The Business Schools Preparing Tomorrow’s Entrepreneurs

With master’s in management degrees (MiM) typically pursued immediately after completing a bachelor's degree, a new generation of young, ambitious students is eager to make their mark by launching businesses at an early age. 

So how can business schools prepare these future entrepreneurs? Many are adopting innovative strategies to nurture the entrepreneurial spirit and skill set of their MiM students.

Schools are increasingly embedding entrepreneurship into their core curricula. Instead of treating entrepreneurship as a niche subject, they are incorporating it across various disciplines such as finance, marketing and operations. 

Courses on business planning, startup financing and innovation management are becoming staples. This integrated approach ensures that students are equipped with a holistic skill set.

Entrepreneurship is best learned by doing, which is why business schools are also offering experiential learning. Programs like business incubators, startup accelerators and innovation labs provide students with hands-on experience in launching and managing ventures. 

These platforms also offer mentorship from seasoned entrepreneurs, access to industry networks – and sometimes even seed funding. For instance, Mannheim Business School's Center for Entrepreneurship and Innovation helps accelerate the startup processes and supports MiM students in their foundations during their studies and beyond through targeted coaching.

“​​In addition to curricular courses in the field of entrepreneurship, we offer consulting and access to a broad network of startups, investors and alumni,” says Florian Stahl, the academic director for specialized masters programs at Mannheim. 

Interdisciplinary collaboration

Entrepreneurship thrives at the intersection of various fields. And that’s why business schools are fostering interdisciplinary collaboration – encouraging students to work with peers from other departments such as engineering, design and computer science. 

Often that focus can help develop ventures in areas like sustainability. For example the Vali Sustainable Ideation Bootcamp is run by ESMT Berlin. It allows students to experience entrepreneurship first hand, by working together with corporates, NGOs and startups on important climate issues. 

“Throughout the years, Vali has supported the creation of more than 200 ventures, raised close to €190 million in capital, and helped to create more than 1,500 jobs,” says Tino Elgner, director of master programs at ESMT Berlin. 

This cross-pollination of ideas can lead to innovative solutions and diverse business models. Joint programs and projects with other faculties enable students to leverage a broader range of expertise and perspectives.

Examples of MiM graduates at ESMT that have founded successful companies include Malte Lorenz, who co-founded Karl Karlo, a sustainable food brand, which was acquired by a bigger company. Also: Lisa Portz co-founded ZebraFarm, which consults for sustainable, community-focused businesses that prioritize steady growth and profitability over meteoric rise.

Modern entrepreneurs like these are increasingly expected to consider the ethical and environmental impact of their businesses. So business schools are instilling a sense of social responsibility by incorporating sustainability and ethics into their programs. 

Courses on social entrepreneurship, corporate social responsibility and sustainable business practices teach students how to create ventures that not only generate profit but also contribute positively to society and the environment.

And, while technical knowledge is crucial, soft skills like leadership, resilience, and adaptability are equally important for entrepreneurs. 

Business schools are thus placing a greater emphasis on developing these skills through workshops, seminars and real-world projects. Courses on negotiation, team dynamics and emotional intelligence help students build up their interpersonal skills.

Focus on technology

Moreover, with technology driving much of today's entrepreneurial activity, business schools are emphasizing the importance of tech literacy and innovation. Courses on digital marketing, data analytics, and emerging technologies like blockchain and artificial intelligence are becoming more common. 

By staying abreast of technological advancements, students can identify new opportunities and leverage technology to create innovative solutions.

Perhaps the most value, though, comes from alumni networks, which are used by schools to inspire and support current students. Successful alumni who have launched their own ventures often return to share their experiences and insights. 

These success stories serve as motivation and provide practical advice for budding entrepreneurs. Additionally, alumni networks can offer valuable connections and resources that can be instrumental in the early stages of a startup.

“We offer various networking events where entrepreneurial students can interact with founders and investors,” says Mannheim’s Stahl. “Additionally, we invite experienced founders to our courses. If needed, specific contacts with individual founders can also be established through a mentoring approach.” 

This seems to be an approach that has worked for many of Mannheim’s alumni. They include Tobias Schüle, the founder and chief executive of Foodspring, which makes high-quality gym supplements and was sold to Mars, the US snacks group. 

Recognizing that each student’s entrepreneurial journey is unique, business schools are offering personalized support and mentorship. 

Dedicated career services, one-on-one coaching, and mentorship programs help students navigate their specific challenges and goals, while experienced mentors provide guidance on business strategy, fundraising and personal development.

As young people increasingly aspire to launch businesses at an early age, it’s clear that many business schools are rising to the challenge by evolving their programs to meet the needs of future entrepreneurs.