Empowering Entrepreneurship through MBA

Team Members Reagan Chettiar Richard Manickam Ritika Rajagopal

Email Address reagan.chettiar@gmail.com richardmanickam@gmail.com ritika.r1991@gmail.com

Contact 9920020239 9769995586 9920760509

Empowering 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 and innovation. 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

Empowering 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 to fulfill 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 business management, innovation, and leadership.

Empowering Entrepreneurship through MBA

The 2010 Top MBA Applicant Survey showed the following result:

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

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 job creation Indirect funding: Preferential tax treatment for companies and individuals investing in new business ventures Tax deductions or exemptions for companies performing certain activities or at a certain stage of development Grants available to investment companies researching the viability of initiating investments 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.

Empowering Entrepreneurship through MBA

Shortfall of success in entrepreneurship

Entrepreneurship is 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/her business IQ because 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 your entrepreneurial journey if you hope to become successful.