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According to the federal Small Business Administration (SBA), small firms and startups account for a majority of the new jobs created in the United States each year. While the opportunities for entrepreneurs are greater than ever, new business owners without formal MBA training may experience pitfalls and failures along the way.
Most successful entrepreneurs have worked on acquiring the expertise required to scale and grow a business over time. Those who invest in personal development and actively pursue relevant business skills may be able to avoid common pitfalls and improve business outcomes. Earning an MBA with an Entrepreneurship Specialization from Concordia University Chicago can prepare graduates to successfully launch and effectively lead a small business or startup.
The entrepreneurship MBA specialization is a 100% online program. This innovative degree option comes from a school of distinction; and has helped many business owners navigate the critical startup phase. The online MBA for entrepreneurs is designed for individuals who plan to launch a new business or take on a leadership role within a startup.
This entrepreneurial MBA program helps students:
- Master the strategic, analytical and tactical knowledge required to lead organizations of any size.
- Develop entrepreneurship skills with an emphasis on innovation and real-world applications.
- Build expertise in managing and leading effective organizations.
- Create a comprehensive business plan that includes a short-term operating plan and a longer-term strategic plan.
Concordia University Chicago offers a variety of specialized MBA degrees in many disciplines and industries. The online MBA with an Entrepreneurship Specialization is specifically geared for those who wish to build, grow or lead a small business.
This online MBA degree includes all 12 courses featured in the core MBA degree program, plus five specialized entrepreneurship classes:
- New Venture Opportunity Scan
- Pivots on the Problem/Customer Opportunity and Digital Strategy & Planning
- Prototyping/Co-Designing Solutions
- Business Plan for Entrepreneurial Opportunity
Students must complete 51 hours of online coursework to earn an MBA with an Entrepreneurship Specialization from Concordia University Chicago. The academic calendar includes three 16-week semesters per year, with each semester comprised of two consecutive eight-week terms. Depending on whether students opt for a standard or accelerated degree plan and take one or both of the alternate entrepreneurship classes listed above, this online MBA for entrepreneurs can generally be completed in roughly one to two years.
To be considered for admission into the online accounting MBA degree program at Concordia University Chicago, students must have earned a bachelor’s degree from a regionally accredited institution. Complete and submit all required admission materials as follows:
- Objective Statement – Write a brief essay outlining your education and career goals and explain how an MBA degree from Concordia University Chicago will help you fulfill those objectives.
- Official Transcripts – Provide one official, sealed transcript from each institution that has granted you a degree. Full admission requires a cumulative grade point average of 3.0 or higher for master’s degrees.
- Letters of Recommendation – Send two letters of recommendation from individuals who are able to comment on your academic proficiency, professional competencies and personal character.
- Professional Resume – Provide a copy of your resume or curriculum vitae, including relevant work experience, degrees, certifications, and skills.
International applicants may be required to submit additional supporting materials, such as proof of English language proficiency and a foreign transcript evaluation from an approved credentialing service. For full requirements, visit the Admission & Tuition page.
There is no application fee and no GRE requirement to apply for the online MBA program at Concordia University Chicago.
MBA, Entrepreneurship Specialization: 51 Credit Degree Program
Total Core MBA Credits – 36
Entrepreneurship Specialization Courses
MBAE 6255 3 credit hours
This course provides a systematic approach to analyze existing industries and global markets, searching for gaps and opportunities to transform existing industries and/or create new industries and/or markets. Students will evaluate opportunities on the bases of social and ethical concerns, customer desires and market trends, along with opportunities for increased global interconnectedness. Prerequisite: MBAE 6250 Strategy for Entrepreneurship & Innovation.
MBAE 6260 3 credit hours
This course provides an experiential application of skills and techniques to convert an identified macro-level industry gap or market opportunity into a micro-level problem to be solved or customer desire to be fulfilled. This course explores various processes by which to test the depth of the problem pain or the magnitude of the customer desire to evaluate the revenue potential of entrepreneurial opportunities. Finally, this course will help students develop and evaluate an initial go-to-market hypothesis or strategy. Prerequisite: MBAE 6255 New Venture Opportunity Scan.
MBAE 6265 3 credit hours
This course provides an experiential application of prototyping concepts to evaluate new product and/or service opportunities. The course synthesizes learning gained from working with beta-test customers and/or vendors to design and rapidly prototype physical solutions to determine a final unique value proposition. Finally, this course will help students determine an optimal way to capitalize on an entrepreneurial opportunity. Prerequisite: MBAE 6255 Pivots on the Problem – Customer Opportunity.
MBAD 6105 3 credit hours
Can be a substitute option to MBAE 6260.
This (existing) highly experiential course combines a high-level strategic view of digital marketing and its challenges and opportunities, with a tactical approach using exercises and projects to learn and use the tools and techniques of digital marketers. From the web to mobile, email to apps, social media and user-generated content, the course helps students develop a strategic framework for planning and analyzing digital marketing strategies. Students will leave the course with a working knowledge of the tools and processes for creating, managing and executing digital marketing plans.
MBAE 6270 3 credit hours
This course serves as the culminating experience for the MBA Entrepreneurship Specialization. This course will consist of designing, analyzing and proposing an entrepreneurial new venture business plan consisting of a detailed Year One operating plan and a three-to-five year strategic plan. The course’s summative final assessment is a business plan competition which includes feedback from an outside panel of entrepreneurs, start-up funding experts, and/or industry experts relevant to the students’ new venture concepts. Prerequisite: MBAE 6265 Prototyping/Co-Designing Solutions or MBAD 6105 – Digital Strategy & Planning.
Pursuing a specialized online MBA for entrepreneurs prepares graduates to run their own companies or assume leadership roles in small firms and startups. While the U.S. Bureau of Labor Statistics (BLS) does not track the job outlook for entrepreneurs, the SBA estimates that there are approximately 29.6 million small businesses within the United States. Though any company with fewer than 500 employees is classified as a small business, the SBA reports that only 20% of small businesses have paid employees while 80% have no employees.
Many entrepreneurs serve as executives and senior managers of their own companies or other startups. The BLS forecasts that employment of managers and top executives will grow 8% from 2016 to 2026. That translates to 807,300 new management jobs, including 193,100 in the top executive ranks.
While a bachelor’s degree can provide entrepreneurs with foundational business knowledge, an MBA delves deeper into the intricacies and challenges of running a business. Earning an online MBA for entrepreneurs will prepare graduates to start a new business or assume leadership roles in small companies. Their job titles might include:
- Founder and CEO
- Business Owner
- Product Innovation Director
- Market Expansion Manager
- Director of Research and Development
Incomes in this field can vary widely depending on the business and industry. Some entrepreneurs may refrain from taking a salary until the business is operating at a profit, while others can earn six figures or more in their first year. As of May 2017, the BLS reports that chief executives earned a median salary of $183,270.
Entrepreneurship is at the heart of the “American Dream” for those with big ideas, dedication and drive. Professionals who aspire to become their own boss or assume a leadership role in a startup are likely to find that an MBA opens the door to many new opportunities. Earning an online MBA with an Entrepreneurship Specialization from Concordia University Chicago prepares graduates to tackle the challenges and reap the rewards that come with entrepreneurship and small business leadership.
An MBA Certificate can benefit you if you are looking to enhance your business career with a broader scope of skills. Our MBA Certificate in Entrepreneurship will provide you with:
- Strategies for launching successful ventures
- Planning and market research skills
If there is no interruption in your course of study at Concordia University Chicago, you are guaranteed there will be no increase in tuition rates. Contact us to confirm the current tuition and fees for the entrepreneurship MBA degree. Students who enroll in the online MBA program as a degree candidate are eligible to apply for federal financial aid.
Active-duty military service members, veterans and eligible dependents can take advantage of financial programs available to assist in paying for a college education. For more information, please visit our website.