Entrepreneurship – A new Arena of MBA
Entrepreneurship is the deftness of building up a new business (small or big) undertaking financial risk in anticipation of earning profit. This a skill which has been witnessed to grow in past 10 years. With advent of new technologies and favorable government policies, starting and running a new business venture has become practical. People getting into it are called Entrepreneurs.
What does it take to become an Entrepreneur:-
- Domain specific expertise unless it is a unique idea – Today it is all about skill development. If you have a new idea and craving to get it implemented never stop for someone to push you. It is your inner self and motivation that will drive you to success. If you are planning of starting something in your own domain, this may boost your initiative multifold.
- Risk-taking aptitude – Entrepreneurs have to undergo tremendous risk financially, socially, emotionally and psychologically. If successful, they are the best people considered around, if not they collapse emotionally more than financially. “If you’re not a risk taker, you should get the hell out of business.” – Ray Kroc, founder of McDonald’s.
- Inner fire to do creative stuff – It is none other than passion that drives an entrepreneur to success. “Entrepreneurship is not about ideas. It’s about making ideas happen.” – Scott Belsky, co-founder of Behance.
- Resilience and perseverance – Challenges like financial crunch, inappropriate attitude of stake holders, vendors, risk caught up in the venture may deter you every now and then from your goal. It is YOU who is going to bear, digest and motivate self and team to move ahead unless VISION of the business is achieved.
- Leadership and team building agility – Business is all about how well you imbibe your mission among team members. The more motivated they are, the faster will your business grow. How tactfully you manage your multi-culture, multi-facet human resource is basic criteria to suggest how well will the business grow.
- Organization and monitoring – Formulating a well-thought Business Plan is the first step followed by Entrepreneurs. The more meticulous it is the clearer is the goal of the enterprise. Constantly monitoring the progress in operations ensures no deterrent from the set path.
- Innovation- It is an era of Innovation. Running conventional is easy. Creating a breakthrough idea and keeping it adept with technology and implementing continuous innovation is not an easy task. But those do it are the ones who succeed.
Entrepreneurship helps in economic development of a country as ultimately it leads to employment opportunities and better product / service in the market. Economist Joseph Schumpeter stated “The role of an entrepreneur in the economy is “creative destruction “launching innovations that simultaneously destroy old industries while ushering in new industries and approaches.“
Entrepreneurship Development came into existence as a evolving domain in education in 2000s. Potential of rising as a new STAR in creating, strategizing, implementing and innovating has grown exponentially in India in last couple of years. Track record of Facebook, Uber, Flipkart are burning examples. Some small enterprises have evolved as sigh of relief for those who are not so qualified but carry some niche skill-set like handicraft.
Challenges in Entrepreneurship
Challenge is to identify need creeping up in the market and build a customer centric solution around it. It involves process like organizing resources – Manpower, fund, suppliers, vendors and eventually distributing it in the market. Enterprising skill leads a team and system to drive business and profits. There are cases of failing businesses due to lack of fund, wrong business decisions, deficiency in leadership skill, unfavorable government policies etc. Key-frame is resilience. “Ideas are easy. Implementation is hard.” – Guy Kawasaki, founder of AllTop.
A few major challenges are enumerated below:-
- Probability of failure
- Getting right talent pool which stand in sync with the vision of company
- Capital investment
- Rigorous Hard Work
Those who overcome these challenges are the ones who live their life ahead of others in terms of Career satisfaction, Growth potential and Professional independence.
If not present naturally, Entrepreneurial skills can be built across in a person who has ability to think out of box. There are so many programs that have come up in India for Entrepreneurship development from an early stage in students who aspire to get into Entrepreneurship. This is a new and most recent specialization of MBA in many schools now .