Components of this include written and verbal communication skills and ethical, global, environmental, political, social, legal, and regulatory issues. Enrolled students can also expect to grow in technology and demographic diversity. The business school’s Social Entrepreneurship emphasis is a 36-hour program that provides graduates the skills and knowledge to support and implement business-led initiatives to achieve social goals. MBA students can complete their programs as a traditional night program, through 100% online delivery or a mixture of the two. This excellent online MBA in entrepreneurship is as affordable as high quality.
OMBA Coach Score: 98.01
4 | Southeastern Oklahoma State University
John Massey School of Business
An affordable entrepreneurship online MBA is available at the John Massey School of Business at Southeastern Oklahoma State University. Program designers have constructed a degree that prepares distance learners to build their businesses from the ground up and lead with confidence. The entirely online MBA in Entrepreneurship degree at Southeastern Oklahoma State University features marketing, financing, new ventures, and product development courses. Enrolled students learn the ins and outs of developing a successful business plan, creating a mission and vision, and how to handle exit strategies. Core coursework within the MBA includes research, accounting, economics, data analysis, and behavioral management to give business leaders a foundation for success in all business pursuits. Business school leaders believe there has never been a better time for graduate students to begin their Master of Business Administration. John Massey School of Business leaders offer the convenience of an accelerated application-to-start calendar. Applicants don’t have to apply months before they want to start their high-quality online MBA in entrepreneurship.
OMBA Coach Score: 96.28
5 | Louisiana State University Shreveport
College of Business
The College of Business at Louisiana State University Shreveport offers an affordable entrepreneurship online MBA. This stellar online MBA in Entrepreneurship and Family Enterprise is one of LSU Shreveport’s best offerings. The program teaches distance learners the skills, knowledge, and capabilities needed to recognize and influence market opportunities, acquire and bundle essential resources, assess financial feasibility, design effective business models, build a professional support team, and successfully launch a new venture. Graduate students also learn to develop and maintain enduring customer relationships and manage growth. This online MBA prepares graduates for roles in various industries, like Operations Manager, Business Owner/CEO, Director of Innovation, Franchise Owner, or Business Development Manager. LSU Shreveport’s online MBA in Entrepreneurship and Family Enterprise includes thirty credit hours divided between seven core courses (twenty-one credit hours) and the completion of nine concentration credits contained within three courses. This remarkable entrepreneurship-focused online MBA is a top-five best value.
OMBA Coach Score: 95.90
6 | University of Louisiana at Lafayette
B. I. Moody, III School of Business Administration
An affordable entrepreneurship online MBA is available at the University of Louisiana at Lafayette’s B. I. Moody, III School of Business Administration. Distance learners looking for a recognized and well-accredited online Master of Business Administration degree program can find it at the University of Louisiana at Lafayette. The business school’s accelerated, 100% online MBA was designed with active working professionals in mind. Enrolled students gain the advanced business skills they need through eight relevant online MBA degree concentrations or the university’s MBA in Healthcare Administration online program. Highlights of this stellar degree include a 100% online format, accelerated eight-week courses, and an affordable package price. Enrolled students can satisfy all degree requirements in as few as 15 months. Each August, October, January, March, and June, enrollment takes place. Distance learners also enjoy access to the business school’s Online Student Resources, UL Lafayette’s Online Student Orientation, and the Academic Success Hub online community. This affordable online MBA is an excellent choice for entrepreneurs.
OMBA Coach Score: 95.55
7 | University of Nevada, Las Vegas
Lee Business School
An affordable entrepreneurship online MBA is offered at the Lee Business School at the University of Nevada, Las Vegas. This MBA program provides students with the skills and knowledge needed to succeed in the fast-paced, constantly evolving business world through dynamic and innovative programs and courses. Lee Business School’s part-time MBA program is designed to offer a breadth of business and management skills, knowledge, and tools that equip tomorrow’s business leaders to develop as visionaries and creative leaders. MBA students can specialize in an in-depth focus on relevant issues through dual degree programs. This online MBA’s New Venture Management emphasis provides the skills, concepts, and professional network needed to develop new products and services successfully. MBA students can masterfully analyze business opportunities and communicate them as compelling business descriptions to customers, investors, or business partners. Program instructors at UNLV take pride in being distance learners’ partners in building successful careers.
OMBA Coach Score: 95.51
8 | William Paterson University
Christos M. Cotsakos College of Business
An affordable entrepreneurship online MBA is currently available at the Christos M. Cotsakos College of Business at William Paterson University. Enrolled students can pursue pathways to distinctive leadership roles with an entirely online business degree from William Paterson University. Through impeccable online coursework from the AACSB-accredited Cotsakos College of Business, distance learners develop the essential knowledge and relevant skill sets to advance in an increasingly competitive and diverse global business environment. Graduate students can shape their studies to meet personal goals and career aspirations with multiple degree options. The curriculum allows students to develop their essential skills as strategic thinkers and problem-solvers while preparing them for entrepreneurial roles in today’s global marketplace. This online MBA deepens one’s practical understanding of various business functions within any industry. By focusing on all areas of finance, management, marketing, and other disciplines, online MBA students acquire the tools they need to serve as business development catalysts. This top-tier online MBA program in entrepreneurship is worth a second look.
OMBA Coach Score: 93.96
9 | University of Central Oklahoma
College of Business
The College of Business at the University of Central Oklahoma provides an affordable entrepreneurship online MBA. This program is ideal for professionals who have reached a certain point in their professional journey. If management or a leadership role is within their grasp, but their work requires them to strengthen skills in teamwork, decision-making, and strategy, they will want to consider this MBA. UCO’s online program presents an excellent combination of knowledge and skills for taking the next step. The AACSB accredits the College of Business. This Professional MBA program lets distance learners take courses around their schedule, ensuring they don’t have to take a break from their careers. Getting MBAs to the next step is curriculum-based in practical applications of management theories. Core courses and electives let graduate students develop a specialization that will cultivate the leadership skills needed for standing out and supporting one’s potential. This business degree has a lot to offer.
OMBA Coach Score: 92.59
10 | Oklahoma State University
Spears School of Business
Oklahoma State University’s Spears School of Business provides an affordable entrepreneurship online MBA. Whether starting a company, working as executives in an existing firm, or managing a family business, entrepreneurial skills are essential to analyzing and evaluating the factors that make an undertaking a success. This program’s top-notch curriculum integrates all business areas, including accounting, marketing, finance, business analytics, and entrepreneurship, to equip students with well-rounded business skills and entrepreneurship-related preparation and training. Requirements of this degree include thirty-three credit hours for online students and thirty-six credit hours for on-campus full-time students. Specialization courses in Entrepreneurship include Ideation, Creativity & Innovation, Venture Capital, and Launching a Business The First 100 Days. The capstone experience that concludes the program is called CIE Scholar. The program’s Super Core courses include Organizational Behavior & Leadership, Descriptive Analytics, Ethics/ Social Responsibility, and Project Management. This affordable online MBA in entrepreneurship at Spears is the right program for today’s remote learners.
OMBA Coach Score: 92.17
11 | University of West Florida
College of Business
The College of Business at the University of West Florida provides an affordable entrepreneurship online MBA. UWF’s online MBA specializing in Entrepreneurship gives enrolled students the practical knowledge and skills they need to create and manage an enterprise from initial planning to rollout. MBA students build a comprehensive Portfolio as they learn to integrate the principles of finance, organization management, marketing, and other business management functions from the unique perspective of the CEO. In addition to a relevant understanding of organizational behavior, market dynamics, and enterprise strategy, distance learners learn how to develop mutually beneficial relationships with employees, shareholders, and customers. Gains from this program include analyzing critical elements of complex business problems to identify the problem and come up with appropriate alternatives and sound recommendations. MBA students also understand an organization and its related industry from economic, financial, marketing, supply chain, information systems, and strategic perspectives. Working professionals will thrive within this program.
OMBA Coach Score: 91.56
12 | University of Texas Rio Grande Valley
Robert C. Vackar College of Business and Entrepreneurship
The Robert C. Vackar College of Business and Entrepreneurship at the University of Texas Rio Grande Valley currently features an affordable entrepreneurship online MBA. This program’s accelerated online delivery includes seven-week modules where courses are featured online on a rotating basis. All classes are accredited by Quality Matters which ensures the highest quality in online education and technologies. The online business program consists of thirty-six credit hours offered through distance learning. Graduate students can register for one or two courses within each seven-week module. They can jump into the program during six start dates each calendar year, as listed in the Graduate College Calendar. The business school’s Entrepreneurship Specialization courses include Entrepreneurship, Entrepreneurial Marketing Fundamentals, and Entrepreneurial Law. It is easy to see why this online MBA in entrepreneurship at the University of Texas Rio Grande Valley is one of the best at equipping distance learners for successful careers as business leaders.
OMBA Coach Score: 90.94
13 | Campbellsville University
School of Business, Economics, and Technology
Campbellsville University’s School of Business, Economics, and Technology provides an affordable entrepreneurship online MBA. Enrolled students have the chance to funnel their passion for growing businesses into this degree in Entrepreneurial Leadership from Campbellsville University. The specialization program, designed and built by entrepreneurs with experience in pursuing various business ventures, will prepare distance learners to lead teams, collaborate with employees in developing solutions, identify risks, and take advantage of opportunities. The Entrepreneurial Leadership emphasis is structured to equip MBAs with the leadership skills to push business to the next level. The program’s curriculum prompts business students to develop solution-based approaches to developing business. As a result, distance learners refine their abilities to locate potential opportunities and lead projects through the execution process. The core MBA courses prepare students for critical management, entrepreneurial, and leadership skills. Since the program is entirely online, graduate students maintain the flexibility to keep up with professional and life commitments.
OMBA Coach Score: 89.89
14 | University of North Carolina Wilmington
Cameron School of Business
The Cameron School of Business at the University of North Carolina Wilmington provides an affordable entrepreneurship online MBA. This program allows business leaders to combine their passion for innovation with a reliable understanding of business and give their entrepreneurial ideas the best opportunities for success. The MBA with an emphasis in Entrepreneurship and Business Development is a 100% online program that offers distance learners the foundation to achieve their full potential. This Entrepreneurship and Business Development program from North Carolina Wilmington enriches graduate students’ entrepreneurial spirit and positions them for success with a relevant business understanding. Graduate students get the chance to turn their conceptual ideas into viable businesses. Program designers understand that the primary reason startups fail is not due to ideas lacking relevance; it is from a lack of solid business and commercialization plans that guide it from design concept into engineering, marketing, and distribution. This stellar online degree in entrepreneurship addresses this need and so much more.
OMBA Coach Score: 89.72
15 | University of Massachusetts Lowell
Robert J. Manning School of Business
The University of Massachusetts Lowell’s Robert J. Manning School of Business features an affordable entrepreneurship online MBA. UMass Lowell enjoys a long history in business education, preparing graduate students for current and emerging economic leadership positions. Since the business school’s first managers were trained to lead the industrial revolution of the 1800s, close ties to industry have developed. These real-world connections infuse today’s MBA curriculum while offering distance learners many internship experiences and relationships with future employers. Today, UMass Lowell MBA grads lead organizations in the defense, financial, life sciences, high technology sectors, etc. They have also initiated numerous new business ventures. UMass Lowell is a respected innovation hub hosting startup business incubators. The university’s business school partners with the UMass Medical School and the Francis College of Engineering to bring new medical products to market. UMass Lowell hosts one of the world’s most respected entrepreneurial conferences in higher education. Designed to coordinate with working professionals’ goals, this excellent online MBA has it all.
OMBA Coach Score: 88.04
16 | Utica University
School of Business and Justice Studies
Utica University’s School of Business and Justice Studies provides an affordable entrepreneurship online MBA. Enrolled students within this program learn what it takes to launch a business or product with Utica’s online Master of Business Administration in Entrepreneurship. This program is the perfect fit for early- to mid-career professionals motivated to bring a business idea into reality. Distance learners are introduced to the fundamental concepts supporting modern business models. They also examine the critical components needed for launching and developing a new business venture like audience and market analysis, prototype development, diverse revenue streams, and user engagement and experience. Utica University’s online Entrepreneurship focused MBA program stands on a foundation of cutting-edge business knowledge. It is designed to give business leaders the skills they need to excel in small business. Through ten business foundation courses and twelve credits of graduate-level electives in entrepreneurship, MBAs graduate ready to start their venture or help other organizations succeed.
OMBA Coach Score: 86.56
17 | University of Illinois at Urbana-Champaign
Gies College of Business
An affordable entrepreneurship online MBA is delivered at the University of Illinois at Urbana-Champaign’s Gies College of Business. This excellent MBA benefits from the resources of the University of Illinois at Urbana-Champaign. The comprehensive university with top-rated programs in technology and engineering is also a trailblazer in business. When graduate students enroll in this program, they join an MBA class of outstanding faculty and students and a university alumni network in the hundreds of thousands. There are early 60,000 from Gies Business alone. MBA leaders possess a passion for removing obstacles in the way of talented professionals getting an education and getting ahead. In the tradition of noteworthy public universities, Gies leaders are providing an opportunity for access to a stellar education for those who have the talent and the drive. This entrepreneurship program brings together a diverse global team of people to create rich learning experiences. The University of Illinois at Urbana-Champaign has knocked it out of the park with this affordable business degree.
OMBA Coach Score: 84.33
18 | Cedarville University
School of Business Administration
Cedarville University’s School of Business Administration provides an affordable entrepreneurship online MBA. This stellar degree is supported by a Biblical worldview and practical application opportunities in each course. All courses within the online MBA in entrepreneurship are offered in a convenient online format, allowing graduate students to study from anywhere. Flexibility is the name of the game as students enjoy seven-week terms providing convenience for working professionals. Part-time and full-time options are also available for students with other life demands. Interactive course websites are optimized for multiple delivery options, including tablets, smartphones, and computers. The business school boasts attractive tuition with available financial aid for qualifying MBA students. Dedicated program advisers ensure support while MBAs pursue their degrees while maintaining other commitments. The program’s cohort-based approach builds community and develops a network for Christian business professionals. This affordable online program in entrepreneurship is an excellent choice.
OMBA Coach Score: 84.01
19 | Western Carolina University
College of Business
An affordable entrepreneurship online MBA is currently available at the College of Business at Western Carolina University. This MBA curriculum was designed in a partnership with employers in western North Carolina, recent MBA graduates, and WCU College of Business faculty. Graduates exit this online program, “Business Ready,” to meet the employment needs of the regional business community and aspiring graduates. All courses are led by academically qualified doctoral faculty, and the program emphasizes participative engagement with local businesses through internships, tours, and guest speakers. These components add highly valued networking opportunities to a business student’s classroom experience. MBA classes are available online and in the evenings in Asheville to meet the needs of full-time enrollment and working professionals needing to attend part-time. Each class combines the distance learning environment with on-campus class sessions to maximize flexibility. Most part-time students attend classes one night each week, twice a month. This is an optimal online MBA for business leaders.
OMBA Coach Score: 83.56
20 | Salve Regina University
Department of Business Studies and Economics
Salve Regina University’s Department of Business Studies and Economics features an affordable entrepreneurship online MBA. This high-quality online Master of Business Administration can be completed through distance learning in eighteen to twenty-four months and is IACBE accredited. With rolling application deadlines, graduate students can begin coursework on their schedule at different points in the year. Accounting, economics, and qualitative analysis prerequisites poise prospective students for success by guaranteeing a foundational knowledge of business skills. Business school leaders develop exceptional and discerning executives under the tutelage of instructors who collectively bring years of research and industry experience to their positions. Distance learners are empowered to become business leaders prepared for a tough economy that brings sustainability, globalization, and cybersecurity to the forefront. Through analytical skills and attention to social purpose, graduates of this online MBA in entrepreneurship are poised for career success that furthers Salve Regina’s greater mission to foster a just, harmonious, and merciful world.
OMBA Coach Score: 83.14
21 (Tied) | Saint Mary’s University of Minnesota
School of Business and Technology
Saint Mary’s University of Minnesota’s School of Business and Technology provides an affordable entrepreneurship online MBA. Graduate students enrolled at Saint Mary’s graduate faster and can be more competitive in the workforce. Distance learners can complete this online program in as little as one year part-time and a year and a half if working through content full-time. Additionally, students can add a twelve or fifteen credit certificate and waive two courses to create a personalized MBA experience for thirty-six credits. In economic environments of rapid change and volatility, innovation is a model for effective business evolution that meets market demands. An entrepreneur’s work is to develop new products, design solutions to urgent issues, and pivot existing business models to counteract emerging needs. The business school’s certificate in innovation and entrepreneurship provides a tangible and evidence-based approach to identifying needs, moving from an idea to execution, and creating a structure for continual business growth. This program is excellent.
OMBA Coach Score: 82.99
21 (Tied) | Wright State University
Raj Soin College of Business
An affordable entrepreneurship online MBA is featured at the Raj Soin College of Business at Wright State University. All core courses are offered online each term, while at least three specialization courses are offered online each semester. Graduate students can complete the Master of Business Administration (MBA) program online in the same amount of time on-campus students take. Wright State features one of the region’s few AACSB-accredited MBA programs with concentrations available 100% online. Some of the business school’s concentrations are available only in the on-campus format. All online courses are delivered by the same award-winning instructors who teach the Raj Soin College of Business classes. Distance learners have the same access to state-of-the-art hardware, software, and support infrastructure to help them make the most of their online courses. Distance learning allows graduate students the flexibility to take their MBA coursework in any location they choose. This entrepreneurship-focused degree is the perfect choice for tomorrow’s business leader.
OMBA Coach Score: 82.99
23 | Central Michigan University
College of Business Administration
An affordable entrepreneurship online MBA is delivered at the College of Business Administration at Central Michigan University. Program designers understand that the business world is constantly adapting and changing. As a result, it’s more complex than ever. Since the global economy has added entirely new levels of competition, business leaders need to understand not just their organizations but everything they touch to be successful. Enrolled students of this stellar program learn how industry trends, economic forces, and emerging technologies impact your organizations and how they can respond proactively. CMU’s online Master of Business Administration equips distance learners in many ways. Whether full-time students or working professionals, MBAs can earn this valuable degree on their schedule. By the time they graduate, enrolled students have advanced entrepreneurship, management, accounting, finance, and marketing skills. The entrepreneurship concentration is one of eleven specialties featured within the business school that tailors the degree to meet working professionals’ needs and interests. Graduates of this program will bring value to their organizations.
OMBA Coach Score: 80.97
24 | Saginaw Valley State University
Scott L. Carmona College of Business
Saginaw Valley State University’s Scott L. Carmona College of Business provides an affordable entrepreneurship online MBA. All students enrolled in this excellent program with a concentration in entrepreneurship take courses like Entrepreneurship and New Venture Creation and From Invention to the Market as well one of the following courses: Financial Entrepreneurship or Research Project on an Invention. Distance learners also can submit their business plans to compete for evaluation. This online MBA program at SVSU instills in its students knowledge of business methodologies, critical thinking and creativity, communication and leadership, and analysis of data that supports business management. The distance degree consists of thirty-one core credits and three graduate-level elective courses. Program candidates lacking the required undergraduate course preparation must satisfy additional foundational requirements. Program acceptance is competitive. All applicants must have a bachelor’s degree from an accredited college or university. This affordable program in entrepreneurship offers a lot for distance learners.
OMBA Coach Score: 78.66
25 | Azusa Pacific University
School of Business and Management
An affordable entrepreneurship online MBA is available at the School of Business and Management at Azusa Pacific University. From the feasibility-and-evaluation process through ideas and inspiration, this specialization provides a framework for practical business knowledge and tactics and translating entrepreneurial vision into successful business strategies and thriving entrepreneurial endeavors. This stellar online MBA utilizes new venture simulations, personal assessment and involvement exercises, team activities, and case studies to provide knowledge and expertise as distance learners analyze factors affecting consumer decisions in the marketplace. The curriculum also includes behavioral and social science concepts and study methods firms use to negotiate, market, and communicate with customers and prospects. This online MBA’s dynamic format offers graduate students the flexibility to take courses whenever and wherever is most convenient. Learners benefit from courses designed to maximize interaction with other students and instructors, creating a robust learning environment. This affordable entrepreneurship MBA at Azusa Pacific University cannot be beaten.
OMBA Coach Score: 78.64
Successful business leaders know that it takes more than a good idea to kick-start and grow an organization. Whether it’s a brick-and-mortar enterprise, a social endeavor, or a scalable startup, the key to success is the skillful execution of an idea. Pursuing an Entrepreneurship Online MBA is one of the best ways to learn the skillset needed to turn a passion and purpose into tangible business success. It is essential to understand the benefits of an online MBA and how those features can help business professionals achieve their goals.
Entrepreneurs and the Online MBA
Many aspiring entrepreneurs dream of launching their ideas into the world. Pursuing an Online MBA program while doing so will only help the opportunity they have of building their business. When chosen wisely, an MBA does not detract from a startup venture but provides entrepreneurs with the practical knowledge to run an organization more efficiently. MBA students can apply what they learn to make their companies successful immediately.
Four Reasons an Entrepreneur Benefits from an MBA:
1. Entrepreneurs Must Learn How to Scale a Business
To run a successful company, you must first know how to grow an enterprise. Running a small business does not directly translate into maintaining one with hundreds of employees and numerous assets. As more revenue is generated, one must know how to hire the right employees, realize how teams fit into a company’s vision and culture, and how a leader engages staff in what she is trying to accomplish.
Online MBAs provide the skills and knowledge needed to grow enterprises from being a startup to transforming into an IPO. MBA students learn about operations management, finance, marketing strategy, accounting, and utilizing data to scale a business successfully.
Pursuing an Entrepreneurship Online MBA can be a vital element in an entrepreneurial career. Another advantage of an MBA is that it teaches business leaders the importance of making tough decisions, sometimes with limited data and resources.
2. Entrepreneurs Need to Have a Grasp on Technology, Business Law, Accounting, Finance, and Taxation
Some entrepreneurs are accountants by profession or have backgrounds in accounting. However, many others aren’t aware of the financial components of running a business. Getting an MBA helps entrepreneurs understand the financial side of things and teaches them to think about their ventures strategically. The business degree helps them think of their businesses as complex systems that are scalable and expandable to include several products and services and are led by various people who share the same vision.
As a business grows, leaders must hire people who can maintain the administrative and accounting side of things. A degree like an online MBA in entrepreneurship is designed to help distance learners delegate work within a company so that all employees clearly understand their responsibilities.
However, it is unwise to outsource one’s understanding of these essential areas. Business leaders need to have a solid foundation in these areas and recognize how they influence profits.
An online MBA helps graduate students learn about taxation, accounting, payroll, and other legal areas to understand what it takes to achieve long-term success. This is one reason why so many in business believe that pursuing an MBA helps workers be better entrepreneurs.
3. Online MBAs are Well Versed in Leadership Skills
Getting a startup off the ground requires more than just sales and marketing strategy. It also includes knowing how to recruit the right workforce, work with media, and solve customer service problems when they arise.
Entrepreneurs are leaders at heart. They are required to lead a team towards achieving specific business goals. Entrepreneurs must consider cultivating leadership skills in their employees. When considering the funding of a startup, many venture capital investors look past the founders’ idea. MBA grads score well on the criteria of being skilled leaders. An Online MBA program emphasizes leadership skills like negotiation and decision-making. These skills are essential for leaders wanting to be entrepreneurs who can successfully grow businesses.
4. An Online MBA is Designed to Sharpen Business Skills
The U.S. Small Business Association reports that thirty percent of new ventures fail during the first two years of operation. This percentage increases to fifty percent during the first five years and over sixty percent within a decade. One of the common reasons businesses start to suffer is being plagued with poor operational and financial frameworks. Many agree that passion and exciting products lie at the heart of the entrepreneurial spirit, but many entrepreneurs fail to succeed without healthy structures, strategies, management, and business plans.
Online MBAs help entrepreneurs succeed in business by honing practical insights and essential fundamental knowledge of business administration. The skills they will rely on to thrive in a competitive marketplace are the lessons presented in management, finance, governance, operations management, strategy, organizational leadership, data-driven decision-making, and marketing. Whether setting up an organizational framework through a business plan or taking steps to manage cash flow from operations, an Entrepreneurship Online MBA trains students on how to get business done. Other skills acquired include navigating tax laws, creating a legal structure, and managing employee relationships.
1. Get Comfortable with Multitasking
Entrepreneurs wear many hats – from sales management to marketing and social media execution to business development. CEO and co-founder of Trulia, Pete Flint, says that pursuing an MBA makes entrepreneurs better at their craft. Flint says that an MBA gives business leaders access to capital and talent, exposes them to different disciplines and case studies, and provides them with the creative space to think big within an environment to fail safely. Even before you begin an Entrepreneurship Online MBA, find ways to learn more about more business areas. Read up on the history of marketing, take a free intro to accounting course, etc.
2. Know the Stories of Successful Business Professionals
There are a plethora of successful MBA graduates within big business, from Melinda Gates to Facebook COO Sheryl Sandberg. Nike founder Phil Knight turned a tiny brand called Blue Ribbon Sports into a household name and worldwide enterprise. He draws a direct line between discovering his entrepreneurial spirit and his completing an MBA at Stanford. Reading memoirs and biographies and listening to podcasts can help you understand how circumstances and pitfalls help business leaders learn from their mistakes and gain endurance.
3. Contact Business Schools
Program websites are riddled with opportunities to reach out to career advisors and admissions experts. Send an email. Make a phone call. Submit your questions. Business schools are always looking for students who will fit their programs. You may be who they are looking for.
Business history proves that entrepreneurs make incredible business leaders. It, therefore, makes perfect sense that the best-trained and most well-rounded entrepreneurs have the most excellent chance of being successful in business. Good luck!
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