What Is an Entrepreneur MBA? (With Basic Skills Required)

By Indeed Editorial Team

Published June 2, 2022

The Indeed Editorial Team comprises a diverse and talented team of writers, researchers and subject matter experts equipped with Indeed's data and insights to deliver useful tips to help guide your career journey.

Those who want to work as entrepreneurs may want to know more about an MBA degree. These degrees can provide you with theoretical knowledge and practical experience that can help you as an entrepreneur. Learning more about these degrees can help you determine whether this is the right program choice for you. In this article, we discuss entrepreneur MBA degrees, provide you with a guide on how to be an entrepreneur, list some critical skills for entrepreneurs, and explore a list of job titles in this field.

What is an entrepreneur MBA?

An entrepreneur MBA refers to a Master of Business Administration postgraduate degree that can teach professionals various skills and qualities that help them succeed as entrepreneurs. Entrepreneurs don't necessarily require an MBA to start a business, but the skills learned and knowledge gained through this program can help them immensely when setting up a company. The national average salary for an entrepreneur is $53,924 per year.

Related: How To Get an MBA (With Skills and Career Options)

How to pursue an entrepreneur MBA

Here are the steps you can take to help you become an entrepreneur:

1. Complete an education

After deciding the industry in which you want to work, it's beneficial to obtain an education, which begins with a high school education. You can then review the programs available for these industries. For example, those who want to develop a financial firm can benefit from completing additional accounting courses. When applying to an MBA in entrepreneurship, you can expect universities to ask for proven work experience in this field. You can also expect universities to ask you to submit a resume or CV and a letter of intent. Some universities require an additional interview to identify ideal candidates.

If you attend university in Quebec, you can expect a French-language exam when applying to French universities. Alternatively, if your native language is one other than English, universities may require a language exam.

2. Determine your choice of industry

If you want to become an entrepreneur, it's beneficial to consider in which industry you are interested to work. This can help you determine the areas of study to focus on and can help you realize any specific courses or certifications you need. Entrepreneurs can work in most industries, depending on the goods or services they offer. You can consider evaluating areas that need improvement within the industry you're interested in, identify any gaps, and determine how you can fill them through your entrepreneurial venture.

Related: Essential Entrepreneur Traits to Help Your Business Succeed

3. Obtain work experience

It's crucial to get some work experience in your industry to determine how you can enhance the lives of your target audience. You can often get this experience by interning or working part-time jobs while studying. Alternatively, you can volunteer for organizations in a similar domain and communicate with experts in your industry to determine the best ways to obtain experience in the field.

Related: 10 Key Entrepreneurial Skills You Need to Start a Business

4. Network

Networking provides entrepreneurs with the opportunity to gain information about the industry and contact experts in their field. This requires active communication with various professionals to help gain additional insights about your industry. Senior professionals can also provide advice about how to start a successful venture and advise you about the challenges you may face as you begin.

Related: 14 Characteristics of an Entrepreneur

5. Choose a program

You may want to review multiple entrepreneur programs to help determine which one is best for your goals. When doing so, consider the skills various postsecondary institutions offer, along with the professors you can learn from. It's beneficial to choose a program that teaches you about global entrepreneur strategies, along with mergers and acquisitions.

Skills required to be an entrepreneur

Here's a list of skills you can consider developing if you are interested in becoming an entrepreneur:

Time-management skills

Entrepreneurs manage their own schedules and often complete tasks that have strict guidelines. Many entrepreneurs also manage and oversee all components of the company, like managing the schedules of other team members' tasks. Time-management skills help entrepreneurs prioritize their tasks by helping them understand the amount of time required to complete tasks. Many professionals complete more complex and time-consuming tasks first, and they organize their schedules around this.

Organizational skills

Entrepreneurs use organizational skills when scheduling their tasks and arranging their paperwork. These skills help them keep robust filing systems that prevent the loss of paperwork. Their organizational skills also help them delegate work by developing an understanding of which tasks to complete first and how to organize them to promote productivity and efficiency.

Leadership skills

Entrepreneurs require good leadership skills when communicating with others to establish guidelines. These leadership skills may also help professionals make decisions about the company. Entrepreneurs also use such skills when overseeing other professionals or training new employees.

Communication skills

Entrepreneurs require strong communication skills to interact with and collaborate with other professionals efficiently. These professionals are responsible for communicating the vision of the company to others and providing team members with clear objectives. They also use communication skills when discussing business plans with stakeholders and potential investors.

Attention to detail

Entrepreneurs benefit from having strong attention to detail because it helps to ensure that the operations and processes involved in the business run without obstacles or errors. They also use this skill when completing paperwork and conducting analyses. It's beneficial to use attention to detail when reviewing the work and productivity of professionals.

Resourcefulness

Entrepreneurs use resourcefulness when discovering solutions for obstacles and issues. They also review existing resources for additional solutions. When changes or emergencies occur, resourcefulness helps entrepreneurs react and adapt better to them.

What can you do with an MBA in entrepreneurship?

Once you pursue an MBA degree in entrepreneurship, starting your own business or enterprise isn't the only way to progress in your career. You can also find employment in businesses across various roles based on your area of expertise and specialization. Here's a list of jobs you can apply for with an MBA degree in entrepreneurship:

1. Brand manager

National average salary: $65,143 per year

Primary duties: Brand managers help ensure that the products and services that a company offers correspond with the needs of consumers. These professionals monitor marketing trends and review the competitiveness of products within marketplaces. A candidate with an MBA degree in entrepreneurship can help enterprises stay relevant in the market by helping companies develop their brand image for target audiences. Brand managers may also review the content published on social media and websites and help companies review all components of their brands, like font, colour, and logo.

2. Business analyst

National average salary: $55,251 per year

Primary duties: Business analysts develop a detailed assessment of a business's operations and help them discover growth opportunities. They also establish budgeting and forecasting that helps companies determine resource allocation and deadlines. This forecasting can also help companies determine when to expand, along with which markets to target. Such market knowledge is crucial for small businesses and enterprises. Business analysts with a specialization in entrepreneurship can also help such companies determine the pricing of their goods and services. They may also help companies with reporting and offer them general advice about their day-to-day operations.

3. Business consultant

National average salary: $67,149 per year

Primary duties: Business consultants determine new business opportunities for their clients and employers. They may freelance and work with multiple clients and businesses or may find employment in a particular enterprise. These professionals also pitch strategies to their clients that help them optimize their procedures and operations. Business consultants present their findings from research to companies that help them make decisions about expansions, new strategies, and target audiences. They also review company business models to determine how they can help improve them.

4. Investor relations manager

National average salary: $52,189 per year

Primary duties: Investor relations managers oversee the communication between corporate management and a company's investors. These professionals are especially helpful when hired by small businesses and enterprises as they can help them release information and oversee the management of inquiries and crises. They may also provide feedback to members of upper management about potential investments, along with feedback about relationships between their clients and investors.

5. Chief technology officer

National average salary: $98,402 per year

Primary duties: Chief technology officers (CTO) are professionals who help companies oversee the technological aspects of a business. They may also help develop relevant policies and obtain the knowledge required to help companies make technological decisions. These professionals manage technological teams and develop current company policies to help promote stronger partnerships. Chief technology officers may also develop and track annual operating budgets for their purchasing tools and help companies set performance goals.

Salary figures reflect data listen on Indeed Salaries and quoted websites at time of writing. Salaries may vary depending on the hiring organization and a candidate's experience, academic background, and location.

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