Entrepreneurs are quintessential to building the modern day U.S. economy. Without them, small businesses and large enterprises would cease to exist. Even though a formal degree is not required to succeed as an ambitious, determined entrepreneur in today’s world, numerous degree programs help college students learn all they need to know about succeeding as an entrepreneur. Doctorate entrepreneurship programs cover essential topics in entrepreneurship, including management, business, accounting, human resources, organizational psychology, new enterprises and innovation, financial management, venture planning, and more. Because entrepreneurship involves a great deal of communication, decision-making, leadership, management, problem-solving, and time-management, students must be well versed in these essential skill sets. A Ph.D. degree will be much more involved than a bachelor’s degree in entrepreneurship or a master’s degree in entrepreneurship, with much more focus on contributing research to the field.

Why a Ph.D. Degree?

Being a successful entrepreneur in today’s competitive world requires hard work, dedication, and a thorough knowledge of business. Students with an associate degree in entrepreneurship or a bachelor’s degree in entrepreneurship may have the skills they need to succeed in the business world, but a Ph.D. degree serves to finely hone the knowledge gained in lower-level degrees. According to the U.S. Bureau of Labor Statistics (BLS), many top executives have a bachelor’s, master’s, or doctorate in an area related to their field. Likewise, a Ph.D. degree is a good option for students who wish to make a career out of academia or procuring research.

Getting Into a Ph.D. Degree Program

Ph.D. programs typically accept a small number of students each year, with a fairly rigorous admissions process. To be considered for candidacy in a Ph.D. program, students must have:

  • Bachelor’s degree or master’s degree in entrepreneurship or related subject
  • Passing GMAT and TOEFL (as relevant) test scores
  • Copy of resume and letters of recommendation
  • Relevant academic transcripts

Inside a Ph.D. Degree Program

Although a Ph.D. degree in entrepreneurship may be completed in four years as a full-time student, it can often take much longer as dependent on their dissertation. Most programs consist of 40 or more credit hours, but independent research may tack on additional time. The hours may adjust if a student already has a master’s degree in entrepreneurship. Also, those who pursue a doctorate in entrepreneurship are expected to complete a number of required courses, work as research assistants, and teach entrepreneurship courses each year throughout the program.

As distance education and online colleges continue to grow at a rapid pace across the world, more and more students chose to obtain their formal degrees online. An online Ph.D. program in entrepreneurship is unique in that it allows students to complete their degree studies at their own pace. Course materials in an online Ph.D. program are presented through a compilation of slideshows, audio or video lectures, class outlines, and course study guides. While completing their degree, students are also required to work alongside a staff of informed, helpful faculty members to complete their research.

What’s Next for Entrepreneurship Ph.D. Degree Holders?

After completing their Ph.D. program, students may be able to apply for a wide variety of high-level business administration jobs. One of the common positions Ph.D. graduates end up taking on after completing their studies is as a post-secondary teacher. According to the BLS, postsecondary teachers earn an average of $62,050 a year.

Another common career entrepreneurship Ph.D. degree graduates pursue is as CEOS, managers, and top executives. The BLS reports that top executives make an average of $165,080 a year. Both of these jobs are predicted to experience a decent growth from 2010-2020.