In the world in which we live, individuality has become a desired asset and people would rather be “the man” rather than work for “the man.” As a result, the option of enrolling in a Masters in Entrepreneurship is becoming more appealing to young business school graduates rather than a Masters in Business Administration. Both graduate programs will put you a step ahead of those without a graduate degree, but before deciding which to enroll in, ask yourself: which is the best approach for my skills and interests?
What’s the Difference?
For most MBA programs, the goal is to provide its students with immense knowledge in the world of business. Topics and courses offered in MBA programs typically focus on finance, marketing, accounting, management, statistics, economics, and international business. Upon graduation, students are able to branch out into the corporate world and put forth their newly acquired knowledge on the fundamentals of business.
In opposition to this, entrepreneurship graduate programs will provide their students with courses that are more focused on learning the do’s and dont’s of actually running a business. Many courses offered in entrepreneurship programs will include venture capital, business plan development, and market assessment. As a result, students will graduate with the knowledge of how to gain funds for starting a business, how to scope out opportunities for business, and how to develop actual business plans that have been proposed to investors.
Which Degree is the Degree For Me?
Regardless of the spike in interest for entrepreneurship graduate programs, an MBA program is still considered to be extremely valuable and beneficial in the workplace. Upon completion of the degree, MBA students are likely to receive a 50% to 80% pay raise from their current salary.
With that said, there are shortcomings to the degree as MBA graduates remain small fishes in a big pond. If you are a prospective MBA student, you must know these two things before applying into the program; 1) there is only so far that you are able to move up the corporate ladder, and 2) if you are comfortable with having a steady paycheque and a dependable workplace, then an MBA is the right route for you.
A Masters of Entrepreneurship on the other hand, provides you with the skillset needed to be your own boss (and informs you on how to be successful at it). As with any career path, there is a certain amount of risk involved, but that should not stop you from trying. As long as you put in the work and stay focused when getting your business off the ground, you have a good chance of being rewarded. Even so, if you try and you fail, hands on experience can be considered more worthwhile than studying a textbook in a traditional MBA program.
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