Learn the 4 Things You Must Know Before Taking the GMAT!   Download it Now!

Best Business Schools for Entrepreneurship

It’s a tough job market out there right now, there’s no doubt about it. In fact, that may be why you’re studying for the GMAT and looking to go back to business school in the first place. Perhaps you’re looking to delay having to find a job for another couple of years. Or perhaps you’re hoping that getting a post-graduate business degree will make you more marketable and improve your chances of getting a job once you get out.

Unfortunately, even with an advanced degree, there’s no guarantee that your dream job will be waiting for you upon graduation. In fact, I was just talking with a former student who I helped with his GMAT score a few years ago and he’s still looking for a job a full year after finishing his MBA.

So, what to do? Consider taking matters into your own hands. Consider starting your own business. Consider entrepreneurship.

Here’s a great article about exactly this phenomenon in today’s issue of USA Today:

Many people think that successful entrepreneurs are born that way. To be sure, starting a business requires a certain degree of risk. Even with hard work, there’s no guarantee of success. In fact, statistics suggest that most small businesses fail within 5 years of startup. So are some people just natural risk takers? Or can entrepreneurial skills be learned?

The answer to that second question is “Absolutely!” I’m living proof.

I had absolutely no entrepreneurial experience coming out of college — indeed, nobody in my family had ever been a successful business owner — and yet now I own and operate three successful businesses with plans to launch a fourth next year. My most lucrative business was begun part-time while I was in business school and still pays me on a residual basis today. See, after surveying the landscape, I realized exactly what that USA Today article points out — that the upside potential reward for being in business for oneself far outweighs what is possible in a traditional corporate job environment. To me, that was appealing.

Unfortunately, the business school I went to didn’t offer much in the way of entrepreneurial education at the time, so I had to learn a lot of it on my own through books and through the experience of actually launching and growing a new business. The good news for you is that business schools are increasingly offering entrepreneurial outlets for their students, including adding entrepreneurship courses to their curricula and hosting business plan competitions.

If entrepreneurship is something that interests you, check out this list of the Top 10 Business Schools for Entrepreneurship for 2012, according to U.S. News and World Report. For the full article, click here.

  1. Babson College (Olin)
  2. Stanford University
  3. Harvard University
  4. Massachusetts Institute of Technology (Sloan)
  5. University of Pennsylvania (Wharton)
  6. University of California – Berkeley (Haas)
  7. University of Texas – Austin (McCombs)
  8. Indiana University – Bloomington (Kelley)
  9. University of Arizon (Eller)
  10. University of Southern California (Marshall)

As one of my business mentors, Robert Kiyosake, says: “You can be a successful doctor and be poor. You can be a successful school teacher and be poor. But you cannot be a successful entrepreneur or investor and be poor.”

As you think about why you’re going back to business school in the first place, challenge yourself and truthfully answer this question: Where do you see yourself in 5 years?