The Application Process

It seems nowadays "entrepreneurship" and "MBA" are synonymous. After all, an MBA can be the perfect environment to explore the entrepreneurial scene, gain access to the support and resources you need, and get your idea off the ground!

However, given the recent "entrepreneurial" craze at the top programs, how do you figure out which ones are right for you? Where you'll not only get the opportunities you're looking for, but the environment and support you'll need? Entrepreneurship isn't as cut and dry as most other fields. There are a lot of factors at play and considering them all is part art and part science. So what should you look for? In this blog post, we list out a few of the main factors and what they mean in the real world.

Before you read the rest of this post, ask yourself this: what do YOU want out of the entrepreneurial scene? Are you looking to work for a start up or are you looking to start your own? If the former, what stage start up? Are you after 5 people around a table in a garage or something with Series B or C funding? If it's your own venture you're interested in, do you have an idea? Do you need access to specific resources? Funding? Be honest with yourself here. And, if you don't know, that's ok too!

Reputation

Let's go after the 800lb gorilla first. Reputation matters, but not as much or as evenly as you might think. At the end of the day, going to a top tier school opens doors. There's a reason why such a large percentage of executive teams in the start up world have Harvard and Stanford alum. However, that doesn't mean you HAVE to go to a top 3 school. Many of the top 20 programs out there have amazing entrepreneurship programs and strong reputations to boot. So yes, rankings and prestige matter. But once you're in the top 20, or 15, or 10, or 5, the incremental benefit of another notch or two is insignificant. That's when the rest of the factors come into play!

Personal Enablement

You're going to get your MBA for a lot of reasons. You want to learn, meet people, and explore new things. So pick a program that, above all else, enables those core personal goals. If you find yourself lacking knowledge of some core business functions then you probably need a strong general management program. If you're targeting consumer products starts up, then try to find programs that have a strong brand in that space. And don't forget about fit! The entrepreneurial community starts out big and narrows quickly. You're going to be in a core group of a few dozen (depending on the size of the program). These are going to be your future core network. The rest of your class is equally important and will have the contacts and networks you'll need as an entrepreneur. Make sure you like the people and culture!

Location

This is one of the more important factors but it is NOT the end all, be all. It really isn't. If you're interested in tech start ups, you're probably gravitating to the west coast. And you should! Being next door to Silicon Valley and in the heart of the global entrepreneurial community is probably going to be great! But have you considered Austin? Or Boston? Or New York? Or Chicago? Each of these locations has a lot to offer. Austin, for example, is one of the fastest growing entrepreneurial communities ANYWHERE. There are start up opportunities everywhere so don't just go out west because that's what you think you should be doing. Be self aware and find out what's right for you and your life. And just because you go to school somewhere other than the west coast doesn't mean you can't wind up out there. Almost every top program organizes treks out west to get their students plugged into those communities. Will it require a little more work on your part? Yes, but where there's a will, there's a way. If you're starting your own company, make sure there is money to be had!

Also, what kind of a person are you? Do you do better in smaller networks or larger ones? Do you want your school to be a center of gravity in the local ecosystem so that it can open doors for you or do you like a bustling scene where you're mostly on your own? Chicago and New York City, for example, are two very different ecosystems!

Program Opportunities

Does the program you're targeting embrace entrepreneurship in all its forms? Has it built its program to support it? More importantly, does it provide you with the opportunities you need? For example, almost every top program has a business plan competition but do a little research to separate the real heavy weights from the more generic competitions. Additionally, some programs offer summer internship funding if you'd like to intern with a start up. Others offer in-year internships with VC firms which can be a great way to get your foot in the door. Some provide curriculum flexibility and deceleration options too!

These are just some of the factors to consider. There are a ton of others! But hopefully you're beginning to see there's a lot that goes into picking the right entrepreneurship program and only some of it is based on rankings and prestige.

If you're interested in start ups and want to chat, sign up for a free consultation with us here. We'd love to speak with you!

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As always, if you have questions, let us know!

Bhavik

You're very welcome! And yup - Cornell especially is a great program and its proximity to NYC definitely provides some location based opportunities!

Bhavik