Even though the statement in the title may appear a bit far-fetched, this is what GMAC announced in 2014 and the report lends some serious support to that emerging trend.
According to GMAC's 2014 Prospective Students Survey report, 26% of all prospective students plan to engage in entrepreneurial ventures upon receiving their MBA degrees, which represents a 6% increase since 2009. Additionally, according to the report, aspiring entrepreneurs show a greater interest in MBA programmes than in specialised Master's programmes in business-related fields.
Other intriguing statistics from GMAC's 2014 Alumni Perspectives Survey show that 11% of business school alumni are self-employed. Not surprisingly, only 5% of the most recent MBA graduates (2010-2013) have their own business compared with 23% of the graduates who got their degrees before 1990. GMAC explains that: " while recent graduates (classes of 2010-2013) are more likely to be working for an employer (89%), the likelihood of an alumnus being an entrepreneur or self-employed increases the longer they have been out of business school." Those numbers are mainly due to the fact that starting your own business venture requires significant know-how, professional networks, seed funding, and other resources, which aspiring entrepreneurs are more likely to gain access to after acquiring some professional experience.
A noticeable change in entrepreneurship-related trends during the recent years concerns the nature of the newly established business ventures. Nearly one-third of alumni entrepreneurs work in the products/services (31%) and consulting (31%) industries. The prevalence of entrepreneurs in these two sectors holds for alumni regardless of graduation year. GMAC further reports that 14% of recent alumni entrepreneurs (from the classes of 2010–2013) work in the technology sector, compared with just 2% of those who graduated before 1990.
All that said, considering the rapid development of various entrepreneurial tendencies and the growing interest among candidates in such post-graduate education, it is mandatory to be at the forefront of all entrepreneurship-related trends. There are numerous global initiatives, organisations, conferences and other events that provide overviews and comment on the latest trends, discussing how education adapts to those trends in order to prepare better-equipped business people and connecting likeminded entrepreneurs. One such event is The Global Entrepreneurship Week (GEW).
As described on the event's website, this is the world's largest celebration of the innovators and job creators, who launch the start-ups that bring ideas to life, drive economic growth, and expand human welfare.
During one week each November, GEW inspires people everywhere through local, national, and global activities designed to help them explore their potential as self-starters and innovators. These activities, from large-scale competitions and events to intimate networking gatherings, connect participants with potential collaborators, mentors and even investors—introducing them to new possibilities and exciting opportunities.
All in all, interest in entrepreneurial ventures among former, current, and prospective MBA students is growing exponentially. Business schools are addressing that growing market demand by offering prospective students more opportunities to get involved in entrepreneurship-centred electives within their general MBA curriculum, or even to get a specialised MBA in Entrepreneurship.
Regardless of whether professionals choose to establish their own business ventures soon after getting their MBAs or decide to wait for a while and get some experience in the corporate world first, business schools aptly address this trend and offer the opportunity to use business incubators or start-up accelerators. This helps students with entrepreneurial interest prepare for when they officially enter the business arena.
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