What are the skills required to do well in this career?
An entrepreneur can be defined as a person who devises, sets up and runs a new business or businesses. Successful entrepreneurs possess the following skills:
Decisive - Entrepreneurs are confident self-starters with the resilience to overcome any problems and the belief that they'll learn from any mistakes they make.
Innovative - Always looking to create better products or services, entrepreneurs continually strive to reinvent their business.
Flexible - Most entrepreneurs initially assume multiple functions within their business, in areas including sales, recruitment and product development.
Passionate - A genuine love for their product or service, not to mention their customers is essential.
Resourceful - A successful entrepreneur knows how to work with what they’ve got and utilise the resources they have. They also know how to create opportunities.
Results-orientated - Continually seeking to raise the bar entrepreneurs don't simply achieve their targets.
Risk-taking - Prepared to take calculated risks, but never reckless ones, entrepreneurs characteristically sacrifice short-term income to maximise long-term gain.
Persistent - Not every idea or business venture will be a success, but the best entrepreneurs have the resilience to pick themselves up after a failure and the perseverance and tenacity to keep going.
Visionary - Entrepreneurs don't simply dream big. Their actions turn ideas into reality and they're savvy enough to identify future business opportunities.
What's the difference between an entrepreneur and a small business owner?
The word entrepreneur traces its origins from the French word entreprendre, which means "to begin something."While all entrepreneurs are self-employed, not all self-employed individuals are entrepreneurs - some are better categorised as small business owners.There are differences between the two. Entrepreneurs typically:
devise untested ideas
make high-risk decisions that have a potentially significant long-term impact
delegate management to experts, meaning that the company can easily continue to function without the entrepreneur's input if and when they move on
aim to generate buyer interest in their business.
In contrast, small business owners typically:
solve existing and sometimes obvious local problems
make low-risk decisions that ensure short-term security
manage their employees closely, meaning that the company may struggle to function without the small business owner's input
have little or no intention of ever selling their business.
Which course can prepare me for a career in entrepreneurship?
B.B.A. in Entrepreneurship is a 3-year undergraduate course in Business Management, with special thrust on entrepreneurship. This can be subsequently supported by an M.B.A. in entrepreneurship. The program is designed to prepare eligible candidates to:
start their own business.
distinguishing, identifying, analysing and evaluating worldwide and local businesses.
environmentally assess new ventures.
create new independent business ventures.
create new ventures inside existing firms.
develop moral and social duties for entrepreneurship.
develop creativity and understand development.
develop effective business project
understand entrepreneurial concepts such as:
marketing strategy
financial planning
sources of capital
financing, legal problems related to beginning and operating a business.
family-owned businesses
valuation
succession
entrepreneurial opportunities for women and minority entrepreneurs.
be critical thinkers who are capable of identifying business opportunities by using cutting-edge analytical tools and problem-solving skills to start new businesses and implement processes to successfully operate these businesses.
communicate clearly and effectively, to develop and evaluate business plans and funding proposals and start a successful business.
apply relevant financial principals to assess start-up capital needs, cash flow needed for growth, break-even analysis and pre-and post-funding valuation.
understand ethical issues related to owning a business and the responsibility towards both investors and employees.
apply interpersonal skills to effectively market a product or service and develop skills needed to effectively lead an organization.
Which are the top institutes to pursue B.B.A in Entrepreneurship?
School of Management, G.D. Goenka University, Gurgaon
St Joseph's College of Commerce, Bengaluru
Symbiosis International University, Pune
Sharda University, Greater Noida
FLAME University, Pune
ICFAI University, Hyderabad
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