• Degrees
• APR 17, 2024

Best Online MBA in Entrepreneurship Programs in 2024

by Imed Bouchrika, Phd

Co-Founder and Chief Data Scientist

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An online MBA in entrepreneurship can empower an individual to seize emerging business prospects and position themselves for success in the ever-changing entrepreneurial world. Pursuing an online MBA can provide individuals an opportunity to acquire relevant knowledge and skills to navigate these changes and develop innovative business strategies. It can also be a method to improve one’s earning potential, as the mean starting salary for MBA graduates in 2022 was $73,318 (NACE, 2022).

This guide will explore the costs and benefits of taking an MBA in entrepreneurship. It will examine some of the top institutions offering online-only MBA programs and the typical requirements for gaining admission to one of these programs.

Online MBA in Entrepreneurship Programs Table of Contents

• Can you get a degree completely online?
• Will employers take my online degree seriously?
• Are online degrees recognized all over the world?
• Online vs. Traditional MBA in Entrepreneurship Program
• How much does an online MBA in Entrepreneurship cost?
• What are the requirements for an online MBA in Entrepreneurship?
• Courses to Expect in Online MBA Program in Entrepreneurship
• Things to Look for in an Online MBA Program in Entrepreneurship
• Best Online MBA in Entrepreneurship Programs

Can you get a degree completely online?

Many universities and colleges now offer fully accredited online degree programs across various fields of study. Online education provides the flexibility for students to access course materials, attend lectures, participate in discussions, and complete assignments entirely through virtual platforms. The availability of online degrees has grown significantly, making higher education more accessible to individuals who may have other commitments or geographical limitations.

The structure and format of online degree programs vary. Some institutions offer synchronous learning, where students must attend virtual classes at specified times, while others provide asynchronous learning, allowing students to access course materials and complete assignments at their convenience.

This is excellent for individuals looking to advance in their careers by acquiring an MBA, but possibly stopping to ask themselves “how hard is business administration?" There is high demand for MBA’s among employers. 30.6% of employers are looking to higher an MBA, making it the most in-demand Master’s-level degree (NACE, 2022).

Will employers take my online degree seriously?

Employers’ views of online degrees have evolved significantly over the years. Initially met with skepticism, online degrees are now increasingly accepted and respected by many employers. The shift in perception is largely due to the widespread adoption of technology and the growing recognition of accredited online institutions.

Unfortunately, US employers are among the least likely to recognize the value of an online-only degree. Only 29% of US employers agreed with the statement “My organization values graduates of online and in-person programs equally" (GMAC, 2022). While employers in the US’s attitudes toward online-only degrees have been shifting, the change has been slow.

When evaluating candidates with online degrees, employers often consider factors beyond the educational credential. Relevant work experience, specialized skills, certifications, and a demonstrated ability to apply knowledge are also crucial. Candidates who can articulate how their online education has prepared them for real-world challenges and contributed to their professional growth are likely to be viewed more favorably.

Are online degrees recognized all over the world?

Online degrees are increasingly recognized and accepted in many parts of the world. As technology continues to transform the landscape of education, online learning has gained credibility and many reputable institutions have embraced it as a legitimate mode of delivering education.

In a recent survey of corporate recruiters conducted by GMAC, employers worldwide revealed the reasons they feel confident in business school graduates. 73% of employers cited the strong communication skills of business school graduates as a reason for confidence in them, making it the top reason for confidence among employers worldwide, while “not requiring extensive company-sponsored employer training of recent business school grads" was the least cited reason for confidence (GMAC, 2022).

The recognition of online degrees is on the rise, and they can provide valuable educational opportunities for individuals around the world. However, it is crucial for prospective students to carefully consider the reputation of the institution, accreditation status, and the specific region or field where they plan to use the degree to ensure its acceptance and value in their chosen career path.

In fact, the demand for healthcare consulting jobs entry level is increasing as well.

Online vs Traditional MBA in Entrepreneurship Program

The primary differences between an online MBA in Entrepreneurship and a traditional MBA in Entrepreneurship lie in the mode of delivery, learning environment, and schedule flexibility. Here are some key distinctions:

Mode of Delivery

The most apparent difference is the mode of delivery. A traditional MBA in Entrepreneurship is typically conducted in person, with students attending classes on campus. In contrast, an online MBA in Entrepreneurship allows students to complete their coursework entirely online through virtual platforms, offering more flexibility in terms of location and study schedule.

Learning Environment

In a traditional MBA program, students have face-to-face interactions with professors and peers during in-person lectures and group discussions. On the other hand, an online MBA universities rely on virtual classrooms, discussion forums, and video conferencing to facilitate communication and collaboration.

Program Flexibility

Online MBA programs are often designed to accommodate working professionals, allowing them to balance their studies with their job and personal commitments. This flexibility enables students to learn at their own pace, while traditional MBA programs may have more rigid schedules.

Networking Opportunities

Traditional MBA programs may offer more extensive networking opportunities due to in-person interactions with classmates, professors, and industry professionals during seminars, workshops, and networking events. While online MBA programs also provide networking opportunities through virtual platforms, the level of personal interaction can differ.

Is an online degree cheaper?

When comparing an online MBA program to on-campus programs, our research indicates that online MBA programs cost 25% less on average than on-campus programs (Flynn, 2023).

Is an online degree as good as a regular degree?

The quality and effectiveness of an MBA program, whether online or traditional, depend on several factors such as accreditation, faculty expertise, curriculum, and learning resources. Many reputable universities and institutions offer online MBA programs that are accredited and deliver the same rigorous curriculum as their on-campus counterparts.

Advancements in online education technology have made it possible to create interactive and engaging virtual learning environments, fostering meaningful discussions and collaborative projects among online MBA students. Additionally, online MBA programs often cater to working professionals, offering flexibility in study schedules and the ability to balance education with career and personal commitments.

The key to the value of an online MBA lies in selecting a program from a respected institution with a proven track record of providing quality education. As long as the program meets recognized accreditation standards and offers a comprehensive and relevant curriculum, an online MBA can be an excellent option for individuals seeking to enhance their business skills and advance their careers in a flexible and accessible manner.

How much does an Online MBA in Entrepreneurship cost?

The cost of an online MBA in Entrepreneurship can vary significantly depending on the university or institution offering the program, the program’s reputation, and the duration of the course. On average, the tuition for an online MBA is $61,800 (Hanson, 2022).

Potential employers have also started stepping in, and while they may not be directly reducing the cost of MBA programs, the employment benefits they offer may go some way to reducing the cost experienced by their prospective employees. 13% of US-based employers have started offering “assistance in paying down school loans" as an employment benefit as of 2022 (GMAC, 2022).

It is essential to research and compare various online MBA programs in Entrepreneurship to find one that aligns with your budget and offers the value and quality of education you desire.

Is an online degree worth it?

An online MBA in Entrepreneurship can be worth it for individuals looking to start their own business, advance their career in entrepreneurship, or gain valuable business skills. Online MBA programs are increasingly respected by employers and provide flexibility for students to balance their studies with work and personal commitments.

A well-designed online MBA curriculum can cover essential topics such as business planning, marketing (is it worth getting an MBA in marketing?), finance, and leadership, providing the knowledge and skills needed to succeed as an entrepreneur. Additionally, networking opportunities, virtual collaboration, and access to industry professionals can further enhance the online MBA experience.

Among master’s level business majors, Masters in Business Administration/Management or MBAs have the highest mean starting salary. According to a survey conducted by the National Association of Colleges and Employers, the mean starting salary for MBAs is $73,318 (NACE, 2022).

For consultants, know how much do MBA consultants make with our article.

What are the requirements for an online MBA in Entrepreneurship?

Gaining admission into an MBA program can be quite a challenge. The MBA is a degree in high demand among employers, which means that it can be extremely competitive to complete one, especially from one of the top schools or programs. In 2021, the acceptance rate for MBA programs in the US was just 18.6% (Flynn, 2023).

Admission Requirements

1. Educational Background: Most online MBA programs, including those focused on Entrepreneurship, typically require applicants to hold a bachelor’s degree from an accredited institution. While some programs may specify a particular undergraduate major, many accept applicants from diverse academic backgrounds.
2. Work Experience: Some online MBA programs prefer applicants with professional work experience, especially in roles related to business or entrepreneurship. The required work experience can vary but is often around 2-5 years.
3. Standardized Test Scores: Many MBA programs, both online and traditional, require applicants to submit Graduate Management Admission Test (GMAT) or Graduate Record Examination (GRE) scores. However, some online MBA programs, particularly those designed for working professionals, may offer waivers for the GMAT/GRE requirement.
4. Letters of Recommendation: You may need to submit 2-3 letters of recommendation from individuals who can speak to your academic and/or professional qualifications and potential for success in an MBA program.
5. Application Essay: Applicants are often asked to write a statement of purpose or an essay explaining their interest in pursuing an MBA in Entrepreneurship, their career goals, and how the program aligns with their aspirations.
6. Resume: A current resume or curriculum vitae (CV) is typically required to showcase your work experience, academic background, and any relevant achievements.
7. Interview: Some MBA programs conduct interviews as part of the application process to assess applicants’ fit for the program and their commitment to their entrepreneurial goals.

It is important to note that each university or institution may have specific requirements and deadlines, so it is best to visit the program’s website or contact the admissions office for precise and up-to-date information about their application process.

General Requirements

1. Communication Skills: Effective communication skills are crucial for entrepreneurs to convey their ideas, pitch to investors, negotiate with stakeholders, and build strong relationships with customers, employees, and partners.
2. Leadership: As entrepreneurs, MBAs need strong leadership skills to inspire and guide their teams, set a clear vision, and make strategic decisions for their ventures.
3. Networking and Relationship Building: Building a robust network of contacts and cultivating strong relationships with stakeholders, investors, and customers can provide valuable support and opportunities for an entrepreneur.
4. Negotiation Skills: Entrepreneurs frequently engage in negotiations with suppliers, partners, and customers, making strong negotiation skills a valuable asset.
5. Financial Literacy: A solid understanding of financial principles and budgeting is essential for managing resources, making investment decisions, and ensuring the financial sustainability of the business.

By developing and honing these soft skills, MBAs in Entrepreneurship can enhance their abilities to navigate the complexities of the business world, build successful ventures, and lead their teams to success. It might be worth it to looking how hard a business management degree is considering that these soft skills may be helpful in that field as well.

What are the Technological Requirements of Students for Online Learning?

1. Reliable Internet Connection: A stable and high-speed internet connection is essential for accessing course materials, participating in virtual classes, and engaging in online discussions.
2. Computer or Laptop: Students need a computer or laptop with sufficient processing power, memory, and storage to handle online learning platforms, multimedia content, and productivity software.
3. Headset: A headset with a microphone or separate microphone and speakers are useful for participating in virtual discussions, attending online lectures, and collaborating with peers.
4. Webcam: Some online MBA programs may require students to have a webcam for virtual meetings, presentations, or assessments that involve video conferencing.

Before starting your online MBA program, it is essential to review the specific technological requirements provided by your university or institution. Some programs may have additional software or hardware requirements, so ensuring that you have the necessary technology in place can set you up for a successful online learning experience in entrepreneurship.

Courses to Expect in an Online MBA for Entrepreneurship

An Online MBA in Entrepreneurship typically covers a wide range of courses that are designed to equip students with the knowledge and skills needed to start and manage successful ventures. While specific courses may vary depending on the university or institution offering the program, here are some common courses you can expect to find in an online MBA in entrepreneurship:

1. Business Planning and Strategy: Students learn how to develop comprehensive business plans, analyze market opportunities, and create long-term strategies for sustainable growth.
2. Venture Capital and Funding: This course covers various funding sources, including venture capital, angel investors, crowdfunding, and how to pitch to potential investors.
3. New Product Development: Students learn the process of conceptualizing, designing, and launching new products and services in the market.
4. Digital Marketing and E-commerce: Students explore online marketing strategies, social media, and e-commerce practices for entrepreneurs.
5. Strategic Innovation and Disruption: Students examine how disruptive technologies and innovations can impact industries and create new entrepreneurial opportunities.

These courses, along with practical experiences such as internships, consulting projects, and business plan competitions, contribute to a comprehensive and well-rounded education for aspiring entrepreneurs in a Michigan online MBA program, for instance. With that in mind, it may be worth looking into what jobs a business administration degree can get.

Things to Look for in an Online MBA Program in Entrepreneurship

One of the key advantages of online MBA programs is how accessible they are for most people, regardless of their circumstances. And the demand for MBAs is such that employers are actively involving themselves in a majority of MBAs awarded by institutions. 68% of MBAs awarded are sponsored to some degree by employers (Flynn, 2023). With this kind of support and this level of accessibility behind individuals looking to acquire one, it is a very good time to look into pursuing an MBA, or other finance career options.

When choosing an online MBA in Entrepreneurship, there are several important factors to consider to ensure you select a program that meets your needs and provides a valuable educational experience. Here are some key things to look for:

1. Accreditation: Ensure that the online MBA program is accredited by a recognized accrediting agency. Accreditation ensures that the program meets certain quality standards and that the degree will be respected by employers and other institutions.
2. Curriculum: Review the curriculum to see if it covers essential topics in entrepreneurship, such as business planning, marketing, finance, innovation, and leadership. A well-rounded curriculum should prepare you with the necessary skills and knowledge to succeed as an entrepreneur.
3. Faculty: Research the faculty members’ credentials and expertise. Look for professors who have relevant industry experience and a track record of success in entrepreneurship. Faculty with real-world experience can provide valuable insights and connections.
4. Internship or Capstone Project: Some programs offer internships or capstone projects that allow you to gain practical experience and apply your skills in real-world scenarios. These opportunities can enhance your resume and provide valuable hands-on learning.
5. Career Services: Investigate the availability of career services, such as job placement assistance, resume review, and interview coaching. A strong career services department can support your job search and help you explore entrepreneurship opportunities.
6. Student Support: Look for programs that provide robust student support services, such as academic advising, technical support, and access to online resources like libraries and databases.
7. Cost and Financial Aid: Consider the overall cost of the program, including tuition, fees, and any additional expenses. Research the availability of financial aid, scholarships, and payment plans to make the program more affordable.
8. Reviews and Alumni Feedback: Read reviews and seek feedback from alumni of the program. Their experiences can offer valuable insights into the program’s strengths and weaknesses.

By carefully evaluating these factors, you can make an informed decision and choose an online MBA in Entrepreneurship that aligns with your career goals and provides a quality education to help you succeed as an entrepreneur.

To that end, in a recent study of corporate recruiters, employers revealed the skills and knowledge they found to be most important to business school graduates. According to employers surveyed, the most important skill was “Interpersonal Skills," with 76% of respondents citing it. “Learning, motivation, and leadership" came in a close second at 73%. While “Strategy and Innovation" were cited by 65% of survey respondents, making it the third-most important to US employers (GMAC, 2022).

Best Online MBA in Entrepreneurship Programs

University of North Carolina at Chapel Hill

Chapel Hill, NC

The University of North Carolina at Chapel Hill offers an online MBA program called “MBA@UNC." The program is designed to develop agile leaders who can approach leadership in a way that reflects their values and strengths.

Students have access to a variety of courses and concentrations that can be tailored to their career goals and industry preference. The program offers a challenging, collaborative, and diverse learning environment, and is taught by renowned faculty who are largely considered world-class researchers.

1. Program Length: 2-3 years
2. Tracks/Concentrations: Entrepreneurship
3. Cost per Credit: $2,025
4. Required Credits to Graduate: 62 Credits
5. Accreditation: Southern Association of Colleges and Schools Commission on Colleges

Johns Hopkins Carey Business School

Baltimore, MD

Johns Hopkins Carey Business School offers a variety of online MBA programs that provide flexibility for working professionals. The Flexible MBA program is designed to fit the demanding schedules of working professionals and offers a curriculum that blends traditional and project-based courses.

Students have access to a variety of resources, including career services, academic advising, and networking opportunities with alumni and industry professionals. The program also offers numerous options for financing, including scholarships, loans, and payment plans.

1. Program Length: 2-3 years
2. Tracks/Concentrations: Entrepreneurship
3. Cost per Credit: $1,650
4. Required Credits to Graduate: 54 credits
5. Accreditation: Regional (Middle States Commission on Higher Education)

Babson College

Wellesley, MA

Babson College offers several online MBA programs that provide flexibility and customization to fit the busy schedules of working professionals. There are no on-site requirements for any of the MBA programs, but there may be opportunities for electives abroad, research, and other immersive experiences.

The Part-Time Online MBA program allows students to custom shape their courseload to fit their busy schedule, including their start date. The program offers a variety of courses and concentrations, including entrepreneurship, finance, and marketing. The program does not require GMAT or GRE scores for admission.

1. Program Length: 1-2 years
2. Tracks/Concentrations: Entrepreneurship, Finance, Marketing
3. Cost per Credit: $1,990
4. Required Credits to Graduate: 45
5. Accreditation: Association to Advance Collegiate Schools of Business

Pennsylvania State University

University Park, PA

Pennsylvania State University’s online MBA program is built around the three-part “ICE framework," which stands for “Integration, Collaboration, and Engagement."

Students can tailor their MBA experience by choosing from over 25 concentrations. Each concentration offers three elective courses that complement the core curriculum, allowing students to develop specialized skills in their areas of interest.

The program does not require any prerequisite coursework and is suitable for individuals with diverse academic and professional backgrounds.

1. Program Length: 2-3 years
2. Tracks/Concentrations: Entrepreneurship
3. Cost per Credit: $1,236
4. Required Credits to Graduate: 48 Credits
5. Accreditation: Middle States Commission on Higher Education

Citadel Military College of South Carolina

Charleston, SC

The Citadel Military College of South Carolina’s online MBA program provides the knowledge, skills, analytical abilities, and social awareness needed to obtain and advance successful managerial careers in business.

Classes are taught by distinguished faculty who bring the strengths of real-world experience and research-informed insight to the program. The program is highly flexible and designed to fit the schedules of working professionals and is delivered online, but there are options for on-campus night classes. Through relevant curriculum and flexible capstone experiences, students can pursue entrepreneurial, consulting, and executive management interests.

1. Program Length: 1-2 years
2. Tracks/Concentrations: Entrepreneurship
3. Cost per Credit: $695 (SC residents), $1,020 (out of state)
4. Required Credits to Graduate: 36 credits
5. Accreditation: Association to Advance Collegiate Schools of Business

The route through a changing business landscape

An online MBA in entrepreneurship provides flexibility for working professionals to pursue higher education while continuing their careers. Most program cover essential business and entrepreneurial skills, including business planning, marketing, finance, and leadership, preparing students to launch and manage successful ventures.

Online learning platforms offer interactive discussions and networking opportunities, fostering connections with fellow entrepreneurs and industry professionals. Additionally, online MBA programs may be more cost effective than traditional ones, eliminating the need for relocation or commuting expenses.

An online MBA in entrepreneurship equips individuals with the knowledge and tools to thrive as entrepreneurs in today’s dynamic business landscape.

References:

1. Babson College. (n.d.). Babson full time MBA. Babson College Website. https://www.babson.edu/graduate/academics/full-time-business-programs/mba
2. Babson College. (n.d.). Part-Time online MBA. Babson College Website. https://www.babson.edu/graduate/academics/part-time-business-programs/part-time-online-mba
3. Citadel Military College of South Carolina. (2023, July 11). Tuition & Fees Student Business Services. citadel.edu. https://www.citadel.edu/sbs/tuition-fees
4. Flynn, J. (2023). 25 Educational MBA Statistics [2023]: Average Age, Cost, And Salary For MBA Graduates. Zippia. https://www.zippia.com/advice/mba-statistics
5. Graduate Management Admission Council. (2022). Corporate Recruiters Survey 2022 Summary Report. Market Intelligence. gmac.com. https://www.gmac.com/-/media/files/gmac/research/employment-outlook/2022_gmac_corporate_recruiters_survey_summary_report_final.pdf
6. Hanson, M. (2022, December 29). Average Cost of a Master’s Degree: 2023 analysis. Education Data Initiative. https://educationdata.org/average-cost-of-a-masters-degree
7. Johns Hopkins University. (n.d.). MBA programs. carey.jhu.edu. . https://carey.jhu.edu/programs/mba-programs
8. National Association of Colleges and Employers. (2022). NACE Salary Survey: Starting salary projections for Class of 2022 new college graduates. University of North Carolina. unc.edu. https://careers.unc.edu/wp-content/uploads/2022/02/NACE-Salary-Survey_Winter-2022.pdf
9. The University of North Carolina at Chapel Hill. (2023, June 1) Curriculum | MBA@UNC. UNC-MBA. https://onlinemba.unc.edu/academics/mba-curriculum