Global Entrepreneurship Monitor reveals that over 60% adults all over the world believe that entrepreneurship is a good career choice for them. The numbers of self-employed individuals globally as well as in India, is rising. From Atal Innovation Mission to Start-up India Initiative, the government is making the right sounds to boost the entrepreneurial ecosystem in the country. But there is one move that can lead future entrepreneurs to startup success. Startups in India see a 108% growth in funding. This industry is grown at a speed of 7X and India stands at 2nd positions globally.
Bringing a new idea to life, being the master of your own destiny, being jobmaker are just some of the reasons why we want to turn into entrepreneurs. It can be an extremely rewarding and satisfying choice. But if there is one thing seasoned entrepreneurs will tell you, it’s that it can be a daunting and challenging ride. However, you can be prepared for it in the best way possible by going through the rigours of an MBA program that molds future entrepreneurs.
What do MBA / PGDM programs offer entrepreneurial aspirants:
- Understanding of Business: Firstly, management programs are structured to offer students insights into different areas of running a business. You will build a strong foundation in areas of Marketing, Finance, Human Resources and more.
- Time Management: While management programs might not be anywhere close to the overwhelming startup setup, it certainly is challenging. You have to manage deadlines, stay on top of your assignments and deliver every single day. It builds resilience, a crucial trait for entrepreneurs and prepares you for the road ahead.
- Art of Presentation: Speaking of PGDM assignments and presentations; according to a large number of students, they remain the single most confidence building exercise. As an entrepreneur, you are going to be on the big stage. These tasks help aspirants get rid of the stage fear and take on the role confidently.
- Teamwork: Another aspect of B School learning is teamwork through projects and other assignments. As a student you get to collaborate with peers from different backgrounds and diverse perspectives. New entrepreneurs need to have a handle on managing teams and getting the best out of them, which is something you learn through these assignments.
- Platform to exhibit Talent: B Schools also offer you an excellent opportunity to showcase your skills on dynamic platforms including college fests. Student clubs, these are excellent training grounds to sharpen your leadership skills.
- Understand Trade Tricks: Organizing seminars and workshops is one thing, participating in them and rubbing shoulders with who’s who of the business world is quite another. Through these B School conferences and seminars you learn tricks of the trade from the experts. Entrepreneurs who have been there, done that, can warn you of the pitfalls and inspire you to success.
- Network: B School campuses are also a hub of contacts with experienced professionals, academics, entrepreneurs along with those who can make waves in the future – your peers. This cohort of focused and driven students can be your advisors, sounding boards, collaborators, focus groups, customers and thus a strong network asset.
- Confidence: Launching a startup involves impressing future partners and investors alike. Your PGDM degree boosts your credentials and makes a strong first impression on your behalf. They will see you as someone who has learned the ropes, understands the world of business and is ready to take the plunge. Simply put, it instills confidence in them for you.
- Risk Taking Ability: Many “business gurus” will tell you that entrepreneurship is all about taking risks. While it’s true that launching any startup involves risks, management programs also teach you to mitigate them. As your risk taking abilities are encouraged you will be in a better position to assess them and make the right moves for your business.
- Incubation Centre: Top B Schools in the country also have special initiatives to hone entrepreneurial skills and mindset amongst students. Jaipuria Institute of Management (Lucknow, Noida, Jaipur, Indore) has E-Cell that conducts related activities throughout the year. The aim remains to shape and nurture entrepreneurs of tomorrow.