PhD in Entrepreneurship

[DrDre]

I am looking for some inputs towards PhD in Strategy & Entrepreneurship in the US. I did go through the FT MBA rankings to sort of filter out based on the business schools, but I am sort of confused since the top schools don't seem to focus too much on Entrepreneurship and bottom ones seem to. Though I am not a big fan of FT rankings, nonetheless in case anyone has some personal experiences in this, inputs would be welcome.

 

(I am not looking for the Harwards & Whartons. I am more into the 25 to 75 type of the FT rankings for business school. My main is to know how good a school is in the area of Entrepreneurship and post PhD prospects in that area)

 

Just to give a brief on my background:

Industrial Exp: 12 years (mainly research oriented)

Qualifications: Bachelor of Engineering (Comp Sc), Master of Engineering (Comp Sc), FT MBA from UK.

Academics: Decent track record

GRE/GMAT: Yet to take.

 

Presently I am full time entrepreneur who would like to take my research interest forward. Hence looking for a PhD in Entrepreneurship.

 

My target is Sept 2014/2015

 

 

 

Thanks and Cheers! :verydrunk:

Edited June 6, 2013 by DrDre

[ThatGuyOverThere]

The FT rankings for entrepreneurship are pretty useless - many schools do not have specialized entrepreneurship departments, entrepreneurship is part of management, strategy, or some other area. Outside of the top schools (Stanford MS&E, Wharton, MIT, Harvard) there are great programs at somewhat lower-ranked schools, especially: Maryland (Rajshree Argarwhal and others), Darden, UNC, U of Toronto, Yale (they haven't admitted many PhDs, but are starting to, and Olav Sorenson and Jim Baron are both there), University of Washington.

[CSFive]

I would add that, depending on your definition of 'decent', I don't see any reason why the top schools need to be out of reach for you (it's a pretty vague profile right now). Especially for programs that do research in entrepreneurship (regardless of the department), your entrepreneurial experience will be an advantage. The experience will also help in later placement (some schools emphasize how many of their entrepreneurship faculty have experience in the area - if you have a PhD and experience, that's a leg up). If your GPA is above 3.5, and your V and Q test scores are at or above the 90th percentile, I would encourage you to consider any school that has a research fit. I know many people who got into top schools but were denied from lower schools, because research fit and interests can be that important.

 

I would also encourage you to pull up the PhD page for every school that you would consider (it sounds like the top 75), and skim all of their departments that have PhD programs that might be relevant (you can probably skip marketing, accounting). You might find Entrepreneurship, but you might find a fit in management, strategy, information systems, or some other group. As ThatGuyOverThere noted, one of the best programs is Stanford MS&E, which is not even in a business school. You may have a specific perspective on entrepreneurship you are interested in that leads you to research it in a different department. If you are interested in entry and survival, strategy departments might be a good fit. If it's team formation and dynamics, Organizational Behavior could have the research you're looking for. If it's innovation, an information systems department might be the best fit at some school. You may even find research on venture financing in a finance department. Other schools lump several of these into management. There are also disciplinary differences, which may matter for you. Are you interested in economic, sociological, or psychological approaches to your research? The answer to that may shape the schools that are a best fit for you.

 

Note: TGOT knows even more about this than me, so take that list of schools seriously.

[DrDre]

The FT rankings for entrepreneurship are pretty useless - many schools do not have specialized entrepreneurship departments, entrepreneurship is part of management, strategy, or some other area. Outside of the top schools (Stanford MS&E, Wharton, MIT, Harvard) there are great programs at somewhat lower-ranked schools, especially: Maryland (Rajshree Argarwhal and others), Darden, UNC, U of Toronto, Yale (they haven't admitted many PhDs, but are starting to, and Olav Sorenson and Jim Baron are both there), University of Washington.

 

Thanks for the reply. I do have Darden, Maryland and UNC on my list. But Darden if I am right takes PhD only once in 4 years. Besides these, I have UC Irvine, Ross, and Minnesota.

 

Some colleges do have Entrepreneurship, but the research looks at the cognitive aspect of the Entrepreneurship (human relations, social networks etc.). My interest is more towards the strategic aspect of the Entrepreneurship (startup challenges, fund raising etc.). So during my shortlisting, I look at these issues.

 

From the look of it, Yale mainly looks at Cognitive aspect of the research (Do correct me if I am wrong somewhere).

 

Cheers!

[DrDre]

I would add that, depending on your definition of 'decent', I don't see any reason why the top schools need to be out of reach for you (it's a pretty vague profile right now). Especially for programs that do research in entrepreneurship (regardless of the department), your entrepreneurial experience will be an advantage. The experience will also help in later placement (some schools emphasize how many of their entrepreneurship faculty have experience in the area - if you have a PhD and experience, that's a leg up). If your GPA is above 3.5, and your V and Q test scores are at or above the 90th percentile, I would encourage you to consider any school that has a research fit. I know many people who got into top schools but were denied from lower schools, because research fit and interests can be that important.

 

I would also encourage you to pull up the PhD page for every school that you would consider (it sounds like the top 75), and skim all of their departments that have PhD programs that might be relevant (you can probably skip marketing, accounting). You might find Entrepreneurship, but you might find a fit in management, strategy, information systems, or some other group. As ThatGuyOverThere noted, one of the best programs is Stanford MS&E, which is not even in a business school. You may have a specific perspective on entrepreneurship you are interested in that leads you to research it in a different department. If you are interested in entry and survival, strategy departments might be a good fit. If it's team formation and dynamics, Organizational Behavior could have the research you're looking for. If it's innovation, an information systems department might be the best fit at some school. You may even find research on venture financing in a finance department. Other schools lump several of these into management. There are also disciplinary differences, which may matter for you. Are you interested in economic, sociological, or psychological approaches to your research? The answer to that may shape the schools that are a best fit for you.

 

Note: TGOT knows even more about this than me, so take that list of schools seriously.

 

First of all Thanks for your reply.

 

I attempted the GMAT 3 years back, and the best that I got was lower 600s. So thatz the reason I am not looking at those top schools. Though my acads have been decent (been in the range of 60% to 75% throughout), somehow GMAT has been a tuff nut to crack for me ( I just couldn't get it right). So I am now looking at GRE and the mock results have been encouraging. Adding to that, my MBA was a breeze for me. I did it very well and enjoyed everyday in the class.

 

I am looking more into the economic side of Entrepreneurship. Not keen on Socio or Psychological side of the research.

[XanthusARES]

But Darden if I am right takes PhD only once in 4 years.

 

Darden's admissions are strange. But I believe that this is the year they are accepting students, at least in Marketing that is.

[DrDre]

Darden's admissions are strange. But I believe that this is the year they are accepting students, at least in Marketing that is.

 

Yes. The admissions will be open this year for the 2014 intake.

PhD Program Admissions: Darden School of Business: UVA

[HorsesInVA]

Darden's admissions are strange. But I believe that this is the year they are accepting students, at least in Marketing that is.

Darden doesn't have a marketing PhD program. It does have a entrepreneurship program, which they are admitting this year. (Also Business Ethics & Leadership or micro-OB)

[XanthusARES]

They have a marketing concentration within the business ethics program. Or at least they have researchers focusing more on the marketing side of things.

[rsaylors]

They have a marketing concentration within the business ethics program. Or at least they have researchers focusing more on the marketing side of things.

 

How ironic! Like economists studying the philosophy of science :-)

[DrDre]

Ok. After a lot of thought, I guess my dream of doing a PhD may not come true. Various factors that came into play: My age of 36 with family and kids does not put me in a good position financially. Five years of life at this stage without any money earned a big risk at this stage. :(

 

Though my interest is Entrepreneurship, I guess I may have to look at other options in US, may a MBA in Entrepreneurship from a good university in the US ? Need to rethink!

 

Thanks a lot guys for all your inputs and for your time.

 

Cheers!

[Qayin]

Ok. After a lot of thought, I guess my dream of doing a PhD may not come true. Various factors that came into play: My age of 36 with family and kids does not put me in a good position financially. Five years of life at this stage without any money earned a big risk at this stage. :(

 

Though my interest is Entrepreneurship, I guess I may have to look at other options in US, may a MBA in Entrepreneurship from a good university in the US ? Need to rethink!

 

Thanks a lot guys for all your inputs and for your time.

 

Cheers!

Don't you already have an MBA? That would disqualify you from attending most of the top MBA programs in the US as far as I know.

[rsaylors]

Don't you already have an MBA? That would disqualify you from attending most of the top MBA programs in the US as far as I know.

 

If his MBA is sufficiently low-ranked enough he may be able to get in at a sufficiently higher ranked school. I doubt Wharton will begrudge your desire to attend their school despite your MBA from directional-state university.

 

My age of 36 with family and kids does not put me in a good position financially. Five years of life at this stage without any money earned a big risk at this stage.

It's not a 'risk' as that implies that it might not pay off. It will pay off. It is, though, a hardship. I've got 3 kids under 5 and my 24k a year is the only earning going on in the house. Still, I pay my mortgage, own (out right) two cars, and go on a family vacation once a year. It's all in how you handle your money. Budget, and stick to the budget. Make all of your own food at home (no pre-packaged stuff either), utilize the vehicles on an as-needed instead of as-wanted basis, and generally do without.

 

But regular purchases of nice clothing, going eating out on a regular basis, or even weekly trips to the movies/other entertainment venues is essentially off the table.

 

 

So, just so you don't fool yourself, you should know you are trading your 'dream' for things:

Things you don't need, purchased with money you could live without, to impress people that don't care.

 

Of course maybe you are upside down on a house and need to make a 2k/month mortgage payment or some such, but your excuse for not following your dream is something that, if i were you, I would regret 20 years down the road...

[Qayin]

It's not a 'risk' as that implies that it might not pay off. It will pay off. It is, though, a hardship. I've got 3 kids under 5 and my 24k a year is the only earning going on in the house. Still, I pay my mortgage, own (out right) two cars, and go on a family vacation once a year. It's all in how you handle your money. Budget, and stick tot he budget. Make all of your own food at home (no pre-packaged stuff either), utilize the vehicles on an as-needed instead of as-wanted basis, and generally do without.

Wow. I wouldn't think it's possible. I mean, I've lived in the States for 4 months on $200/week, most of it being spent on travelling, but 3 kids? Cars? Mortgage? And you still manage to save up for vacations? Dude, that's just amazing to be honest. Did you have any saving? Can't even imagine the spending spree you folks are going to go on once you graduate and get placed =D.

[DrDre]

If his MBA is sufficiently low-ranked enough he may be able to get in at a sufficiently higher ranked school. I doubt Wharton will begrudge your desire to attend their school despite your MBA from directional-state university.

 

 

It's not a 'risk' as that implies that it might not pay off. It will pay off. It is, though, a hardship. I've got 3 kids under 5 and my 24k a year is the only earning going on in the house. Still, I pay my mortgage, own (out right) two cars, and go on a family vacation once a year. It's all in how you handle your money. Budget, and stick to the budget. Make all of your own food at home (no pre-packaged stuff either), utilize the vehicles on an as-needed instead of as-wanted basis, and generally do without.

 

But regular purchases of nice clothing, going eating out on a regular basis, or even weekly trips to the movies/other entertainment venues is essentially off the table.

 

 

So, just so you don't fool yourself, you should know you are trading your 'dream' for things:

Things you don't need, purchased with money you could live without, to impress people that don't care.

 

Of course maybe you are upside down on a house and need to make a 2k/month mortgage payment or some such, but your excuse for not following your dream is something that, if i were you, I would regret 20 years down the road...

 

Well, my MBA is a one year FT from a low ranked college (based on FT rankings). Also, its from the UK. I don't think that should be a hurdle for me to get into a top school in the US for an MBA again. I know a few cases who have done this before.

 

 

rsaylors: But your story is really inspiring. Managing a house with 3 kids on 24K a year is just awesome. I really can't believe how you have been able to manage it.

 

But thanks a ton for sharing your thoughts. I guess I may have to rethink about my PhD. :)

 

On a side note: Post PhD, is there any chance of getting into the industry (in case i see the need for a high income salary) ? Or are my options only restricted to the university ?

 

I understand that the initial salary of a prof in a decent B-school is about 75K per year ? Am I right ?

 

Thanks ,

 

V

[DrDre]

Well, I do have an MBA but from a low ranked (as per FT rankings) university from the UK. It was a one year FT MBA. I have seen a few cases where they have done a double MBA. First from a lower ranked college and then from a top rated college in the US.

 

rsaylors: I must say that managing your home with 24K having three kids is simply amazing. This really changes the way I had seen my PhD. I guess i may have to rethink on my PhD plans ? I guess first attempt the GRE and then take it step by step! :)

[rsaylors]

^Make sure your wife is on board. My wife is a saint.

[DrDre]

^Make sure your wife is on board. My wife is a saint.

 

:). Very much agree.

[hdp323]

Entrepreneurship is a great field to get in. A PhD in business is only for academic careers. Salary for fresh PhDs in Entrepreneurship/Strategy at research schools go for 120-160K for nine months these days. Given your profile, it'll be an uphill battle to get into a top-tier school. However, I could make you a few good suggestions. They all offer great programs in Entrepreneurship (in alphabetical order): Drexel, RPI, Syracuse, U. of Minnesota, and U. of Washington. Good luck!

[DrDre]

Given your profile, it'll be an uphill battle to get into a top-tier school.

 

You say this because of my age ? or acads ? general profile ?

 

Thanks for suggesting that college list. I will have a look.

[rsaylors]

You say this because of my age ? or acads ? general profile ?

 

Thanks for suggesting that college list. I will have a look.

 

low 600s and an unstated GPA + you are older (12 years experience)

 

Did your mostly-research job lead to any publications?

[DrDre]

Entrepreneurship is a great field to get in. A PhD in business is only for academic careers. Salary for fresh PhDs in Entrepreneurship/Strategy at research schools go for 120-160K for nine months these days. Given your profile, it'll be an uphill battle to get into a top-tier school. However, I could make you a few good suggestions. They all offer great programs in Entrepreneurship (in alphabetical order): Drexel, RPI, Syracuse, U. of Minnesota, and U. of Washington. Good luck!

 

Can anyone throw some more light on Drexel and RPI ? The Entrepreneurship programs look good, but I am really not too sure about the university in general, reputation, etc. etc. ?

 

Thanks.

[DrDre]

low 600s and an unstated GPA + you are older (12 years experience)

 

Did your mostly-research job lead to any publications?

 

No. It was purely non-academic. Writing new algorithms based on latest research etc. etc.

My MBA was mainly research oriented. 15,000 words business report.

[hdp323]

You say this because of my age ? or acads ? general profile ?

 

Thanks for suggesting that college list. I will have a look.

Top schools are generally populated by younger students with stellar GPA/GMAT, prior research experience, and great academic references. Unfortunately, those will be quite challenging for you to attain. Admissions is a signaling game - you may be good, but it won't be easy for you to signal how good you are academically.

[XanthusARES]

Can anyone throw some more light on Drexel and RPI ? The Entrepreneurship programs look good, but I am really not too sure about the university in general, reputation, etc. etc. ?

 

I can't speak about RPI, but Drexel doesn't have the best reputation, at least in marketing and I assume other fields. Bear in mind that with ~100 maybe ~150 schools offering AACSB accredited PhD's, again in marketing since that is my background and interest, that any school is going to be top 100. Coming from Drexel you will not be getting a TT position at Harvard immediately afterwards, but you will have a PhD in your desired field and the educational background to be able to do research in said field.

 

In the end the decision is yours of course. If it makes any difference I have a friend who studies entrepreneurship (are you sure you want to study this? It's kind of a pain to type? Have you thought about math? It's nice and easy) and he has his PhD in Marketing. There is some cool entre* research being completed at Oregon in the marketing department as well.