In the last few years, entrepreneurship has come into focus as one of the most exciting areas of business. The digital revolution has made it easier than ever before for people to translate their ideas into reality and develop companies with minimal resources.
The term “start-up” has passed into popular culture as many people try to live out their dreams of becoming the next titan of industry or the next Silicon Valley success story. The notion of being your own boss and building something from the ground up has a powerful allure in today’s economy.
But beyond all the hype, what is the reality of the modern “entrepreneur”? As it is currently such a hot topic in business, we have decided in this report to examine the phenomenon of today’s entrepreneur landscape to help you decide if it really is something for you.
If you have an engineering background but have ever figured you have an idea, or ideas, that could potentially make a change for the better, or help other people, you might have thought about entrepreneurship as viable avenue for your future. However, it is a bold, brave, step to strike out into the world on your own.
Entrepreneurship is not something to be entered into lightly, but something that requires an almost endless supply of passion, enthusiasm and hard work. But is it also something with the potential to be highly rewarding. With this mind, read on to discover about the exciting possibilities and potential pitfalls of modern entrepreneurship.
From your qualifications and experiences as an engineer, you might just be wondering how such a background prepares you for entering into the world of business ownership.
On the surface, they appear to exist in opposite spaces. An engineer has absorbed technical knowledge, with an emphasis on facts and fitting in specific c systems and processes, often within a corporate structure.
On the other hand, the budding entrepreneur needs great people skills, a passion and drive to work in their own way and develop new ideas. They also need to possess strong business skills, or find someone who does, relying on instinct rather than following old ways of doing things.
But these two approaches do not have to be entirely exclusive. Another very important aspect to creating your own business is the idea itself. If you do not have an idea of how to create a great product or improve a service, your ﬂedgling company might never take off.
As the trend for entrepreneurship has increased exponentially over the last decade, it helped take business models into the 21st Century. The debate over whether traditional points of access into business, originally developed to help the transition into old corporate structures are still relevant is an interesting one. Business schools are traditional breeding ground for the corporate sector, which seems to be the antithesis of the DIY ethos of contemporary start-ups looking to “disrupt” traditional ways of doing things.
So, what can business schools and the traditional MBA hope to offer this new kind of businessman?
Whilst it is not a strict requirement to complete an MBA in order to run a successful company, enrolling on a program at a quality business school can give your ﬂedgling career a great boost. As more and more candidates form their own company, either whilst still in business school or right after graduation, we have listed 6 advantages you get by completing an MBA, which help drastically improve your chances for success as an entrepreneur.
Business Understanding : As company founder, you will have responsibility and oversight for every aspect of business operations. From marketing to sales to accounting, the buck will stop with you. Unlike a large corporation, there is not going to be a department to handle things. If you come form a technical background, you probably lack foundation knowledge of standard business processes. Yes, you can learn on the job, but any mistakes will directly impact your company as it is trying to grow. The opportunity to gain an understanding before you commence could be the difference between success and failure.
Business Network : You will immediately be plugged into a network of resources, both in class and from alumni. Go to Silicon Valley and you will find out that networks, and who you know, are more important than what you know.
Get a mentor : Many business schools have adapted, offering specialist courses within entrepreneurship. And many employ professors in entrepreneurship, experts possessing years of experience and expert knowledge, having tread the path you are looking to follow. Find the right one and they can offer advice and mentorship for your own journey.
Resources : From entrepreneurship venture studios to entrepreneur-in-residence programs and collaborative workspaces, business schools offer vast resources beyond academic classes to encourage and help develop your own business ideas. And inspire.
Give your ideas a test run : Being at a business school gives you opportunity to enter business plan competitions, giving you practical practise and seeing if people actually like your ideas.
Task a risk : An MBA acts a safety net – it is your entry ticket into plenty of traditional corporate roles. If your company ultimately fails, you can do so in the knowledge you have a conventional escape route. This allows you more freedom to take risks. And in entrepreneurship, you will need to takes risks at some point but, the bigger the risk, the bigger the reward. Any role you take on after an MBA will ask for dedication and hard work, but it is only in entrepreneurship you get to reap the benefits of determining your own destiny.
Modern business is not simply about maximizing profit and today’s entrepreneurs understand the need to contribute and make the world a better place. MBA programs have responded to this climate, helping foster a spirit of collaboration and innovation in students when delivering creative business solutions for the 21st Century. An MBA can help get your ideas and your career off the ground.
When it comes to planning your MBA experience, from choosing courses, to help passing the GMAT entrance exam, Jamboree Education is the oldest institute in India (founded in 1993), aiding students and professionals gain the best possible experience when looking to enroll for MBAs and study abroad.
With counseling centers in 28+ locations across the country combined with a fantastic website full of resources, Jamboree combines test preparation with help in applying and planning your trip, drawing on the experience of helping thousands of candidates achieve their potential. Your new career adventure is one click away: visit www.Jamboreeindia.com to invest in your future today.