15 PhD Entrepreneurship Programs that Pay You to Study

The PhD in Entrepreneurship is a relatively new doctorate program. However, as the world of business readjusts to focus more on the individual than the massive corporation, entrepreneurship will continue to grow as a field of study. If education and entrepreneurship both interest you, considering a PhD may be your next best move.

Why Study a PhD in Business?

The world of business is often focused around the MBA degree. Because business, unlike many other fields, is truly based on your skill, not just your knowledge, it is not necessary to receive an PhD.

In fact, the average pay of an MBA graduate is much higher than that of a PhD graduate. Because of this, few people have much of an interest in pursuing a PhD in business. However, for the right person, it may be the perfect degree.

About 25% of undergraduate degrees given are in the field of business. Out of masters degrees, the percentage remains the same - 25%. However, at the PhD level, only 3% of those studying are studying business. This means that the nation will soon have a huge shortage of professors to teach all of these business students.

For someone passionate about entrepreneurship, a PhD may be a great choice for several reasons:

1. Get paid to study what works: As a professor, your job is to research and teach what makes business work. Why not get paid to learn how to make your next entrepreneurial venture a success?!
2. Develop a stable income: The life of an entrepreneur is often filled with going to bed hungry and struggling to make ends meet. However, by becoming a professor, it is possible to pursue ones entrepreneurial passions while maintaining a stable income.
3. Access to bright minds: College students are brilliant. As a professor it is possible to find students interested in excelling and hiring them to work with you. While a regular entrepreneur may be struggling to find high quality staff, a professor is able to connect with the brightest and buy their passion for much less than a professional - while helping them learn!
4. Share your knowledge: A successful entrepreneur is someone who gives people what they want. While this could be a new article of clothing or an exciting way to spend your Saturday night, it can also be knowledge and assistance. Teaching at a university allows you the ability to influence the entrepreneurs of tomorrow.
5. Find business partners: Whether other professors, clients who consult with you, or students, a college professor works with many people who could potentially become business partners.

All-in-all, for someone who wants to live a life full of creativity, speaking, and starting businesses, a PhD can be a valuable route.

The biggest struggle with pursuing a PhD is the amount of time and cost involved with it. The good news is that there are many PhD programs that will actually cover the cost of tuition and pay you - in exchange you help a professor with research or teach a class.

Although you will never get rich studying, by attending one of the below universities with either a degree or an emphasis in entrepreneurship, you will be able to at least survive your stint in graduate school.

These schools are not placed in any particular order. Some of the universities have a special degree in entrepreneurship, others only have an emphasis. Either way, they are worth checking out.

In addition to the stipend that they pay, I have listed the application deadline and preferred GMAT score for your convenience. Studying for and taking the GMAT is essential for anyone interested in getting a business PhD.

Check out this list to see the basic requirements and stipends of the leading entrepreneurship programs:

Oklahoma State

• http://entrepreneurship.okstate.edu/academics/graduate/phd/
• GMAT score: Prefer over 650 (send informal GMAT score)
• Provide annual stipend: Amount undisclosed
• Application due date: March 1

Rutgers – New Jersey

• http://business.rutgers.edu/phd/admissions/faqs
• GMAT score: Average 670 (but will consider lower)
• Teaching Assistant Stipend: $25,000 +
• Presidential stipend $35,000 (MUST apply before January 1)
• Application due date: March 1

Florida Atlantic University

• http://business.fau.edu/ph-d/management/index.aspx#.UGXPkJjA-f4
• GMAT score: 600 minimum
• Stipend: $24,000 (but not ALL tuition costs waived).
• Application due date: January 15

University of Louisville, Kentucky

• http://business.louisville.edu/entrepreneurshipphd/entre-phd-admissions-tuition/
• GMAT score: Average 660
• Annual Stipend: $21,000
• Application due date: January 15

Kenan-Flagler University of North Carolina

• http://www.kenan-flagler.unc.edu/admissions/phd/faq
• GMAT score: Required, but undisclosed
• Stipend/Waiver: Some given out – not guaranteed
• Application due date: December 11

Leeds – Colorado

• http://leeds.colorado.edu/phd#overview
• GMAT score: Average 700
• Stipend: $19,000
• Application due date: January 15

Whitman – Syracuse University – New York

• http://www.whitman.syr.edu/PhD/Program/financialAwards.asp
• GMAT score: Average 700+
• Stipend: Yes, to cover living expenses
• Application due date: January 15

Indiana University: Kelley School of Business

• http://kelley.iu.edu/Doctoral/Admissions/Qualifications/page13946.html
• GMAT score: Average is upper 600's
• Waivers and Stipends: available (not to all)
• Application due date: January 15

Fox School of Business, Temple University – Pennsylvania

• http://www.fox.temple.edu/cms_academics/ph-d/financial-aid/
• GMAT Score: Minimum preferred = 700+
• Stipend: $15,000 (not everyone)
• Application due date: February 1

University of Oklahoma: Price

• http://www.ou.edu/content/price/management_entrepreneurship/management_PhD/how_to_apply.html
• GMAT score: Required, undisclosed minimum
• Stipend and Waiver: Provided
• Application due date: February 1

University of Michigan

• http://www.bus.umich.edu/Academics/Phd/PhdFaq.htm
• GMAT score: Average 660-770
• Stipend: Generous, undisclosed
• Application due date: December 15

Rice University – Houston Texas – Strategic Management: Emphasis in Entrepreneurship

• http://business.rice.edu/PhD_FinancialAssistance.aspx
• GMAT score: No minimum, but highly competitive
• Stipend: $35,000
• Application due date: January 11

University of Texas: McCombs

• http:/Uni/www.mccombs.utexas.edu/departments/management/phd
• GMAT score: No minimum, usually top 95^th
• Stipend: $14,000
• Application due date: December 15

University of Utah: David Eccles

• http://www.business.utah.edu/node/1020
• GMAT score: Preferred minimum = 650
• Stipend: $21,000
• Application due date: December 15

Tulane University – New Orleans

• http://www.freeman.tulane.edu/programs/phd/application.php
• GMAT score: required, undisclosed
• Stipend: Yes, but undisclosed
• Application due date: undisclosed

As you start looking into these further, remember that it is not only the stipend that matters when determining a university to attend for a PhD program. Although a stipend is nice, the most important elements are the school culture and faculty research interests. It is essential to find a school with professors who will support and understand your research.

Search out several universities that interest you and start applying. By being open to enter multiple programs, you will increase your odds of being accepted. Although PhD programs take a lot of work, the reward can certainly be worth it for the right individual.

I wish you the best as you start looking into a PhD in Entrepreneurship. Feel free to share your discoveries, thoughts, and opinions in the comments section below.