Why Study Entrepreneurship in an MBA Program?

Why Study Entrepreneurship in an MBA Program?

students working on a project

When thinking about Canada and the importance of entrepreneurship, we tend to highlight the tech giants like Amazon or Google and view these companies as responsible for bringing jobs to Canadians and significantly improving our economy. Though this may be true to some extent, when we focus on the big companies, we tend to diminish the importance of small businesses and the Canadian entrepreneurs who make up the bedrock of the Canadian economy.

As of December 2017, there were 1.18 million employer businesses totaled in the Canadian economy, and, of those businesses, 97.9% of them were small businesses. In Canada, we know that entrepreneurship drives productivity, the creation of jobs, economic growth, and innovation. We also know that countries that have a high level of entrepreneurial activity tend to be better off economically. Canada has a healthy entrepreneurship growth, and new firms in Canada have high survival rates, making entrepreneurship a fulfilling and smart career path that benefits, not only the entrepreneur but all Canadians.

The Advantages of Entrepreneurship

According to The State of Entrepreneurship in Canada, entrepreneurs have always existed, but now, more than ever, people are thinking of and deciding to become entrepreneurs. This report outlines the three reasons for this change in thinking, the top reasons being:

  • The economy is changing and with the recent economic downturn, accompanied by downsizing, people want to have control over their paychecks by starting a business of their own.
  • Many young people prefer leading an independent lifestyle. They want to enjoy their work and feel passionate about what they’re doing while having autonomy over their working conditions and hours.
  • Entrepreneurs are becoming influential, as they are becoming the new role models in today’s society.  

With these three reasons in mind, it is clear that entrepreneurship allows Canadians to regain control over their futures and open up these opportunities to others, contributing to a thriving economy.

Benefits for the Canadian Entrepreneur

Entrepreneurs solve problems by thinking innovatively about a solution and are rewarded by society and the economy for these innovations. In Canada, entrepreneurs have more opportunities than ever to ensure success. Advantages for entrepreneurs in Canada include:

  • Robust economy: Forbes rates Canada as the best country in the G20 with which to do business, and one with the strongest fiscal position in the G-7.
  • Low taxes: Canada offers a low-cost and low-tax environment for businesses to thrive.
  • Independence: As an entrepreneur, you’re your own boss, and you can build a business around the products and services that reflect your passions.
  • Time: You can choose how to balance your life as an entrepreneur between work and personal time.
  • Money: Some startups turn into multi-million dollar companies, and you have the opportunity to grow your business where the possibilities are endless.
  • Solutions: If you have a solution to a problem, you’re able to harness that to help Canadians in some way and drive your business forward to solve these complex or common problems for others.

If these benefits align with what you’re looking for as a future entrepreneur in Canada, and you’re ready to take the next steps, your education can help you make all the difference.

Benefits of Having an MBA

Often, we hear the stories of the entrepreneurs who dropped out of high school or college to start their businesses which went on to become multi-million dollar successesthe Mark Zuckerbergs of the world. However, is this an anecdoteone we’re telling ourselves to take the easy way out and avoid the work it takes to become a successful entrepreneur?

The investment database PitchBook shows us that entrepreneurs from 12 top MBAs founded 5,505 companies between 2006 and 2018, and of these companies, many have become hugely successful. Matthew Prince and Michelle Zatlyn, MBA classmates, co-founded a successful cybersecurity company together, Cloudflare, with Lee Holloway. Prince says: “An MBA is not a requirement to become an entrepreneur, but it assembles a lot of the raw ingredients you need in order to become a successful entrepreneur.”

Instead of looking to entrepreneur anomalies like Zuckerberg, it might be essential for us to look at other examples, where education did play a part in the success of the company. Julia Prats, the head of the entrepreneurship department at Spain’s Iese Business School says “...large corporations are full of entrepreneurs — the managers that grow the company behind the scenes, who need creative abilities, but also leadership, finance...the things you get from an MBA.”

When you’re asking yourself is an MBA in entrepreneurship worth it, you have to expand on your idea of the entrepreneur and see that there is more to the story of a successful business than a genius college dropout.

What Degree Do You Need to Be an Entrepreneur?

You might be asking yourself what degree you need to be an entrepreneur, and, although the degree you choose is entirely up to you, an MBA degree will give you the education you need to thrive. An MBA is not just a competitive advantage; you will learn fundamental concepts and strategies that will enable you to become a better entrepreneur.

MBAs for entrepreneurs are tailored to your success, as you can boost your career in an increasingly competitive job market. However, what does an MBA give you? An accredited online MBA from Aston University gives you:

  • Leadership and management skills;
  • A credential that is recognized;
  • Access to an international network of contacts;
  • Critical theories of entrepreneurship and the strategic practice;
  • Ability to evaluate the growth and market potential of existing and new business opportunities; and
  • A sustainable plan for the creation of a new business venture based on an identified commercial opportunity.

Though not mandatory for entrepreneurship, an MBA will give you the confidence, the skills, and the plan you need to create your new business with a support network to help you get there.

The Best MBAs for Entrepreneurship

When looking for the best MBA for entrepreneurship, you have to find a program that suits your needs. The Aston Online MBA is the perfect program for Canadian professionals with several years of managerial experience. Aston University is also ranked 11th in the world top 100 universities for 2019 by QS, the global university rankings authority for careers and education. Most importantly, this program includes a pathway for entrepreneurs, with a curriculum designed for you to attain the analytical and strategic skills necessary to start a successful small business or innovate within an existing organization.

An online program is also perfect for flexibility, while you can still benefit from all that this university provides. With this program you can:

  • Add a world-class UK university to your resume that has strong links to industry, government & commerce;
  • Pay significantly lower tuition than for many Canadian universities’ MBA programs;
  • Ensure that your education crosses borders, as a modern business does;
  • Build an international network of contacts from around the world with unique outlooks; and
  • Enroll with no undergraduate degree required with seven years of proven business experience.

If you are ready to harness your creativity and entrepreneurial tendencies, enroll in Canada’s Accredited Online MBA program from Aston University. You can tailor your degree to suit your needs as a future entrepreneur and contribute to the betterment of the economy and Canadians everywhere.

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