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Career Library

Entrepreneurship

Summary

Entrepreneurship involves designing of business idea followed by launching and running a new business. Typically, it begins as a small business, such as a startup company. The business can involve offering a product, process or service for sale. The owners of such a venture are referred as ‘entrepreneurs’. Given the pace of development in the country, positive political environment and the myriad of opportunities; draw of youth to entrepreneurship has become rather magnetic. Life of an entrepreneur is extremely challenging. One needs to be hard-working, persistent, networked, smart, creative, willing to take risks and extremely good at managing relations.

There are no specific educational requirements for becoming an entrepreneur but strong educational background and work experience makes the probability of success slightly higher. While successful entrepreneurs are generally well trained & qualified in their field; specific education qualifications can vary.

Career Opportunities as an Entrepreneur

  • Startup
    As the name suggests, creating a startup is all about starting from the scratch. As a founder of a startup an individual needs to put an innovative idea to implementation by putting together a cohesive team.
  • Family Business
    Entrepreneurs who have an existing family business, become second/ third generation entrepreneurs and take their existing businesses to greater heights.

How to Become an Entrepreneur

Stream Graduation After Graduation After Post Graduation
path 1
Clear Class XII in Any stream Pursue Graduation BBA, B.Com, BBE or any commerce related field. Pursue MBA in entrepreneurship, HR, Finance, etc. -

Important Facts

  • There is no minimum eligibility to become an entrepreneur.
  • Brilliant idea, execution skill and zeal is all that is needed.
  • A strong educational background can increase the probability of success.
  • Most top business schools in the country offer programs in Entrepreneurship and Family Business.

Leading Institutes

Top Entrepreneurship Institutes in India
College Location Website
IIM Ahmedabad Ahmedabad www.iima.ac.in/web/pgp/programme
IIM Calcutta Calcutta www.iimcal.ac.in
Indian School of Business Hyderabad www.isb.edu/management-programme-for-family-business
XLRI Jamshedpur Jamshedpur www.xlri.ac.in/resources/edc.aspx
S.P. Jain Institute of Management & Research Mumbai www.spjimr.org/syb
Narsee Monjee Institute of Management Studies Mumbai www.nmimssbm.org/academics/programs/mba-entrepreneurship-and-family-business
IIM Bangalore, NSRCEL Bangalore www.nsrcel.org
Management Development Institute (MDI) Gurgaon www.mdi.ac.in/research-and-consultancy/centers-of-excellence/center-for-entrepreneurship.html
National Institute for Entrepreneurship & Small Business Developmentξ Delhi www.niesbud.nic.in
Entrepreneurship Development Institute of India (EDI), Gandhinagar Gandhinagar www.ediindia.org
Xavier Institute of Management & Entrepreneurship (XIME) Bangalore www.xime.org
Ashoka University Sonepat www.ashoka.edu.in
Top Entrepreneurship Institutes in the World
Institution Location Website
Harvard Business School Boston www.hbs.edu/mba/the-hbs-difference/Pages/entrepreneurship-and-innovation.aspx
University of Michigan Michigan www.michiganross.umich.edu
Graduate School of Stanford Business California www.gsb.stanford.edu/programs/mba
Brigham Young University Provo www.home.byu.edu/home
University of Chicago Chicago www.chicagobooth.edu
University of Houston Houston www.bauer.uh.edu/graduate-studies
London Business School Marylebone, London www.london.edu/education-and-development/entrepreneurship-summer-school#.WE4x_Pl97IU

Important Entrance Exams

Postgraduate
Institution Tentative Date Important Elements Website
CAT December Numerical aptitude, gk, vocabulary, reading comprehension www.iimcat.ac.in/per/g01/pub/756/ASM/WebPortal/1/index.html?756@@1@@1
MAT Held four times a year-February, May ,September and December Numerical aptitude, gk, vocabulary, reading comprehension www.aima.in/testing-services/mat/mat.html
XAT January Numerical aptitude, gk, vocabulary, reading comprehension www.xatonline.net.in
SNAP December Numerical aptitude, gk, vocabulary, reading comprehension www.snaptest.org
NMAT October to December Numerical aptitude, gk, vocabulary, reading comprehension www.nmat.org.in
IIFT November Numerical aptitude, gk, vocabulary, reading comprehension www.tedu.iift.ac.in/iift/index.php

Work Description

  • Research on and recognize upcoming business opportunities
  • Develop innovative strategies to solve customer problems and create a viable business
  • Operate the business on a day to day basis overseeing details and making the organization successful
  • Liaison with investors, mentors, customers and multiple stakeholders to establish the business
  • Hire the right talent as per the requirements of the business
  • Define the organization's culture by leading as an example
  • Create publicity campaigns, social media campaigns and face-to-face events to deliver relevant message to the right audience
  • Develop value and efficiency by streamlining systems and procedures

Pros & Cons of a Career in Entrepreneurship

Pros
  • Your business gives you flexibility to choose the work you want to do and utilize your strengthens to maximum.
  • Can schedule your work hours according your convenience.
  • Seeing your business grow will give you a feeling of satisfaction.
Cons
  • In the initial years it might be required to work for longer hours.
  • As the work is your responsibility, there can be stressful days as well.
  • Starting your business involves risk.
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