Online MBA
Students at the University of North Carolina can earn an online MBA that is tailored to their small business goals. Students can choose from several concentrations that focus on a specific field. If students do not find a concentration that meets their needs, they can take electives to create their own custom curriculum. This allows students to find the perfect fit for their career goals. Students who wish to start their own small business can choose electives classes such as:
- Business Strategy
- Managing Innovation
- Pricing
- New Ventures Discovery
- Managing Modern Customers and Market
- Sales
- Service Marketing
- Project Management
By the time students have completed these courses, they will have put together the knowledge and education needed to be successful in the small business market.
Business majors at the University of North Carolina are offered through the Kenan-Flagler Business School. Consistently ranked as one of the best business schools in the country, in 2019, the online MBA program was ranked No. 1 by U.S. News & World Report. There are four start dates throughout the year, and applications are accepted on a rolling schedule, meaning you can submit your application any time before the final deadline and be admitted shortly after. Even though you can be admitted up until the last minute, there are certain benefits to being accepted by the priority deadline. See the full admission schedule here.
About the University of North Carolina
The University of North Carolina is an extensive University system with 16 public universities and approximately 183,000 students. The main campus is located in Chapel Hill, North Carolina.
- Location: Chapel Hill, NC
- Percentage of Graduate Students: 36.3%
- Student to Faculty Ratio: 13 to 1
Are there online programs for small business owners or aspiring owners?
There is a great variety of online MBAs that would help you start a business or take an existing one to another level. Not only would an MBA help tremendously, but there are also dozens of concentration options that fit many different sectors or areas of the economy—from sports management to manufacturing. The real glory of the MBA degree is a broad knowledge base with widely-applicable skills. All MBA programs include classes in accounting, finance, operational management, business ethics, business law, and marketing. In addition to this foundational knowledge, MBA programs focus on the skills necessary to succeed in today’s global high-paced economy, namely, leadership, decision-making, and communication.
Small business accounts for nearly all the businesses in America, and thus, an MBA certainly hones essential skills and provides the knowledge to excel. While it should be admitted that an online MBA in Entrepreneurship is not strictly necessary to start a business, it also should not be denied that earning your MBA gives you a definite edge. A few ways the program does this besides the knowledge and skills are: connecting with current professionals, becoming part of a valuable alumni network, an international experience, and perhaps the kicker, confidence in yourself.
What is an online MBA in Entrepreneurship?
An online MBA in Entrepreneurship is a graduate degree in business administration with a focus on Entrepreneurship. The MBA core consists of classes and experiences that prepare you to work in any existing company, big or small, a non-profit or for-profit organization, public or private, and in leadership roles that require management of a companies employees and/or assets. The Entrepreneurship component hones in on the creative and innovative abilities to start a company from scratch—from paper to reality—as well as to transform a small business or aspect of a larger venture into something better. On top of MBA core classes, focus classes include innovation, risk management, social media marketing, and more.
Most of the online MBAs on our list are particularly suited to small business owners or aspiring owners. The general structure includes 30-50 credits and takes one to three years to complete. If you currently hold a bachelor’s in business administration many programs wave the foundation courses. Some schools require GMAT or GRE scores for admission, though a good many allow waivers for high GPAs or experience.
Is an online MBA in Entrepreneurship worth the investment?
This can be a difficult question because there are simply so many factors to consider in terms of costs and value. For example, consider the cost of the degree, the type of MBA, your current job experience, the cost of living where you intend to reside, and the earning potential in the company you work in now or intend to. That’s a lot of factors. Based on our experience and research and despite tuition costs continuing to rise an MBA is a good investment. Education always provides values that are hard to exactly calculate on a spreadsheet. Even so, numbers indicate the investment’s wisdom. According to an article in Forbes, enrollment for online MBAs continue to rise and “…many graduates of online MBA programs are reporting positive outcomes immediately after getting their degrees.” The article sites several statistics indicating a boost in salary.
The Graduate Management Admission Council (GMAC) Alumni Perspectives Survey Report showed that 95 percent of MBAs regarded their degree as good, excellent, or outstanding and 93 percent would do it all over again knowing what they know now. All that being said, it would be remiss to not consider as many factors as you can. Perhaps the most significant is the cost of the MBA which can range from $300 to $1500 per credit on our list.
Do small business owners or aspiring owners need an MBA?
It all depends on how you define “need.” There is certainly not an absolute need requiring you to earn an online MBA to start a business. There are many wonderful companies whose owners did not earn an MBA. The story doesn’t stop there, however. Consider what an MBA is and the benefits and advantages become clear. Online MBAs provide knowledge and skills to lead, manage, communicate, and problem-solve directly from industry experts and faculty to you. The old adage that says, “Learn by experience, preferably other peoples” applies here. In addition, MBA programs are broad-based and give you a well-rounded education that makes up for natural weaknesses.
Courses in finance, risk management, accounting, operational management, business law, and more give you all the tools and can prevent unfortunate mistakes. While not strictly necessary, if you earn an MBA you do get a head start. Not only that, online MBAs do not require you to stop working and can be done at your pace. Often MBA students are learning in the classroom and applying recently acquired know-how in real-time in the current job. Other benefits include the fact that you gain experts experience, a network of professionals, alumni connections, and often additional opportunities that stretch and hone your decision-making, communication, and leadership in ways that wouldn’t happen otherwise.
How do I choose which school is best?
Choosing the right online MBA for your new small business, or to grow the one you currently own, is vitally important. The key factors we judiciously consider when ranking schools are the same factors you consider when choosing a school: affordability (listed on each ranking for you to easily spot), reputation, flexibility, and convenience. On top of these four key factors, there are always other notable elements to consider. For example, face-to-face requirements or international experiences. These additional factors may be the deciding factor or edge you’re looking for.
Another consideration is accreditation. Accreditation does make a difference (all the schools on our list are at least regionally accredited, and many are nationally accredited by organizations such as the AACSB). Firstly, it means that national standards are being met as attested by an independent ranking organization. Secondly, employers recognize accreditation as something that means higher quality. Lastly, accreditation is often a condition for doctoral programs. As for convenience and flexibility, there are some schools that are 100-percent online and asynchronous, others that require residencies and are synchronous, and some that are mixed. This, along with duration, is completely up to you in terms of what fits your life.
OnlineCollegePlan offers excellent resources for students and potential students. Check out the following rankings related to small business management:
If you’re thinking about online colleges, see our ranking of the Top 100 Best Online Colleges, or the Pros and Cons of Online College. We also offer resources on online college resources, online college rankings and online masters degrees.
We here at OnlineCollegePlan hope that this unique ranking will help you find the Best Online Masters Programs in Small Business Management.
