You don’t want to work for someone else. You want to be your own boss, but it’s scary to start a business. According to the U.S. Bureau of Labor Statistics, for example, 46% of new small businesses failed in 2020. Perhaps they failed because they began without sufficient cash. Maybe they had no business model, marketing plan, or strategies for evaluating the competition. Whatever the reasons, you can learn how to avoid them and build successful management skills through an online MBA in entrepreneurship.
Online MBAs are user-friendly to working professionals and affordable, allowing you complete it at your own pace and within budget. Keep reading to learn about this year’s best accredited online entrepreneurship MBA programs, along with their curriculum details and expected costs, your career options after completing the program, and much more.
B-School Spotlights: Inside Look at 3 Top Online MBA Programs in Entrepreneurship
The programs listed below represent what we consider to be this year’s best-in-class, accredited online MBAs in entrepreneurship. Our selections are based on factors such as cost, curriculum, financial aid availability, and student support strength. Be sure to check back for our full program rankings arriving later in 2023.
Arizona State University
The online Master of Business Administration degree at ASU is a 49 credit, 24-month program consisting of a total of 17 classes. Each course is five-weeks long. The curriculum is designed around advanced business strategies and leadership skills. Course subjects include statistics, financial reporting requirements, management economics, and resource management. There are 20 elective courses to choose from covering topics such as financial analysis, business marketing, investment strategies, international finance, and new product/service development. The program concludes with a Capstone Project in which students create a business strategy and organizational policies.
Applicants are required to submit official transcripts, a GMAT or GRE test score, two letters of recommendation, a personal statement, and resume. A minimum 3.00 cumulative GPA in undergraduate work is also required. Financial aid programs are available to offset the cost of tuition.
Oklahoma State University Spears School of Business
OSU’s online MBA degree program features a concentration in entrepreneurship designed for students planning to start a small, medium, or large-sized business. The program’s focus is on finance, marketing, accounting, and business analytics. The degree requires completion of 39 credits divided into 27 hours of core studies and 12 hours of concentration coursework. The program features an Entrepreneurship/Venture Capital course designed for enterprise creation, financing, and facing early growth issues. Other course subjects include organizational leadership, statistics for managers, marketing management, and ethical issues.
Admission submittals include GMAT/GRE test scores, resume, recommendation letters, and official transcripts. Total program cost: $18,764.85 (in-state residents); $23,842.65 (out-of-state residents). The program is accredited by AACSB International (AACSB). OSU also offers a 12-credit Graduate Certificate in Entrepreneurship.
University of North Carolina Kenan-Flagler Business School
UNC offers its MBA concentration in entrepreneurship to students interested in starting their own businesses or leading in innovation within existing corporate ventures. The 62-credit program can be completed in as few as 18 months for full-time students or three years for part-time students. Nearly half of the entire curriculum is devoted to electives courses in subjects such as data analytics, product and customer strategy, launching new ventures, strategic economics, technology management, and entrepreneurship innovation.
Application requirements include student essays, GRE or GMAT score, two professional recommendations, a resume, and transcripts. Applicants may also be required to participate in a virtual interview. The GMAT/GRE requirement may be waived with proof of professional experience or an advanced degree in a business or economics. Total program cost: $125,589.06.
What to Expect from An Online MBA in Entrepreneurship Program
Online MBA in Entrepreneurship programs are designed for advanced students intending to start or manage a small business. They also serve individuals who intend to take leadership roles in existing companies. The curriculum is designed to create well-rounded skills through the study of accounting, budgeting, marketing, business analytics, finance, and start-up entrepreneurship. Core course subjects typically include business strategy, marketing management, and organizational behavior. Options and concentrations are readily available and comprise up to one-third of the total credits. These include venture and financial management, launching a business, business data leadership, consulting, and project management. The course of study may culminate in a capstone project in which students pose a business problem and demonstrate what they have learned in posing a solution. Some online MBA programs require an on-site internship with an existing business enterprise. Others allow students to conduct their internships online.
Online courses are delivered in real-time formats allowing for self-paced study. Students connect with peers and faculty using e-mail, class forums, streaming multimedia, and text messaging.
The online class software is also used to turn in assignments and register for classes. Here are examples of several courses common to entrepreneurship MBA programs:
Common Courses
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Private Equity and Entrepreneurial Finance
Examination of the range of entrepreneurial finance opportunities across the life of a business venture. Topics include investment strategy from valuation, venture capital and opportunities of early-stage venture capital, middle-market equity and growth, and late-stage leveraged buyouts. Students additionally learn about private equity partnerships and investors.
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New Venture Strategy
Through the use of qualitative models, students are taught to forecast success or failure in new or evolving business startups or acquisitions. Topics include startup timing, developing business plans, market conditions, business focus, measuring the competitive landscape, and the differences between corporate and independent ventures.
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Building Markets
Comprehensive review of market structures, marketplace mechanisms, sources of market failure, and success in launching and managing ongoing marketplaces. Students learn to create a balance between demand and supply while formulating sound entrepreneurial responses to each business challenge.
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Management and Entrepreneurship
Failure to comply with operational and financial reporting laws can spell disaster for a new enterprise. This course aims to teach students how to avoid such disaster through the study of intellectual property, contracts, bankruptcy, private equity transactions, legal documentation, laws relating to mergers and acquisitions, torts, and securities law.
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Entrepreneurial Marketing (Field Research)
The course consists of the fieldwork research that accompanies the course in entrepreneurial theory, which focuses on business development, marketing, sales operations, and analyzing performance. Students engage in an integrated marketing project for an established enterprise or startup.
What You Can Do with an MBA in Entrepreneurship
By completing an MBA in Entrepreneurship, you’ll be armed with time-tested financial knowledge and leadership tools that are essential for a thriving business. The degree prepares graduates to work across most economic sectors, including small enterprises, corporate finance/leadership, healthcare, manufacturing goods, and services. Unlike bachelor’s degrees in business, the MBA dives deeper into theory and practice. And, unlike MS in Entrepreneurship degrees that focus on one specialty, the MBA typically provides several options and concentrations. Moreover, an MBA offers the opportunity for advancement in your current profession.
Common career options for MBA graduates include:
Financial Managers
Financial managers work in the public and private sectors to ensure that their organizations make prudent decisions on managing money. They oversee regulatory financial reporting and analyze corporate investments. An entrepreneurship MBA prepares students to meet daily and long-term challenges to the company’s financial well-being.
| 10th Percentile | Median Annual Pay | 90th Percentile |
|---|---|---|
|
$68,370 |
$129,890 |
$208,000 |
Source: Bureau of Labor Statistics, 2021
Management Analysts
Businesses depend on management analysts to ensure a profitable bottom line by solving real-time business problems. An entrepreneurship MBA qualifies graduates to collect and assess corporate sales, supply chain, and expenditure data. Management Analysts may work directly for a business organization or serve as an independent consultant.
| 10th Percentile | Median Annual Pay | 90th Percentile |
|---|---|---|
|
$49,700 |
$85,260 |
$154,310 |
Source: Bureau of Labor Statistics, 2019
Market Research Analysts
Market research analysts work in industries across the business and manufacturing sectors, most often through management and technical consulting services. Job responsibilities include examining market conditions and developing new sales strategies.
| 10th Percentile | Median Annual Pay | 90th Percentile |
|---|---|---|
|
$34,350 |
$63,790 |
$122,630 |
Source: Bureau of Labor Statistics, 2019
Personal Financial Advisors
Personal financial advisors work with individuals and families to recommend smart investments in annuities, stocks, bonds, and other valuable financial products to maximize net worth in preparation for a secure financial future. They may specialize in specific investments for retirement, college education, or holiday accounts. MBA coursework in market analysis and investments can prepare grads for the certifications and licensing examinations leading to required state licensure.
| 10th Percentile | Median Annual Pay | 90th Percentile |
|---|---|---|
|
$42,950 |
$87,850 |
$208,000 |
Source: Bureau of Labor Statistics, 2019
Budget Analysts
Budget analysts take the pulse of an organization’s return on spending. They often complete studies that affect management, marketing, production, and procurement. Budget analysts are also charged with identifying funding sources and completing financial reports required by the government. The MBA curriculum for analysts includes coursework in economics, finance, and budget forecasting.
| 10th Percentile | Median Annual Pay | 90th Percentile |
|---|---|---|
|
$50,230 |
$76,540 |
$116,510 |
Source: Bureau of Labor Statistics, 2019
Costs and Financial Aid for Online MBA Degrees in Entrepreneurship
Don’t be blindsided by surprise costs for your degree. In selecting the best program for your career education, consider carefully the tuition rates for both in-state and out-of-state students. Many online master’s programs charge the same tuition rates for all students. There are also application fees to consider. Before applying to an online MBA in entrepreneurship, determine total costs based on the time and credits required for graduation. Can you afford it? Contact the admissions office at prospective schools to get information on potential financial aid opportunities such as federally subsidized loans, private loans, grants, scholarships, and work-study programs. The university or business school may also offer grants and scholarships exclusively to their MBA students.
To learn more about funding your MBA program, be sure to check out OMD’s guide to financial aid and list of scholarship opportunities.
How Much Your Online MBA in Entrepreneurship Might Cost
| School Name | No. of Credits | Cost/Credit | Est. Total Tuition Cost |
|---|---|---|---|
|
54 |
$1,521.45 |
$82,158 |
|
|
48 |
$1,190 |
$57,120 |
|
|
The Pennsylvania State University-World Campus Murray State University |
48 |
$1,236 |
$59,328 |
Frequently Asked Questions About Online Entrepreneurship MBA Programs
What are the typical admissions requirements for an online MBA in entrepreneurship?
The admissions requirements for online MBAs in entrepreneurship vary from program to program. There are, however, a number of requirements common to most programs, which we’ve listed below. In addition, some programs require applicants to have completed one or more foundational courses prior to admissions. Check department websites for prerequisite course requirements.
- Academic transcripts from previous college work
- Personal statement of career goals and how the program will help you get there
- Two letters of professional recommendation from former faculty and work colleagues
- Current professional resumé
- GMAT/GRE Only if required.
- Proof of U.S. residency (foreign students may be required to provide TOEFL scores)
Are there online entrepreneurship MBA programs that don’t require the GMAT?
While most universities require submission of GMAT or GRE scores, you may get a waiver if your other application materials are convincing. Simultaneously, there are high-quality online MBA degrees in Entrepreneurship that have no requirements for entrance examinations. Here are two examples of programs that do not require test scores:
University of Utah David Eccles School of Business. Neither GMAT scores nor prerequisite coursework is required for admission into this program.
How long will it take to finish my MBA in entrepreneurship online?
An online MBA programs in entrepreneurship are typically completed in around two years for full-time students and three years for part-time students. There are also accelerated online MBA programs that can be completed in 18 months. Note that accelerated programs move quickly, are strenuous, and require full-time study. You’ll also encounter the two-year executive MBA programs designed for working managerial professionals with several years of related job experience.
Can I earn my MBA in entrepreneurship 100% online?
Most online MBA in entrepreneurship programs are completed entirely online with no required on-campus meetings or internships. Examples of 100% online programs include the three spotlighted at the top of this. Every online program is different, however, so be sure you carefully review attendance requirements for each program you consider before enrolling.
What’s the difference between an MBA in entrepreneurship and a master’s in entrepreneurship?
Should you pursue an online MBA in entrepreneurship or a Master of Science (MS) online master’s in entrepreneurship? The answer depends on your particular career goals and the educational requirements of each program. Consider whether you want a multidisciplinary degree that applies to many entrepreneurship careers (MBA) or one that prepares graduates with a science-oriented education for specific certifications (Master of Science).
Online MBA in entrepreneurship degree programs typically offer a number of concentration options in areas such as finance, project management, accounting, and investments. It is designed for those who want to begin or grow an existing business venture. A Master of Science in entrepreneurship allows grad students to focus on finance-focused subject that include analytics, regulatory reporting, and valuations. Unlike the MBA, which offers great career flexibility, the MS focuses on a single specialty.
