Career FAQs: Entrepreneur

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
    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
  • Can you give some useful links to explore this option in more detail?
  • ChartMyCareer