7/29/2019 Empowering Entrepreneurship through MBA
1/5
Empowering Entrepreneurshipthrough MBA
Team Members Email Address Contact
Reagan Chettiar [email protected] 9920020239
Richard Manickam [email protected] 9769995586
Ritika Rajagopal [email protected] 9920760509
7/29/2019 Empowering Entrepreneurship through MBA
2/5
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
7/29/2019 Empowering Entrepreneurship through MBA
3/5
3Empowering Entrepreneurship through MBA
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.
7/29/2019 Empowering Entrepreneurship through MBA
4/5
4Empowering Entrepreneurship through MBA
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.pdf7/29/2019 Empowering Entrepreneurship through MBA
5/5
5Empowering Entrepreneurship through MBA
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.
http://www.naijapreneur.com/the-origin-of-profits/http://www.naijapreneur.com/the-origin-of-profits/http://www.naijapreneur.com/the-origin-of-profits/http://www.naijapreneur.com/fundamental-business-questions/http://www.naijapreneur.com/fundamental-business-questions/http://www.naijapreneur.com/origin-of-madphilips/http://www.naijapreneur.com/origin-of-madphilips/http://www.naijapreneur.com/fundamental-business-questions/http://www.naijapreneur.com/fundamental-business-questions/http://www.naijapreneur.com/the-origin-of-profits/http://www.naijapreneur.com/the-origin-of-profits/Top Related