How can B-schools help you become successful entrepreneurs?
In this day and age, a paradigm shift is prevailing in the business industry. Some of the adept businessmen are aiming for things which are a little higher and extraordinarily novel. In order to concoct a fresh idea and establish it all together, one needs to become an unmatched entrepreneur. The concept of entrepreneurship dates back to 1920s but interestingly, the word ‘entrepreneur’ is way older than the concept itself. It was in the 1760s that a French dictionary mentioned the word ‘entreprendre’ which meant ‘undertake’, but it didn’t gain popularity until Jean-Baptiste Say coined the word ‘entrepreneur’ in the nineteenth century. As of now, the term, as well as the concept, has widely spread across.
The Merriam-Webster defines an entrepreneur as “a person who starts a business and is willing to risk loss in order to make money.” Similarly, the whole process of doing so becomes entrepreneurship. To frame it in a simpler way, the whole process of starting a new business from scratch is known as entrepreneurship. Now, there are many aspects interlaced with this concept. While some assume that entrepreneurship is innate, others believe that it can be acquired.
Certainly, there is no doubt that those who run the family business, have more inclination towards business but that doesn’t make them entrepreneurs. Those who build their own new businesses with fresh ideas fit right for being entrepreneurs. According to a report by Entrepreneurship Development Institute (EDI) of India , only 11% of the total population is engaged in entrepreneurial activities. Adding further to the report, it says that only about 5% of those manage to run business for a longer period of time. The data states that India is lagging behind in the race of giving more entrepreneurs whereas Brazil leads the race with 17%. The underlying reason for the above-mentioned scenario is unawareness and wrong academic choices.
After the year 1991, innumerable business schools came to existence. Now, there are hundreds and thousands of Business schools in India, but only a few are able to meet up to the standards. Definitely, you deserve the best and you have to search for it. Business schools have managed to add courses pertinent to entrepreneurship. With the escalating number of Business schools, more and more outlook of the trade is being provided to the students. MBA is one such stream which has many benefits. Today, the Business schools include subjects and courses in the MBA syllabus which have proved to be of prime importance while shaping notable entrepreneurs of tomorrow. Some of the first-rated businessmen are the product of the finest business schools. So, there is a large contribution of business schools in modeling the business leaders and if you aspire to become one, you can rely upon them.
From academic portfolio to rankings and awards, one can categorize colleges in many ways. But there are some core facilities which business schools with excellence provide and these facilities are mentioned hereafter:
1. Furnishing leadership skills:
An entrepreneur is just like a leader. It is as simple as that. Consequently, the business schools make sure that they pinpoint those areas with which the students are able to hone up their leadership skills. These skills can’t only be polished by theoretical aspects of the field; in order to lead the crowd, one must have his/her hands on experience as well. So, inculcate the spirit of leadership the institutes organize group competitions where the groups are leaded by those who desire to become entrepreneurs. This way, the students not only recognize their potential but get an idea of how much contention is prevalent in the field.
2. Familiarizing with the industry trends:
As students are still in the learning stage, it becomes the responsibility of the management institutes to make them well-versed with the current trends of the industry. Also, if there are some sectors which can offer great success but have not been tapped into yet, the institute can help the students to conduct feasible research and experiments on the chances of establishing a business in the same domain.
3. Nurturing innovative ideas:
The contemporary world is packed with demands for innovative ideas. The ideas and innovations today are so dynamic that within a short span time they tend to get bygone. So, by unlocking novel and fresh ideas, the students not only commence a brilliant business but also register for a successful future. It is the role of business schools, firstly, to provide the platform which can foster these ideas. Secondly, it is also part of B schools’ roles to review the ideas and guide the students on how to bring those ideas to life. Some of the prestigious institutes conduct activities through the incubation centres where they fund the striking ideas and CGC Landran is one of them.
4. Entrepreneurial activities:
The business schools encourage the students by throwing light on different functions of the entrepreneurs. The whole activities which are to be carried out by them in the future are explained beforehand by the institutes. These activities include:
a) Raising Money:
In order to build something from scratch, a lot of resources are required. These resources include manpower, raw material, capital, and machinery. Arranging these all, obviously, requires money. Now, there are different sources which can finance the business but only if you pitch them right. Here, the institute is responsible to elucidate the whole process with which the students would be able to raise money from different sources such as Angel Investors, Business Incubators, and Venture Capital, etc.
Life and business both thrive on the facet of problem-solving capabilities. Similarly, a new business would require this trait too. With entrepreneur being the head of all, he is solely responsible for finding adequate solutions. If an entrepreneur has in-depth knowledge of all the activities, he/she can easily cope up with the problems. The responsibility of preparing confident and smart business leader also lies with the Business schools.
c) Decision making:
Certainly, the decisions have to be taken by the leader. Different tasks, different decisions, and different choices. Now, decisions include financial, strategic, operational and many more. Here, the role of the institute is to give one an overview of the ways in which you can make the right decisions with full confidence.
After fully chalking out the details of what an entrepreneur does, the colleges are responsible for giving extensive training to the students. Placement cells in different institutes organize different training programs so as to impart the quintessential features of the trade. CGC Landran is one of the best management colleges in India, which has facilitated the students with numerous training programs. Under the head of 360-degree training program, it provides support to numerous students who desire to top the charts in any sphere they go. Furthermore, the institute has the Innovation & Entrepreneurship Development Center (IEDC) which provides all the assistance for being a successful entrepreneur.
From the above-mentioned roles of the Business schools, it gets very clear that to become a class-apart leader, one needs to get enrolled in the best business school. With the rise in globalization, new and challenging jobs are coming to the forefront. Although these jobs demand a lot of efforts, they repay is very high. So, if you desire to establish in the business industry by becoming an unmatched entrepreneur, you are just a decision away. Choose the right Business school and write your own success story.