Post-MBA Goals: Entrepreneurship

So, you're an entrepreneur. 

In the US, less than 50% of business owners have a college degree. For many, it’s about a longheld passion, or starting a lucrative business instead of spending money to go to college. But many business owners are pro-degree; it isn’t just a stamp on your resume, but a way to “offer knowledge to a business founder that could have made their early days easier”. 

Bringing their idea to market is the key motivator for entrepreneurs who decide to pursue an MBA, rather than financial gain. For these candidates, resilience and perseverance are the most important qualities for entrepreneurial success after an MBA. 

Why Do Entrepreneurs Need an MBA?

Structured business knowledge

According to data from the National Center for Education Statistics, only 19% of all undergraduate degrees conferred in the US were in business. Many entrepreneurs lack a formal grounding in the fundamentals of leadership, strategy, operations, finance, accounting, legal issues, HR management, and marketing. Business owners often need to have their finger in every pie; someone running a health-tech company has to also understand how to lead a team and market their product. An MBA curriculum offers essential frameworks in these foundational business concepts. That also includes MBA pedagogy, like the case method, where you can learn from the successes and failures of other start-ups. 

Access to a robust network

One of the biggest advantages of an MBA is the access it grants to an ecosystem of professionals: fellow students, professors, alumni, and guest speakers. For entrepreneurs, this means they can find co-founders, early customers, strategic advisors, suppliers, and investors during their program. Some programs even run formal angel or venture capital groups that invest in student ventures. These business relationships can turn into a lifelong pipeline of strong connections and new opportunities. You will also interact with experienced faculty who can offer mentorship and feedback as you work on your business idea. 

An environment of innovation

The two years of an MBA program offer a rare opportunity to test ideas in a low-risk environment. Many students also pursue an MBA to explore product-market fit in-depth and how to meet it.  There are a number of school resources available for entrepreneurs, including interdisciplinary and cross-campus opportunities, startup incubators, competitions, capstone projects, entrepreneurship labs, and more. Some even launch startups before graduation, leveraging school resources to pilot their ventures. 

At business school, students get the time and space to test creative ideas – and even fail at it. Like we mentioned earlier, b-school also helps develop that resilience and perseverance needed to refine a business idea and grow. 

Credibility

While a degree isn’t needed to be an entrepreneur, having an MBA from a top program can lend credibility to founders. Investors may view MBA founders as more prepared to handle complex business challenges, especially in capital-intensive or regulated industries.

What do Schools Think of Entrepreneur MBA Applicants?

Many top schools have a sizable number of students who start their own business after graduating from the MBA program. Take for example Stanford GSB, which tops the list with 23% of the Class of 2024 (98 graduates) launching their own ventures upon graduation. More students focused on  search funds and health care, compared to technology and finance in previous years. 

Trailing behind Stanford were Harvard Business School with 14% (138 graduates), and MIT Sloan with 10% (42 graduates). 

In the employment reports for these schools, entrepreneur graduates fall in the bucket of those “Not Seeking” employment. In our experience (and according to this Economist article), some students who are counted as entrepreneurs may actually be unemployed. 

So what do business schools think of entrepreneurs? Many top MBA programs value entrepreneurship – which is clear given the increasing number of startup accelerators, student-run VC funds, and entrepreneurship-focused electives for MBA candidates. But they’re a bit wary, and for good reason. Entrepreneurial applicants aren’t easy to benchmark against other applicants, unlike an MBB consultant or Tech PM, roles which have clear career trajectories and defined titles. 

There’s also the nature of your business. Do you simply have an idea, or is your business advanced? Have you raised capital? AdComs want to see proof of your business idea working and tangible results, instead of vague startup plans. They appreciate entrepreneurial candidates who demonstrate market insight, past action (even small-scale), and an understanding of the risks involved. They want to understand how an MBA fits into your story, and whether you are driven enough to use it well. 

If you have a compelling start-up story and something to show for it, the AdCom will eat it up. Admissions officers know that entrepreneurs bring unique, action-oriented perspectives that enrich class discussions and the school’s alumni legacy. There’s nothing better than a “started from the bottom” story of – like we’ve said a few times in this blog already – resilience and perseverance. 

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Does it matter if my startup failed?

If your startup “failed”, it’s unlikely that your goal will be to return to that startup. In fact, for many recovering entrepreneurs, their post-MBA goals are to enter the corporate world. Nevertheless, this entrepreneurial experience can still be valuable in MBA applications. This is what a “failed” entrepreneurship story tells the AdCom: 

• You have entrepreneurship experience, which involves a steep learning curve, an appetite for risk, and skills spread across multiple business functions including operations, marketing, sales, business development, and strategy. This differentiates you from many other applicants who may have worked in one function in their career.  

• You can demonstrate resilience and reflect on what went wrong. Discussing your “failed” startup in your application and showing AdCom how you grew through this setback can lay the foundation for powerful stories about applying hard lessons in your life and career. 

• You now have a stronger understanding of what works and what doesn’t. Now, you can make a more compelling case for why you have chosen certain goals, and how the MBA can help you bridge any skill gaps and achieve them.

  
  

How to Approach Your MBA Application as an Entrepreneur

An entrepreneurship story isn’t an easy one to tell. There’s a lot of risk involved, learning from failures, and vulnerability. 

If you’re an entrepreneurial applicant, here’s how to strengthen your application and create a strong narrative:

Demonstrate as much legitimacy and scale/impact as possible

You could demonstrate this by mentioning investor funds raised, annual revenues generated, employees or contractors hired and managed, number of clients/users, and other relevant metrics to highlight impact. 

If your business isn’t advanced enough to justify your entrepreneurial goals, consider entrepreneurship as a longer term goal instead of an immediate post-MBA goal. Choose a short-term goal that can help you build the skills and network to bridge the gap between your current role and entrepreneurial idea.

Make your “Why MBA” clear

If you have a successful business, why do you need an MBA? On the flip side, if your business is failing, you might be worried about how strong your profile appears to AdCom. 

Past clients have written about being in the early stages of their business, which is why they need to bolster their skill set using the MBA, or finding a co-founder/investors/clients to grow their network, expand into international markets, or they already had a founder team/family business who would run the company while they used the MBA to pivot to a role where they could get experience operating a product at scale. 

Letters of recommendation

You could approach your most recent supervisor for a letter of recommendation if you are on good terms with them. You may also ask supervisors/colleagues/peers outside of your company (e.g. at an organization you volunteer at outside of work), a board member, or significant clients you have worked with. Ensure that they write objectively and highlight your strengths and weaknesses, just as a supervisor might. 

Highlight what you’ll contribute to the program 

Entrepreneurial applicants often bring unique energy, risk tolerance, and creativity to their cohort. Use essays and interviews to convey how you’ll contribute to classmates’ learning, perhaps by co-leading an entrepreneurship club or sharing startup experience in case discussions.

Here's how Mahesh, a healthcare entrepreneur running his own medical diagnostics startup, bagged an $80,000 scholarship to the Georgetown McDonough MBA.

Top 10 Best MBA Programs for Entrepreneurship

1. Stanford Graduate School of Business (GSB)

Stanford GSB is a dream for entrepreneurs, especially with its location right in the heart of Silicon Valley surrounded by venture capital, tech innovators, and startup culture. The school offers great resources like the Center for Entrepreneurial Studies, Stanford Venture Studio, and Lean LaunchPad.Many students raise funding during or shortly after their MBA through the Stanford Venture Fund (94 funds were launched in 2023) and various pitch competitions. 

2. MIT Sloan School of Management

Sloan is known for its focus on data-driven thinking and building things from the ground up. Students have access to the Martin Trust Center, delta v accelerator, the MIT $100K Competition, and courses across MIT’s broader ecosystem, including engineering. The local startup scene in Boston is strong, and Sloan’s network of VCs and angel investors makes it easier to get early traction. 

3. Harvard Business School (HBS)

HBS combines big-picture leadership training with a solid entrepreneurial foundation. Whether they are exploring ideas or scaling a business, entrepreneurial candidates can find support through the Rock Center, i-lab, the New Venture Competition, and startup bootcamps. Students also benefit from Harvard’s broader ecosystem and an active network of founder-alums and angel investors. 

4. UC Berkeley Haas School of Business

Haas is all about innovation and purpose-driven business. If you’re aiming to build something meaningful, especially in tech or impact spaces, Haas has a variety of resources to access, including Berkeley SkyDeck, LAUNCH competition, and the Lester Center for Entrepreneurship, along with the broader UC Berkeley engineering and research network. You’ll be steps away from Silicon Valley and surrounded by mentors, funding opportunities, and startup veterans. 

5. Wharton School

Wharton makes entrepreneurship a core part of its DNA with flexible pathways, hands-on programs, and a deep bench of alumni support. The Venture Initiation Program (VIP), Tangen Hall, and Wharton Innovation Fund help students go from idea to launch with real backing. Anecdotally, we also know from former SWC clients who are now Wharton students that the school is making a push towards Entrepreneurship.

6. Northwestern Kellogg School of Management 

Kellogg takes a well-rounded approach to entrepreneurship, blending strong leadership development with practical startup experience. Programs like Zell Fellows and KIEI help students build with purpose, while the Kellogg Venture Challenge brings visibility and funding to top ideas. The Chicago startup scene is growing fast, and Kellogg gives you access to mentors, investors, and founders who’ve done it all before. 

7. Michigan Ross School of Business

Ross is very hands-on when it comes to entrepreneurship. Students can tap into the Zell Lurie Institute, compete in the Michigan Business Challenge, and apply for Dare to Dream grants or Founders Fund support for up to $100K per year. They also have access to a tight-knit network of mentors who’ve built and scaled companies. 

8. NYU Stern School of Business

Stern offers a front-row seat to NYC’s booming startup scene, especially in fintech, consumer products, and media. Its Endless Frontier Labs, Berkeley Center, and $300K Entrepreneurs Challenge make it easy to get started and get noticed. NYU’s campus is plugged into the city’s investor and founder networks, and the school provides support for legal, financial, and team-building needs. 

9. Babson College F.W. Olin Graduate School of Business

Babson is consistently ranked #1 for entrepreneurship and centers its MBA around building, testing, and scaling ideas. The Arthur M. Blank Center, B.E.T.A. Challenge, and its Entrepreneurial Thought & Action® approach offer structure and flexibility for founders of all types. Babson is especially great for first-time entrepreneurs who want ample coaching, seed funding, and practical guidance. 

10. Columbia Business School

Located in the heart of Manhattan, Columbia gives entrepreneurs access to the Lang Center, Columbia Startup Lab, and cross-campus collaboration, making it easy to build with input from engineering, law, and other disciplines. The school also connects students with early-stage funding, incubator space, and strategic partnerships throughout the city.