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How to become an entrepreneur
Pradeep Kar | May 29, 2007
An MBA instils the correct mindset in an individual to handle corporate life better. It creates an attitude that helps in handling situations, a strategic outlook to business and depth of knowledge through case studies and live examples.
During an MBA programme, all five senses are exposed to learning to springboard the student to a challenging corporate life.
The collective depth of knowledge from lecturers and visiting faculty is transferred; in other words, the life experiences of others are compressed and the best given to the student. Lifelong good habits, too, are ingrained, such as reading, interacting with various kinds of people and so on.
However, even the best of education cannot teach you what real life is about. Sensitive issues such as handling people, their emotions and what drives them to excellence are not taught, and can never be taught.
How to motivate and constantly challenge the team with new tasks, how to retain talent and negotiate with people are not taught in B-schools. As the world changes, so do market dynamics and technology. These are the basics that create a lasting impact on business. An MBA degree cannot fill this gap.
An MBA degree also does not encourage a student to become an entrepreneur. There are no specific subjects that are taught to students who want to start out on their own.
However, of late, institutes have actively started encouraging their students to take up entrepreneurship projects and if, by chance, they don't succeed, the institute guarantees them placement two years later. I think such initiatives should be applauded.
This ensures that the bright talent is not just limited to the corporate world, but can also be successful in individual entrepreneurial endeavours.
What is needed in the curriculum, given the way India is going strong globally, is an emphasis on doing international business as well as on entrepreneurship.
Little details that help future entrepreneurs get a quick start in founding their companies, such as writing a business plan, raising capital and so on, should be taught.
A perspective on things to consider while going for M&As, increased experimental teaching with active case studies, role enactment, involved internship programme and so on could also be beneficial.
That said, I would still recommend an MBA degree to all young students as it will help them appreciate the nuances of business better and probably make more informed decisions.
Pradeep Kar graduated from SP Jain Institute of Management and Research, batch of 1983