“The face of this nation is going to change, not by politician or film stars, it is going to be changed by Entrepreneurs – TVF Pitchers.”
There are a lot of budding entrepreneurs with amazing ideas and innovations that the world awaits. That said, there are certain skill sets an entrepreneur possesses to not only survive but to grow in the market.Many may believe that an entrepreneur does not need an MBA, and in some cases, it is true. But we must agree, that along with the required skills set, entering market with knowledge of business is very important, because a start up can only succeed and survive when technical knowledge teams up with sound business management.
Here are a few points that answer the question “Why an entrepreneur needs an MBA?”
MBA institutes provides ground for trial and Error:
Entrepreneurship has seen a boom in past few years, and MBA has embraced the topic by offering courses, programs and events dedicated to entrepreneurship.
It is said “Failure is the biggest teacher” and what better place to try out your ideas than at a B-school. If you fail, loss won’t be grave, in return you will learn that at least this is not the right way to do it.
Campus is always buzzing with activities in which you can participate and use your ideas and see if it works. It is great to experiment and learn in practical situations.
So, if you have an idea and you are not sure if it will work or not, do not hesitate to execute it at a B-school, because that is what you are there for “TO LEARN”.
Build a team at MBA institute:
An entrepreneur cannot just build a business based on knowledge only, he needs a talented team that stands resolutely behind him. Trust among the team members is very crucial in a start-up. The first initial year can be rough, and it is easy to lose faith and falter.
But, you can start off with a team that is like minded and confident that your idea would work. You can find such people at a B-school, and nothing can be better than having friends as your colleagues.
B-schools have many student committees, clubs and events that encourage student interaction, where you meet a lot of like-minded alumni, seniors and your own batch mates.
You can build your team right there at the campus. So, when at B-school, never miss a chance of interacting with your colleagues and future team members.
When you think of an idea, it usually has only your perspective and vision, which may or may not be the path to walk in your entrepreneurial venture.
B-school offers a platform where you meet batch mates that are like-minded and are equally skilled. Pitching your ideas and brainstorming with them will help you a lot.
Brainstorming your ideas will open up new avenues that you may not even have thought of, and will also solve any roadblock or problem you may have encountered.
So, make sure you make the most out of your time at B-school.
Launch – Survive – Grow:
Over the years there have been entrepreneurs having great ideas, but struggle to take off on their entrepreneurial ventures. While on the other hand, there have been entrepreneurs who successfully launched it but couldn’t sustain.
MBA programs are designed to help entrepreneurs run, grow and more importantly launch their venture. B-schools usually have a lot of case discussions integrated in their academic syllabus. These case studies help you in assessing the problems and working your way out of it.
Academics helps you to grasp the knowledge which is necessary for your entrepreneurial venture. A B-school provides an atmosphere on the campus that allows you to apply the classroom knowledge in practical situations.
Knowing a bit of everything:
An entrepreneur is the brain of the entire start-up and he overlooks all aspects of the business. Your academics may not teach you everything that you need to know. But, your campus activities and interaction with your colleagues would help you in this case.
Since it is imperative of an entrepreneur to know a bit of everything that is related to his business and ideas to take efficient business decisions, a b-school can serve as the ideal place. Events and college fests will become your training grounds as you will get introduced to various aspects of the business.
It’s alright if you do not acquire all the knowledge, but you should be knowing a bit of everything.
An entrepreneur does not lose out on opportunities. Go ahead and grab these opportunities while you spend those precious years at your B-school. Test your skills, make mistakes and hone your strengths. The above reasons, though not exhaustive, point out the importance of an MBA degree in an entrepreneur’s journey.