Entrepreneurs play a pivotal role in defining the economic order for any country by manufacturing high-on-demand products by providing services that change the way we live, and by offering jobs through their companies. But, are entrepreneurs born or is entrepreneurship a skill that can be learned?
If you’re having trouble dreaming up ideas for a new business, one option might be to head to business school for an MBA in entrepreneurship. Getting an MBA in entrepreneurship can help self-starting students turn ideas into reality as they develop skills and a business plan.
In the modern world, there is immense competition in every industry and innovation has become the key to survive. Therefore, the focus is not just on starting a business but also continuously growing it. This is where business education comes in handy. Entrepreneurship today is among the top 5 majors opted in MBA programs across the globe.
So, if you are interested in starting your company, which business schools will provide the best education on entrepreneurship?
Here are 5 best business schools for entrepreneurship according to US News Report and all you need to know about their MBA programs:
- Babson College
Founded in 1919, Babson is celebrating the 100th year of its existence in 2019. According to the US News & World Report, Babson has been ranked the number 1 business school for entrepreneurship consecutively for the last 21 years.
Babson started teaching entrepreneurship at a graduate level way back in 1967. Today, Babson’s entrepreneurship program includes a lot more than just academic courses. The Arthur M. Blank Center for Entrepreneurship imbibes the practice of entrepreneurship by providing its students access to events, workshops, mentoring and competitions that enable them to test and refine their founder skills. The highlights of its entrepreneurship program are:
- John E. and Alice L. Butler Launch Pad
- Rocket Pitch
- E.T.A. Challenge
- Summer Venture Program
The John E. and Alice L. Butler Launch Pad provide budding entrepreneurs with mentoring, workspace, seed funding, investor pitch preparation, peer support, and focused workshops. Rocket Pitch is an annual event which gives its students an opportunity to present their business ideas to investors, entrepreneurs, faculty, and students. Each entrepreneur is allotted three minutes and three PowerPoint slides to convey their business idea.
The Blank Center’s B.E.T.A. (Babson Entrepreneurial Thought & Action) Challenge gives an opportunity to Babson’s undergraduate and graduate students, and alumni to demonstrate success in achieving major milestones. The winners are awarded a prize of $20,000 plus ‘services in kind’ donations from corporate sponsors.
The Summer Venture Program (SVP) is a 10-week intensive event where 15 teams get an opportunity to build their entrepreneurial skills and grow their venture. The teams receive free housing, workspace, dedicated advisors and mentors. At the end of the SVP, the teams present at the Summer Venture Showcase to an audience of Babson and local startup communities.
- Stanford GSB
In 2018, 16% of the Stanford GSB class pursued an entrepreneurial venture. This feat is a result of Stanford GSB’s focus on entrepreneurial learning through its Center for Entrepreneurial Studies. This center teams up with other schools of Stanford University to give its students access to their courses and knowledge. Moreover, Stanford GSB offers 120+ entrepreneurship courses of 6 different categories:
- Entrepreneurial experiential courses
- Foundations in Entrepreneurship
- Functional courses
- Social innovation courses
- Industry-specific courses
- Scaling courses
A team of 2 to 5 Stanford MBA students supply the concept and Stanford provides the ‘garage’ to develop it, hence the name Startup Garage. The team starts with exploring the market of their choosing to find an unmet need. Then they’ll create a product or service to meet that need. Once the product or service is created, the team will develop a business model and launch plan for their venture.This program teaches students how to develop and launch new products, build ventures and evaluate the viability of early stage ventures. The teams are supported and taught by a team of Stanford faculty, founders, and VC & angel investors.
Stanford Venture Studio
This program supports startups of Stanford students at any stage of their venture. It helps its students by providing offline and online support from 900+ venture studio alumni, access to co-working space at NGP CoLab, weekly meeting with founders, VCs, product experts, and faculty, free resources like AWS credit, subscription discounts, software tools, and legal services, etc.
- MIT Sloan
MIT’s guiding principle and motto. “Mens et Manus” which means “Mind and Hand,” has always motivated its students to not only create and develop new ideas but also to transform them into practical solutions. MIT boasts its contribution to the world economy through its alumni’s startups. According to this report, MIT’s alumni-founded companies have created 4.6 million jobs and $2 trillion in annual revenues.
So, what kind of facilities does MIT Sloan provides to nurture entrepreneurship? There are three ways MIT Sloan does it:
This coursework provides action learning which in simple words is learning by doing. Students first learn in a class and then are motivated to collaborate in teams and partner with organizations to solve their real business problems. MBA students interested in entrepreneurship are motivated to pursue the Entrepreneurship & Innovation (E&I) Track, which immerses students in a select set of courses focused on entrepreneurship.
MIT calls it action labs where students immerse themselves in tackling problems in entrepreneurial organizations. In Entrepreneurship Lab (E-Lab) classes, students develop solutions to early-stage problems at local companies and are advised by an entrepreneur-in-residence, as well as faculty. The Global Entrepreneurship Lab (G-Lab) allows students to take on problems in developing international markets, while Innovation Teams (I-Teams) give students an opportunity to examine the best ways to bring carefully chosen, MIT-developed technologies to market.
MIT Sloan promotes its entrepreneurship ecosystem through clubs like MIT Sloan Entrepreneurship and Innovation Club and the Venture Capital Private Equity Club. The purpose of these clubs is to share ideas and opinions through IAP Disciplined Entrepreneurship Programs, Startup Treks to innovation hubs across the United States, and various workshops and social events.
Organizations and research centers
- The Martin (1958) Trust Center for MIT Entrepreneurship – It trains and supports entrepreneurs to design and launch successful new entrepreneurial ventures.
- The MIT Legatum Center for Development and Entrepreneurship – it provides fellowships for innovative businesses which promote sustainable economic growth in developing countries.
- The MIT Venture Mentoring Service (VMS) – It gives budding entrepreneurs access with volunteer mentors, who help to boost the chances of their entrepreneurial success.
- The Lemelson-MIT Program – It encourages people with a creative mindset through outreach programs. The highlight of the program is the $500,000 Lemelson-MIT Prize, the world’s largest single cash prize for invention.
- The Deshpande Center for Technological Innovation – It helps move innovative concepts along the path to commercialization.
- The MIT Enterprise Forum, with chapters worldwide, builds connections to technology entrepreneurs and their communities.
- Harvard Business School
Harvard Business School is another B-school which focuses heavily on entrepreneurship. This is evident by the fact that 70 students of the 2018 graduating class founded their own companies. HBS tries to inculcate the experience of entrepreneurship in its students both inside and outside the classroom.
The HBS curriculum introduces entrepreneurship to its students in the first year itself through its required course called ‘The Entrepreneurial Manager.’ For second-year students, HBS offers more than 20 electives on entrepreneurship. Moreover, HBS invests a huge amount of resources on students interested in entrepreneurship through its Arthur Rock Center for Entrepreneurship.
- UC Berkeley – Haas School of Business
UC Berkeley’s Haas School of Business is one of the leading business schools for the study and practice of MBA entrepreneurship. Every year, Haas School of Business awards MBA scholarships to students interested in entrepreneurship. The scholarships available are:
- Brian Maxwell Fellowship – A fellowship of $80,000 is awarded to individuals who have demonstrated entrepreneurial spirit and a drive to create and implement innovative projects, products, and ideas.
- Mike and Carol Meyer Fellowship – A $20,000 scholarship for students with an undergraduate degree in engineering or science as well as students who intend to pursue an entrepreneurial career.
- The Berkeley Haas Entrepreneurship program teaches its students through academic coursework, experiential learning opportunities, mentorship programs, and student-led competitions.
This program offers courses which not only introduces the basics of entrepreneurship to its students but also give them an in-depth knowledge in three phases, i.e., ideation and team formation, customer discovery and validation, and startup acceleration. The mentorship program of Berkeley Haas Entrepreneurship program gives its students an opportunity to schedule 20-minute sessions with Bay Area’s top entrepreneurs and VCs.
- Final Words
Why should an entrepreneur pursue an MBA? The consensus not too long ago was that an MBA does not encourage or harness entrepreneurship. But times have changed. Today, for future entrepreneurs, an MBA program can provide the basic fundamentals on how to start a business, from the ground up.
Some business schools also offer Entrepreneurship MBA programs that tailor curriculum specifically for new business formation as well as business plan competitions, so budding entrepreneurs can learn how to dial in their ideas and pursue venture capital and angel investment funding.
Hopefully this list helped you narrow down your search. You can find more such lists in the PythaGurus blog!
MBA Letter of Recommendation Tips
What does it take to get into IIM with a low academic profile?
What is the Cost of Stanford MBA?
5 Financial Options for an MBA
What is the Cost of Harvard MBA?
MBA without work experience – Is it worth it?
The Best Online MBA Programs of 2021
The Indian IT Male MBA Application Guideline
Indian MBA vs International MBA: Is it worth doing an MBA from India in 2021?
MBA Applicant cracks Schulich Business School with a low GMAT score
Swati receives 80 Lakh in scholarship from a US top 10 school, Darden