As an entrepreneur you may be your own boss, but further education can still help you maximize your success. Achieving a master's degree in a field related to your business will increase your knowledge, sharpen your skills, and help you stay on the cutting edge of current trends and techniques. There are also master's degrees in entrepreneurship that aim to provide a broad base of skills and expertise.
Master's Degrees in Entrepreneurship
The best degree for entrepreneurs is one specifically geared to their needs, but there are also master's degrees specifically in entrepreneurship, including a Master of Science (MS) in Entrepreneurship as well as a Master of Business Administration (MBA) in Entrepreneurship. Program lengths vary but typically involve around one year of coursework, and admission requirements normally include a bachelor's degree, resume, and all postsecondary transcripts. Letters of recommendation and GRE results are useful but not necessarily required by all schools. The coursework is generally designed to create a wide base of knowledge in areas particularly useful to aspiring entrepreneurs, including the following courses:
Prospective entrepreneurs need to be skilled in management and leadership. This course will teach you the principles of leadership, and how your methods must evolve with the size and success and of the business. Key topics include roles, motivation, delegation and flexibility.
Study the ethics of business and the ethical questions that need to be considered when making plans and decisions. Learn how to balance profit and efficiency with social consequences and conflicting obligations. Every business owner must know how to integrate the needs of the company and its shareholders with the ethical ramifications to its clients and the general public.
Technology Business Models
Learn how to navigate the ever-changing technological landscape to further your business goals. It is imperative for entrepreneurs to have sufficient technological ability to maximize the areas of development, commercialization, and regulation. Being able to design workable plans for the technological development and implementation of your business model is essential.
Legal Aspects of Entrepreneurship
Study the law as it relates to business and private ownership. By gaining a greater understanding of the legal guidelines, concerns, and responsibilities of your business you will be able to both avoid legal missteps and take advantage of available opportunities. Specific areas of concentration include contracts, funding, human resources, product innovation, and ownership structure.
Learn how to use microeconomic analysis to efficiently predict and plan for your business. Gain a better understanding of supply, demand, profit, and recognizing business opportunities. Developing a better awareness of how economic principles affect individual sectors and businesses will improve your decision-making ability.
Other Master's Degrees for Entrepreneurs
Master's in Business Administration
This program is geared toward those who have already completed an undergraduate degree and are looking to increase their business expertise and value in the job market. The courses can generally be completed in one year and are mostly financial in nature, including economics, accounting, marketing, and analytics. In addition to a bachelor's degree, most programs will require a resume, GRE results, and letters of recommendation.
Master's in Accountancy
While many entrepreneurs hire professionals to handle their day-to-day bookkeeping and accounting, it is still critical to understand accounting concepts and procedures. These courses extend your basic accounting knowledge to include more advanced ideas such as predictive analytics, forensic accounting, and professional auditing. Having exceptional knowledge in accounting will allow you to efficiently analyze data, understand trends, and make profitable business decisions. Typically you need an undergraduate degree with a minimum GPA score, GRE or GMAT scores, a resume, and letters of recommendation.
Master of Science in Marketing
Entrepreneurs looking to focus on sales-oriented careers would be well-served to undertake higher-level training in marketing. These programs will build on your basic marketing knowledge to include concepts such as global marketing, market research, analytics, and social media marketing. Courses can usually be completed in one to two years, and to be admitted you normally need an undergraduate degree, GRE or GMAT scores, and a resume outlining your relevant work experience.
Due to the extremely competitive nature of today's business world, it is increasingly necessary for entrepreneurs to be highly educated. The knowledge and skills learned in entrepreneurial graduate programs are invaluable when it comes to separating yourself and your business from the competition.