You can easily find a great number of blog posts and articles that have a ranking on Billionaires that have dropped out of college and still managed to find great success in their careers. That probably makes you wonder: Is a master in entrepreneurship worth it?
Before we get to that, I would like you to picture and imagine what would be of Steve Jobs and Mark Zuckerberg if they did not even go to College? Was meeting their partners in College a key point to start their business? Would they be able to come up with the business ideas on their own? Would they be able to put their plan into action without their partners? Or being in that environment alongside other talented people helped them to find and pave their way to success?
Should I pursue a Master’s Degree in Entrepreneurship? Is a Master in Entrepreneurship worth it?
Regardless of your background or work experience, if you’re planning to start your own business, a Master’s Degree in Entrepreneurship can be exactly what you need. It will provide you not only with business theory, case studies, but most importantly, with a great network of business-oriented minds to push you even further on your projects.
A lot of people would disagree with me on this point saying that instead of paying for a Master’s degree you should use that money to invest in your online business and learn from your mistakes, which would be ok, but to prove my point here I’ll use the following quote.
I could not agree more with this sentence standing alone like this, but his main point in this interview is that Schools and Universities are not ready to teach people what they need to succeed in business because the world is constantly changing in a fast pace move. In my opinion, the quality of the education is not the major issue on this equation, but the cost and access to these courses are.
In the US, the average cost of Tuition Fees for a Master’s degree is around $30,000 to $40,000 and not including the living expenses, which makes studying not so accessible for everyone.
The good news is that you can find great quality education in Universities listed in the top 100 rankings for an affordable price or sometimes even for free if you decide to study abroad, so take your time and make your homework and you can find those universities.
Studying abroad will not only bring you a Master’s Degree, but you’ll also learn more about a different culture, meet people from different nationalities and get new ideas that you would not even consider in the first place living in your home town.
What can I do with a masters in entrepreneurship?
Usually, when we talk about entrepreneurship, we tend to think only about opening our own business and start-up, but studying a Master’s in Entrepreneurship gives you more options than that, so if you’re not into creating your business from scratch, you can find open positions in big corporations to work on new projects or innovating in existing projects as well.
In fact, some entrepreneurship courses provide you with an extension for people who wants to drive innovation within an existing company, and so having this Master’s course can help you beat the competition and grab one of those positions in a company you enjoy and aim for.
Even though you can find a great position in a big corporation, the majority of the people looking for this course are aiming to start their own business, and that can have a great variety of types of business and possibilities, ranging from physical business to online business.
We have listed a few hot topics and industries of start ups that comes out from those courses, but not being limited to those:
- Food Industry
- Renewable Energy
- Waste Management & Recycling
- Agriculture Innovation
Are entrepreneurs born or made?
This is still a great debate nowadays, and some may use the argument that Billionaires are all born with that gift, however, I couldn’t agree more with Kumar Arora, author of this post on this topic on Forbes.
In his post, he provides great points about natural skills people are born with, giving Pharrell Williams example in the Music Industry, but he also believes that people can learn and become entrepreneurs applying their own effort in learning and developing new skills.
In my opinion, the more you practice, the better you’ll get. That applies to any aspect of your life that you’re trying to improve, and in business, it won’t be any different. Having that in mind, why not learning with others that have already taken this path and surround yourself with colleagues that have also business-oriented minds to push yourself more and more towards your goals?
Is entrepreneurship a good career path?
This is a point that is sensitive because it involves the biggest question, what do you want from your life?
If you’re a person looking to build something on your own, be your own boss, creating a brand, then following the entrepreneurship path is most likely a great deal for you.
On the other hand, if you don’t feel like creating your own business and dealing with all the workload of being your own boss, this could be not so interesting for you, unless you get a job to work with innovation as we discussed previously.
Despite those differences, studying is investing in yourself, so make sure you think well about what makes you happy and focus your dedication and investments on that.
How long is a Master degree?
The great majority of Master’s vary from a range of 1 and 2 years depending on the program and University you select.
In my opinion, this is a great time frame for a Master’s degree, especially because that will be the base for creating your own business in case you choose the new venture track. Take your time to learn new skills and make sure you create a relevant network connecting with key people to help your business succeed.
Why is innovation critical in entrepreneurship?
As Gary Vaynerchuck’s quote in the interview I mentioned above, the world is always changing at a fast pace, so to start something new and face the biggest competitors in the market, innovation is key.
Why do you think big Tech and Pharmaceutical companies invest so much in R&D (Research and Development)? Because it pays off in the long run, not only giving them an advantage over its competitors that still don’t master this new technique or have this specific line of products, but also by creating a strong brand around its new solutions, and consequently market share and sales.
Why did I choose the Master’s in Entrepreneurship and Innovation at Lund University?
If you follow my blog or Youtube channel, you probably know that I have a bachelor in Business and also in Accounting and I’ve also worked for more than 10 years in big corporations mainly in the finance industry, but during university, I’ve worked in several areas and industries to gather as much knowledge I could.
Working in different areas and sectors gave me a global view on how these corporations run their business and which areas are essential for a business to grow and prosper.
Now moving forward with what I’ve learned from my online businesses, I want to create a Start-Up with other open-minded and business-oriented people to create something bigger that can affect positively the life of other people, on a bigger scale of what I do today, by teaching people for free how to start their first online business.
The reason I chose this course and the university in specific are a combination of factors, taking into consideration the University values and ranking, the course program, the incubators and co-working spaces available, creating a great network, and the feedback from previous students. So let’s go through these points with more details below.
Lund University / University Ranking
One of the main reasons I chose this course is because of Lund University’s reputation and credibility. Lund University was founded back in 1666 and is ranked in the world’s top 100 Universities.
Just so you have a better understanding of my choice, check out this video from Lund University:
Besides the University rankings and reputation, Lund University is located in a medieval city, which is pretty cool right? But it is also super well located, being close by to Malmö and Copenhagen, which are major centers for innovation and start-ups in Scandinavia, which makes it even more interesting.
Course Program / Mentorship Program
The program is divided in 7 stages, as demonstrated below:
|The Entrepreneurial Process and Opportunity Recognition||7.5 ECTS|
|Entrepreneurial Marketing||7.5 ECTS|
|Business Model Development||5 ECTS|
|Entrepreneurial Leadership||5 ECTS|
|Entrepreneurial Finance||5 ECTS|
|Entrepreneurial Project||15 ECTS|
|Degree Project||15 ECTS|
Besides this amazing structured program content, there is also a Mentorship program in the course with Mentors that are not employed by the University, people that actually run their own businesses and have experience in the market and take some time to advise the students so they can improve and elaborate better on their personal projects. If you want more information on the program structure, the University, or the Mentorship program you can access the Lund University Website by Clicking Here.
Business Incubators / Co-working Spaces
Besides all that has been said above, Lund University counts with the help of Ideon Innovation Incubator with a Co-working space and also an Incubator from Lund itself called Venture Lab.
What better place to support you in creating and building your start-up from the ground up? Having these amazing spaces and support brings us also to the next topic, with the co-working spaces you’ll be able to meet open-minded people to help you boost your business.
Creating a Network
This is a great plus for this course because you’ll be immersed in a great location to meet people with a great variety of background and experiences, which will make you see things from a different perspective and learn from their experiences and help you come up with more innovative solutions in the long run.
I can’t emphasize enough how important this step is. Creating valuable connections to help you build and promote your business in the best way possible can define if you’ll be successful or not, so make sure you connect and learn from your colleagues, mentors, and professors as much as you can.
Opinion from previous students
Even being admitted in the middle of a Pandemic situation, our Course Director and Coordinator worked very hard to organize everything in advance of the program start so we could start meeting our colleagues and students from previous classes.
It was super interesting being able to interact with them before the course starts, we could feel how well they have grown during their course, most of them finishing the course with a start-up project running and with a lot of experience.
We could also participate in some activities that were held online at Ideon Innovation Incubator due to COVID-19. At Ideon they have a place where the students can practice their pitch to sell their ideas to investors or clients that is called “The Pitchers Corners” and their mentors will give feedback on their performance so they can fix it for the second round and on.
Since everything was held online in this first semester of 2020 I was able to participate in all of these events and it was a great experience, so I’m looking forward to getting started.
If you feel interested and want to hear more from a student, there is an interview with Su Lyn available at Lund University Website, where she says about the Master’s in Entrepreneurship and Innovation, New Venture Creation track! Click Here and check out her testimonial.
This is the great beauty of Master courses around Northern Europe, they are way more accessible than courses in the US, Canada, or Australia for example, but keeping a great education quality.
The tuition fee at Lund University for this full program at the date of this post is around SEK 120,000. Don’t be scared about how many zeros there are in this price, in US Dollars that would be around $13,000 which is way more accessible than programs in the US as we mentioned before.
EU/EEA and Switzerland Citizens exemption
Great news for you who is an EU/EEA or Switzerland Citizen, because the course is completely free, so you can take this master course without paying any tuition fees! But if you’re not, don’t worry! There are still some Scholarships options that you can apply so you don’t need to pay for your course as well, so let’s go through them below.
Scholarships for international students
There are three main Scholarships that you can apply for this specific course and University, and they are:
All of these Scholarships have different requirements and ways to apply for them, so we’ll not go into detail on them, but I left the link for each one of the above so you check the one that fits your needs. But the good point here is to see that even if you’re not an EU/EEA or Switzerland citizen you still can study for free if you get one of these scholarships.
My point in this post is to show that you have way more possibilities to study than just in the US, Canada, or Australia that you would probably have to finance your studies and pay them gradually for years to come after your graduation. Just open your mind, make your research and go after your education and new possibilities.
I hope you found this post helpful, and if you want to follow my journey in my Master’s of Entrepreneurship and Innovation at Lund University in Sweden, consider subscribing to my Youtube Channel.
So now that you’ve heard my side of the story, you tell me: is a master in entrepreneurship worth it?