As much as a good idea is the seed for growing a new business, the right amount of passion and knowledge are needed to cultivate it into a successful venture. While passion is self-driven, knowledge (if short) can be acquired.
An MBA degree acts as a perfect catalyst in nurturing your entrepreneurial dreams. MBA Rendezvous lists TEN ways that help you understand how an MBA can help you become a successful and passionate entrepreneur:
- Feasibility: An MBA degree enables you to know the feasibility of your idea. An idea may sound great in the mind, but when translated to paper may open many factions that need not be practically possible.
- Think Strategically: With a limited exposure, the thought process can be contained. But while pursuing an MBA at a B-School, you are exposed to new concepts, case-studies, and get to meet the right people at the right time. This not only elevates your thinking, but you are inclined to think more strategically with a stronger clarity.
- Theoretical Clarity: Most MBA curriculum mainly focus on studying and understanding existing case-studies of already successful and established business ventures. Such an exposure can catapult the students in the right direction as far as their start-up idea(s) is concerned. Students are also exposed to concepts of finance and accounting which is definitely a must for budding entrepreneurs.
- Stay Up to Date: MBA/PGDM curriculum is fine-tuned continuously to meet the widespread changes in the field of management. Students are updated with the latest in areas like data analytics, machine learning, social media tools and digital and online marketing. An MBA degree helps budding entrepreneurs understand these concepts and enter the business world with a good foundation.
- Market Research: A business flourishes with a deep-down understanding of the market and the on-going trends. The knowledge gained at B-School helps you know about the right kinds of tools that can be used to understand the nitty-gritties of the market you want to venture into.
- Safe Haven: An MBA school is like your safe haven where you can ‘dare to share’ your ideas with your peers and professors. The environment, support and mentorship provided at the MBA college can help you in brain-storming your business idea and model. It gives an opportunity to learn from your failure without any fear.
- Build a Network: Businesses are for people and networking is the essence of both – an entrepreneurial venture and an MBA degree. An MBA school exposes you to work with your professors and peers on projects and assignments. This fosters team work and helps build business and personal relationships which go a long way. Many great teams are formed during B-school days.
- Incubation: In the last decade or so, MBA schools in India have been home for many entrepreneurial ideas. They provide the perfect incubator for the ideas that come in the minds of the students – the budding entrepreneurs.
- Take Risks: An MBA degree teaches you to be comfortable taking risks while delving into your idea.
- Funding: Business Schools these days not only offer specialized courses in entrepreneurship but also provide a platform to its students right from the beginning to work on new ideas and build business models. A college like MDI Murshidabad has a dedicated Centre of Entrepreneurship & Start-Ups which helps incubate new ideas. Students get to present and pitch their business ideas and look for potential investors while pursuing their degree itself. Government of India has also started many initiatives which have tie-ups with MBA schools. Some of the programs are Make in India, Stand Up India, Start-Up India, and Atal Innovation Mission (AIM) to name a few which provide a platform to young entrepreneurs.
Entrepreneurship may be driven by Passion and Ideas but an MBA definitely teaches you to grow that idea into a flourishing business.