Before Joining an MBA Program for Entrepreneurship: What is your definition of Entrepreneurship?

Business Schools have done an excellent job in integrating Entrepreneurship Centers with the MBA program. However, the question remains – do Entrepreneurs need an MBA? Unlike other specialization, Entrepreneurship has a broad definition. If you are entering Finance, there are 3-4 major job functions: Analyst, Investment Banking, Wealth Management, and Trading. But the definition of an Entrepreneur is much more complex.


Independent consultants offering solutions might call themselves as an Entrepreneur. Entrepreneurs manage 1-10 employee start-up, small to mid-sized companies and play a major role in publicly traded companies. So to make sense of the question – Do Entrepreneurs need an MBA, applicants should identify with one of the definitions of the word Entrepreneurship:

a) Independent Consultant
b) Startup
c) Small Business
d) Mid-Sized Business
e) Public Company

It might not be surprising to learn that most Entrepreneurs are not starting their Business with the idea to become the next Zuckerberg. There are lifestyles Entrepreneurs, who can be categorized under Independent Consultant or Startup. Most Entrepreneurs aspire to reach Small Business or Mid-Sized Business in 5-Years’ time.

Business Schools offers a great opportunity for those Entrepreneurial applicants who have the drive and ambition to take their idea from startup to small to mid-sized companies. For lifestyle Entrepreneurs and independent consultants, MBA would be a bad investment.

MBA Tuition Fee & Debt

Cash is king in any Business. It is crucial for startups. Entrepreneurs cannot take more debt in the form of student loans, and other expenses during this stage. The focus should be on validating the idea, and gaining customers in their respective markets. That is why it is essential to evaluate the MBA option before applying to the program. Ask yourself the following questions if you are in the start-up stage:

1) Does the Business School offer scholarships for Entrepreneurs?

2) Do I meet the criteria for a scholarship?

3) What is the funding opportunity for startups – through Business Plan Competition, Angel Investor Networks associated with the school and other Alumni network

4) Create a list of startups that have successfully found funding through the Business School network and environment.

These questions are important, and will be the difference between converting your ideas to a viable Business, or drifting through the traditional Post MBA Path.