Once upon a time, having an MBA degree meant:
- You would most definitely get a job!
- A major in entrepreneurship meant you could not be relied upon by employers who did not want an employee who would learn the ropes and then open his own business, and perhaps take with him valuable contacts and clients!
- If you were planning to start your business or join the family business, you did not need to study entrepreneurship!
The fairy tale is over, as are the myths surrounding Entrepreneurship. The result? A never before seen interest and enrollment in Entrepreneurship programs!
Myth1: MBA = Job
Not anymore. While there is a growing need of management professionals with the fast paced growth in business, the following factors have impacted employability:
- Employers have realised that a degree does not necessarily mean knowledge. With MBA degrees being offered by several government and private institutions, it is the quality of the student that has become the focus of prospective employers. Today, employability is a function of a student’s ability to innovate, lead and implement.
- More and more businesses have realised that they don’t need more people, they need smart people. Intelligence is evaluated based upon practical experience, along with the work doneand projects undertaken by the students!
Myth2: An entrepreneur will most likely leave the company
The dictionary defines an entrepreneur as “a person who organizes and manages any enterprise, especially a business, usually with considerable initiative and risk.” The thesaurus gives the following synonyms for the word entrepreneur
While the assumption may be true that a person who has opted for a major in ‘entrepreneurship’ would at some point want to begin his/her own enterprise, businesses now value the core spirit of an entrepreneur and want to leverage it for their own profitability, rather than hire someone with no initiative!
Businesses have also come to realize that not every MBA with a specialization in entrepreneurship wants to start a business. Some of these professionals are simply excited by the domain and will contribute enormously to the organizations they serve.
Myth3: Doing a business doesn’t require an MBA degree!
This is akin to saying reach a destination without directions, a map or a plan! A business, whether inherited or initiated, is not only a labor of love but also involves a lot of money, man hours and often a lot of people’s livelihoods. While starting and operating a business does involve taking risks, it definitely is not a Don Quixotic dash into the windmills!
The reason several first-time entrepreneurial ventures lose steam is because of a lack of
- Planning, and most importantly
- Management skills
Recent years have seen a steep rise in the number of students opting for entrepreneurship as a specialization. It makes complete sense since the world of business has changed and is continuing to change at a rapid pace. Lead times have shortened and consumer loyalty is hard to earn; markets are flooded with competition and product life cycles have become really short. Management aspirants all over the world have a deep understanding of the need for competencies that, when combined with the creativity and individual agency, result in a professional who can successfully lead teams and organizations to success.