Empowering Entrepreneurship through MBA

7/29/2019 Empowering Entrepreneurship through MBA

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Empowering Entrepreneurshipthrough MBA

Team Members Email Address Contact

Reagan Chettiar [email protected] 9920020239

Richard Manickam [email protected] 9769995586

Ritika Rajagopal [email protected] 9920760509


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2Empowering Entrepreneurship through MBA

Entrepreneurs innovate. Innovation is the specific instrument of

entrepreneurship. It is the act that endows resources with a new

capacity to create wealth

-Peter Drucker

India needs to create 1-1.5 Crore (10-15 million) jobs per year for the next decade to provide

employment to its young population. Accelerating entrepreneurship and business creation is

crucial for such large-scale employment generation. Moreover, entrepreneurship tends to be

innovation-driven and will also help generate solutions to Indias myriad social problems

including high-quality education, affordable health care, clean energy and waste

management, and financial inclusion.

History proves it

The Industrial Revolution Rise of the US to its preeminent state Recovery of Germany post-World War Israels status of a developed economy

One thing common to all of the above is that all have been driven by entrepreneurship andinnovation. They become even more critical for India as its demographic dividend can only

be realized with rapid creation of employment and income generation opportunities. Global

experience shows that, apart from creating wealth and boosting the economy, new businesses

also create disproportionately more jobs than established ones.

But everything comes with a set of challenges and so does

entrepreneurship

Entrepreneurs face both internal and external challenges. They are not spared from either of

which. In terms of external challenges, entrepreneurs would take the following:

Challenges from their existing competitors in a certain target niche. Banks not approving their loan. Government policies not issuing license, etc. Negative Mindset Overwhelming Feelings Lack of Support Business Expansion Feelings of Wanting to Give Up


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Role of innovation

The importance of innovation in entrepreneurship is shown by coming up with new ways to

produce a product or a solution. A service industry can expand with another type of service tofulfill the ever changing needs of their clients. Producers can come up with another product

from the raw materials and by-products. The importance of innovation in entrepreneurship is

another key value for the longevity of a business.

Small businesses see the importance of innovation in entrepreneurship. They are able to

compete with large industries and see their value in the economy. Small businesses are

important as they are directly involved in the community and therefore, contribute to their

financial and economic gain.

MBA in Entrepreneurship

It can be somewhat inefficient if you venture forth on your own and have to learn everything

as you go. That's an expensive learning experience. But with an MBA focused on

entrepreneurship, you have formal courses that will bring you up to speed in finance,

marketing, sources of capital things you could learn on your own but that might be inefficient

to do so. It might be more difficult to raise money without an MBA.

B-School for Entrepreneurship

Network: Business school classrooms bring together bright, motivated people with

diverse backgrounds and knowledge bases who can share distinct perspectives on any

idea and offer valuable feedback for improvement.

Faculty: Once students decide on a solid idea to research, they have incredible

resources at their fingertips.

Entrepreneurship education provides a mix of experiential learning, skill building and,

most importantly, mindset shift, while developing attitudes, behaviors and capacities at

the individual level. It is also about the application of those skills and attitudes that can

take many forms during an individuals career, creating a range of long-term benefits to

society and the economy.

Fostering entrepreneurship through MBA

To grow at 9-10%, India needs successful entrepreneurs, and B-schools have to play an

important role. MBA institutes have a high degree of control on Networking and Access to

Capital. MBA Entrepreneurship focuses on building a core business foundation while

fostering entrepreneurial skills. Through coursework, students learn the complexities

involved with developing a business plan, finance, product development, small businessmanagement, innovation, and leadership.


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The 2010 Top MBA Applicant Survey showed the following result:

2010 Top MBA Applicant Survey B-School Administrator Survey

Government Initiatives

Direct funding:

Government grants to businesses in all phases of development Low interest start-up loans sponsored by governments Partnerships between investment funds and governments to provide funding via

multiple stakeholder

Grants for specific business activities such as technical development, R&D or jobcreation

Indirect funding:

Preferential tax treatment for companies and individuals investing in new businessventures

Tax deductions or exemptions for companies performing certain activities or at acertain stage of development

Grants available to investment companies researching the viability of initiatinginvestments in SMEs and new ventures

According to the 11th 5 year plan it has been proposed to set up school of entrepreneurship

offering undergraduate and post graduate degrees in IIT Kharagpur.

Entrepreneurial

Intention

Intend to

start up

business post

graduation

Intend to be

employed

post

graduation

Entrepreneurial

Turnover

Set up own

business post

graduation

Employed

with an

organization
http://www.topmba.com/sites/default/files/applicants_survey2010.pdfhttp://www.topmba.com/sites/default/files/applicants_survey2010.pdf


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Shortfall of success in entrepreneurship

Entrepreneurshipis a way of life that offers unlimited possibilities to those who truly believe

in it and live by it. But at the same time, entrepreneurship is a way of life that can totally alter

the course of your life if misunderstood.

Survival Driven (Seeking Money before Adding Value)

This is one of the most obvious signs of most entrepreneurs heading for doom. If your

primary motivation for being in business is to acquire wealth rather than to create and add

value, then youve started off on the wrong foot.

Inadequate Knowledge (Low Business IQ)

The entrepreneur on the path to failure wont see the need to develop his/herbusiness

IQbecause of the quest for money.

Fear of failure (Risk-Averse)

The entrepreneur on the path to failure is the one who would never launch out because of the

fear of failure, being laughed at, losing money, being called crazy etc.

Poor Money Management (Extravagance)

Being an entrepreneur means being able to do more with less. Thrift or frugality is a

requirement for yourentrepreneurial journey if you hope to become successful.
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Empowering Entrepreneurship through MBA

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