Most college professors are either faculty members with Ph.D.s or teaching assistants, pursuing doctoral degrees. However, schools sometimes employ adjunct faculty who are experts in their field. If you have an MBA, you'll likely need some business or academic experience to be able to teach college-level courses.
Business Courses
Professors who teach business courses frequently have MBAs. You might teach core business classes, such as business administration, to undergraduate students. You could also end up teaching courses to students pursuing an MBA. These might include classes on leadership, operations, management or business ethics. If you have a specific specialty, it's likely you'll teach courses related to this specialty. For example, if you run a financial company, you might teach financial courses.
Economics
Business students need to understand the economic system and take courses in both macro and microeconomics. With an MBA, you could possibly teach economics courses specific to your field of expertise. For example, if you run an international business, you might teach international economics and if you own a small successful business, you might teach the economics of small businesses.
Marketing and Budgets
The ins and outs of running a business could be second nature to you after completing your master's degree, but these can be foreign concepts to business students. You might end up teaching classes on marketing your business via the web, traditional print media and other avenues. You might also teach courses on managing a business budget and cover such topics as appropriate marketing budgets and determining employee salaries.
Field of Expertise
If you have a specific area of expertise due to your experience and education, you might teach courses on this topic. For example, if you run a healthcare company, you could teach courses on healthcare management and billing or insurance. If you are a grantwriter or work for a nonprofit, you could teach courses on nonprofit businesses, government grants and similar topics.