There were more than 800,000 new businesses created in the United States from 2019 to 2020. During challenge and uncertainty, entrepreneurs committed time, energy, and money to turn their ideas into products. New ventures face obstacles to long-term survival ranging from supply chain disruptions to changes in consumer tastes.
The skills and experiences learned in Suffolk University’s MBA Online Program allow for quicker responses to these obstacles. Entrepreneurs without an MBA may lack the networks and advanced skills to innovate in the face of new conditions. Asking the question, “Why does an MBA make you a better entrepreneur?” reveals the long-term benefits of this advanced degree.
Entrepreneur MBA Programs Turn Market Challenges into Opportunities
LinkedIn co-founder Reid Hoffman once said, “All humans are entrepreneurs not because they should start companies but because the will to create is encoded in human DNA.” Entrepreneurs are driven to fill market gaps, serve the public, and be creative. Suffolk University’s online MBA program directs this energy through experiential learning, giving you practical and entrepreneurial expertise that directly translates to your career.
COVID-19’s Challenges to Entrepreneurs
The COVID-19 pandemic upended the global economy by shuttering shops, factories, and supply chains. Entrepreneurs of all experience levels saw paths to success made more difficult overnight. The Ewing Marion Kauffman Foundation surveyed entrepreneurs and found common challenges during COVID-19 included:
Securing new customers
Holding onto long-time shoppers
Locking down funds for new startups
Locating finances for expansion
Self-doubt and fear
The scope of the pandemic doesn’t just impact small businesses and startups. Global CEOs interviewed by The Conference Board expressed a multitude of concerns related to COVID-19. The top five external challenges for 2021 were:
COVID-19 vaccine availability
Changes in customer behaviors
Global political instability
The pandemic drastically changed business, but changes are always happening. Entrepreneurs without an MBA may not be able to quickly pivot from one direction to another in difficult times. Suffolk’s MBA Online Program combines experienced full-time faculty with the Boston business community to elevate entrepreneurial thinking through an experiential learning environment. An unorthodox approach to business education also opens new avenues from current and future challenges.
Opportunities for Innovation in Challenging Times
Crowe found 71% of surveyed executives were optimistic about business prospects for 2021. This optimism stemmed from external shifts like increased vaccine availability and cash flow. Entrepreneurs also turned market inefficiencies and gaps into new ventures.
Startup creation significantly increased from 2019 to 2020 in the United States, Chile, Turkey, and the United Kingdom. Many of these ventures occurred in the online retail space, especially with masks and other protective gear. The U.S. Chamber of Commerce identified business opportunities during and after COVID-19, including:
Subscription box services
Virtual recreation and exercise
Entrepreneurs learn how to solve problems and craft in-demand ideas in Suffolk University’s MBA courses. Suffolk University has been among the best MBAs for entrepreneurship since the online program was created in 1999.
Experienced professors and industry experts break away from traditional methods that may not reflect the current market. MBA candidates at Suffolk University are confronted with challenges facing the Boston business community. This hands-on work prepares graduates from day one. for the complexities of a global economy.
Learning Successful Traits with Entrepreneur MBA Programs
New entrepreneurs without an MBA rely on their personal and professional experiences to shape business decisions. Serial entrepreneurs add lessons from their past successes and failures to balance multiple ventures. Suffolk University’s MBA Online Program adds proven tools and strategies that boost prospects for every student.
Generations of successful entrepreneurs have shared traits no matter their industry or products. LinkedIn lists six skills that every business owner should possess to achieve success, including:
Accounting and budgeting prowess
Digital marketing mastery
Maintaining a growth mindset
Prioritizing limited time
Selecting and developing the right staff
Selling your product and your vision
The emergence of COVID-19 put all of these skills to the test. Executive Director Chuck Mitchell from The Conference Board explains how a versatile skill set allows entrepreneurs to emerge from the pandemic:
“The current crisis means the luxury of having a years-long lead time to digitally transform is gone. Investment in digital technology is only a piece of that puzzle. Organizational culture, enlightened leadership, and talent will ultimately create a sustainable competitive advantage.”
Suffolk University integrates these skills and viewpoints throughout its MBA Online Program. Courses and workshops with Boston’s leading business minds train students to balance present considerations with future growth potential. MBA candidates at Suffolk University also develop networks with global colleagues and alumni.
Entrepreneur MBA Programs Appeal to Diverse Audiences
With these traits in mind, it is worth asking if there is a typical background for entrepreneurs and executives. 645 Ventures studied the backgrounds of 91 companies with at least one founder who holds an MBA. This study led to surprising conclusions for the researchers, including:
“...that top MBA founders start their companies later than expected, and that traditional operational roles don’t appear to produce a high percentage of MBA startups.”
Sixty-two percent of studied founders studied computer science, economics, or engineering in college. The remaining 38% were spread across 20 other areas ranging from social sciences to physics. There isn’t a typical undergraduate degree for entry into entrepreneur MBA programs like Suffolk University’s MBA Online Program.
645 Ventures also found a mixture of previous work experiences among company founders. Sixteen categories of previous jobs were identified by researchers, showing how entrepreneurship comes from different quarters. The most common backgrounds were:
Suffolk University prepares MBA graduates to transform their careers from day one. Entrepreneurs of all backgrounds gain consultant insights for their own businesses through this innovative program. The MBA Online Program further levels the playing field by focusing on candidate skills and drive rather than location.
Choosing the Best MBA for Entrepreneurship
Entrepreneurs of all kinds realize that time is a valuable resource. Attending a traditional entrepreneur MBA program is difficult because building a business requires all of your energy. Suffolk University’s MBA Online Program provides live instruction from Boston to entrepreneurs around the world.
Suffolk University Offers Global Learning with Enduring Values
Entrepreneur MBA program candidates draw inspiration from Suffolk University’s origins. The Boston-based school was created in 1906 as a night law school for students with limited resources. Founder Gleason Archer’s vision of creating opportunity resonated all the way to the first MBA online courses in 1999.
Business professionals learn from faculty who combine decades of online teaching with extensive industry experience. Courses are not just recitations of textbook material followed by project work; they promote collaboration on real-world solutions. Immersive experiences in the following topics ready entrepreneurs for the challenges ahead:
Biotech Industry & Marketing Application
Building Inclusive Organizations
Global Branding and Communication Strategies
Leadership Strategies for an Interconnected World
An Entrepreneur MBA Program with a National Reputation
Suffolk University’s longstanding commitment to academic excellence translates into a valuable MBA for entrepreneurs. U.S. News & World Report ranked the school No. 31 in Regional Universities North and No. 60 in Best Value Schools for 2021. Entrepreneurs realize high returns on investment when they become part of the Suffolk community.
MBA candidates at Suffolk University learn from Boston’s business leaders to be ready for challenges after graduation. This innovative program has decades of experiential learning and unconventional teaching methods that shape innovative minds. A full-time faculty and global alumni network provide informed guidance for entrepreneurs as they take their next steps.
Find out how Suffolk University’s MBA Online Program can turn your ideas into thriving businesses.