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15 PhD Entrepreneurship Programs that Pay You to Study

Updated on October 1, 2012
Choosing the right university for a PhD program is essential. Look for one that helps you cover the costs, gives you the opportunity to teach, and connects you with valuable faculty.
Choosing the right university for a PhD program is essential. Look for one that helps you cover the costs, gives you the opportunity to teach, and connects you with valuable faculty. | Source

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.


Why an Entrepreneur Would Want to Get a PhD

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.


You Can Get Paid to Study?!

By scoring high on the GMAT, having a good GPA, receiving good letters of recommendation, and writing an intriguing statement of purpose, it is possible to not only enter a PhD program for free, but get PAID to study! It's a beautiful thing.
By scoring high on the GMAT, having a good GPA, receiving good letters of recommendation, and writing an intriguing statement of purpose, it is possible to not only enter a PhD program for free, but get PAID to study! It's a beautiful thing. | Source

Universities that Pay You to Study a PhD in Entrepreneurship

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

Rutgers – New Jersey

Florida Atlantic University

University of Louisville, Kentucky

Kenan-Flagler University of North Carolina

Leeds – Colorado

Whitman – Syracuse University – New York

Indiana University: Kelley School of Business

Fox School of Business, Temple University – Pennsylvania

University of Oklahoma: Price

University of Michigan

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

University of Texas: McCombs

University of Utah: David Eccles

Tulane University – New Orleans

Deciding On A School

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.

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    • Doodlehead profile image

      Doodlehead 2 years ago from Northern California

      Wow. I had not heard of this phd specialization. Very exciting.

    • Robert Erich profile image
      Author

      Robert Erich 3 years ago from California

      It's difficult with a low GPA. But not impossible. However, unless your English and Math skills are exceptional, the program will not be enjoyable for you. Read some academic journals to get a feel for what you will need to research and write.

    • profile image

      Naema 3 years ago

      I am intrested to study PhD in Entrepreneurship in US. However, my GPA is low, will any university consider my work experiences of more than 10 years? How can I get to achieve my dream?

    • profile image

      Javier 3 years ago

      Great post!

      Thanks for sharing!

    • Robert Erich profile image
      Author

      Robert Erich 4 years ago from California

      I am glad that you enjoyed the article Storytellersrus! Twitter does have it's benefits sometimes. I look forward to reading some of your work as well.

    • Storytellersrus profile image

      Barbara 4 years ago from Stepping past clutter

      What an informative and well-researched hub! To think I found its link on Twitter. I was so proud to discover you there. I believe you are bringing Hubpages into the conversation- congratulations!