A Master of Entrepreneurship is a graduate degree that focuses exclusively on the skills needed to plan, fund, and launch a new business. In a generation who would rather be “the man” instead of working for “the man,” this is an option that is proving to be more and more appealing for young business school graduates, rather than the traditional approach of getting a Masters in Business Administration. But, is this the best approach for you?
How Are They Different?
Most MBA programs provide a broad education in the world of business, with a variety of topics and courses offered in multiple business disciplines. Some courses that are generally offered include accounting, finance, marketing, management, statistics, economics, and international business. In the corporate world, this knowledge will be valuable because you will have a good grasp of the foundation and fundamentals of business in most aspects.
Graduate programs that focus on entrepreneurship, however, provide students with courses more specific to learning all of the ins and outs of actually running a company. Programs will vary from school to school, but some courses that are generally offered in entrepreneurship programs include courses in venture capital, market assessment, and business plan development. Students will graduate knowing how to gain funds for starting a business, how to know where to look for business opportunities, how to develop actual business plans around ideas that can be proposed to investors, among other things.
Which Degree Should I Choose?
Despite the rise in interest for entrepreneurship graduate programs, MBA programs are still very valuable in the workplace. Upon graduation, you are likely to receive anywhere from a 50% to 80% pay raise from your current salary. The drawbacks, of course, are that you will remain a small fish in a very big pond. As long as you are working for big corporations, there is only so far that you will be able to move up the ladder. If you are comfortable with a steady salary and reliable workplace, then perhaps this is the route for you.
On the other hand, a Masters of Entrepreneurship will equip you with the skills you need to be your own boss, and potentially, if you play your cards right, be extremely successful. There is a certain amount of risk that comes along with this avenue as well though. If you are willing to put in the hard work and patience required to getting a business off the ground, you stand a good chance of reaping the rewards. Additionally, if you end up trying and failing, the experience you gain in your personal business venture might be worth more than you could ever learn studying textbooks in your standard MBA program.