Your Guide To MBA Specializations

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Nedda Gilbert September 4, 2018

Growing up, almost every kid gets that that oft-repeated question: "What do you want to be when you grow up?" When it comes to business school specializations, the possibilities are just as diverse and exciting.

In this course, participants learn core principles, concepts, and methods of continuous improvement and explore the history of continuous improvement efforts. In a series of lectures, Master Black Belt in Six Sigma Shane Wentz, Ph.D., enables learners to enhance, optimize, and stabilize business processes and to augment quality control through varied methodologies. Participants gain the skills and knowledge to reimagine internal processes, engage in advanced problem-solving, and empower employees. The course covers high-level foundational principles of Lean, Six Sigma, and DMAIC processes before diving deep into Lean Six Sigma methods. Learners will analyze the tools of process mapping, Kaizen (a continuous improvement method/tool deemed a prerequisite for Lean transformation success), Lean (a continuous improvement philosophy that emphasizes streamlined workflows and reducing waste), and the process improvement methodology driving DMAIC: Define, Measure, Analyze, Improve, and Control.

Entrepreneurs fostering new ventures outside of well-developed entrepreneurial ecosystems like Silicon Valley face significant challenges. These markets are unlike Silicon Valley, and they will likely remain so. That doesn't mean they can't nurture and sustain new businesses. In transitioning markets that lack abundant private sector financing, creative approaches from government officials, donors, and business leaders can fill the void to support entrepreneurial activity. Northeast Ohio (where Cleveland and Case Western Reserve University are located) has become a laboratory for such innovative solutions. During our time together in this course, we will explore some of these creative approaches to promoting regional entrepreneurship. Northeast Ohio has seen a massive infusion of government and donor resources for over ten years. In that time, Northeast Ohio has promoted regional development (including job creation and follow-on funding) through alternative methods of financing startups. It has not been easy. The region has made progress, but it remains to be seen whether it has struck upon an enduring formula. A dynamic entrepreneurial ecosystem takes many years, even decades, to develop. Government policymakers and donors typically seek quicker returns on their support programs, which makes long-term support for entrepreneurship challenging. This course includes case studies and first-person testimonials from entrepreneurs who have launched products and services ranging from medical devices to LED lights to whiskey. You will learn how these entrepreneurs discovered and procured resources from various programs and intermediary organizations. You will hear from business people still in the process of developing their companies as well as those whose ventures have flourished. Our focus will extend beyond Cleveland to selected markets around the world, including Greece, Vietnam, Tunisia, Argentina, Rwanda and China. You will learn about international incentives and other supports available to developing startups and small businesses across the globe. This course examines how different communities around the world approach implementing strategies and methods to support businesses. I will ask you to reflect on how to apply the principles we learn to growing entrepreneurship where you live. The social interactive features of the online platform will enable students from around the world to share ideas and learn from one another. Most MOOCs rebroadcast professors’ lectures; this course is different. Don’t expect to see me standing in front of the camera, talking and lecturing every module. Instead, the lectures will be relatively short in length. They have more of the feel of an engaging documentary than a static classroom setting. ## __What type of person takes the *Beyond Silicon Valley* course?__ - Active and aspiring businesspeople in communities looking to initiate new startup ecosystems or bolster existing ones - Current and prospective entrepreneurs who want to learn about funding sources, risk management, and the lifecycle of startups - Professionals who work in government agencies, nongovernmental organizations, philanthropic institutions, and various private funds that fund startups - Anyone curious about how to create and grow startup ecosystems outside the major tech hubs - The principles Beyond Silicon Valley teaches have been drawn from and applied to startups worldwide, from small villages to megalopolises. You'll study success stories spanning the globe from Vietnam to Kosovo to Botswana. ## __What will you learn in *Beyond Silicon Valley*?__ - How and where startups can find funding to get their businesses off the ground - What role government can play in encouraging startups and a healthy startup ecosystem - How anchor institutions such as universities and healthcare systems participate in startup ecosystems - How nongovernmental organizations support startups - How to raise funds from venture capitalists, angel investors, and accelerators - How to navigate challenging periods in the startup lifecycle - The importance of mentoring in successful startups

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Now more than ever, MBA students have an incredible depth and breadth of options available. From real estate, to museum leadership, to sports management, to the emerging field of financial technology (FinTech), there is an MBA specialization for everyone.

Don’t believe us? Here is a sampling of the specialization areas offered by various MBA programs:

Marketing
Real Estate
Entrepreneurship
Corporate Social Responsibility
Health Care Management
Information Management
Production/Operations Management
Strategy
Technology
Accounting
General Management
International Business/Global Management
Business Analytics
Strategic Management
Organizational Behavior
Sports Management
Hospitality Business Management
Strategic Leadership
Museum Leadership
Corporate Finance
Finance – Investment Banking
Entertainment
Nonprofit Sector
FinTech

Now that you know your options, should you specialize or generalize?

As you start your business school journey, it may be helpful to research areas of specialization and decide whether you want to specialize while earning your MBA — and, if so, which area or areas might be right for you. Business school should be an exploratory process, so it’s perfectly acceptable to be unsure prior to starting an MBA program. But it is also helpful to know what possibilities are out there.

If you need an extra push to start considering specialization, here are some reasons to research your options before applying to MBA programs:

You may not want to specialize. You may want to be a generalist. In this case, a general management track is one option. Those who choose this track have an opportunity to pursue a broad course of study that positions them for general management and/or a management consulting position.
Not every school offers every concentration.
Some MBA programs require students to choose a concentration or specialization. At others, declaring an area of expertise is optional.
MBA hopefuls who have a clear career plan can choose the school and specialization that best serves their needs, making the most of their time in the program.
MBAs may want to consider the reputation of a school in choosing a specialization. For example, there are schools known for marketing, and schools known for finance. Recruiters direct their hiring to those programs producing the highest performers.
You may want to specialize in an area that has broad applications across many industries. This may better serve your short and long term career goals.
If you’re undecided, you need options. It’s important you land at a school with enough specializations to allow you to choose one, without settling.

A Final Note:

A specialization can advance any MBA student’s career by helping them hone in on an area of expertise. But students should be wary of any area that may quickly become obsolete. With industries morphing rapidly and digital innovation driving much of the this change, a wise student should consider a specialization that will remain relevant. Or better yet, find one that will remain in high-need.