There are some skills which have always been debated to be inherent in a person’s nature like leadership, communication skills, confidence etc. Entrepreneurship is also one such debatable issue. One school of thought believes entrepreneurship has to be taught and learned in management schools by pursuing professional management courses. On the contrary, the other school of thought believes it to be inherent or genetic or by birth. They are of the opinion that business skills and entrepreneurship have to be in the blood.
You Need to Have the Vision to be an Entrepreneur
By definition, entrepreneurship means setting up of a business unit and seeking profits while undertaking risks. Logically anyone who is willing to take risks after making some investment can be a businessman. Successful or not, is absolutely a different side of the story. It is all about having the vision to create value to a product or make a new product. Anuj Gupta, MD of NIFCO International says, “The idea of setting up a new unit which can supply raw material to the parent factory and decrease costs is always a remarkable move. This turns out to be a wise decision economically and can help in the nourishment of business acumen.”
Is MBA Futile?
You may now ask as to what is the utility of having MBA campuses sprawling across acres all over the world. Is it useless if we cannot learn entrepreneurship? The professional business management courses hone your business acumen, nurture your leadership skills, and teach you the relevance of time management and business etiquettes. The Director of Bicop International, Vaibhav Gupta states that his MBA degree helps him in making wiser decisions in his business. It helps him in dealing with the staff and managers as well as helps him establish a better reputation with clients.
Hone Your Leadership Skills
What needs to be learned and taken care is you need to be punctual, quick in decision making and far-sighted to be a good entrepreneur. The most important skill that needs to be learned and imparted in professional colleges is leadership skills. Being an entrepreneur requires dealing with and managing a wide range of employees. Getting work done from people is an art and the one who masters this art can derive maximum productivity in minimum time.
“Dealing with managers, foremen and ground-level employees, all at the same time, is a challenge in the beginning,” says Sakun Aggarwal, MD of Krishna Brickworks. He adds, “Gradually the essence of leadership sinks in and the art of getting the best work out of the team becomes possible!”
In case you want to acquire professional degrees to add to your knowledge bank but do not want to waste time and money in joining professional colleges, there are many online options available which give you theoretical as well practical hands-down knowledge as well.
Study the Market Dynamics
To be an entrepreneur you have to make sure that the business you are starting is at the right place and right time. If you initiate a woollen blankets unit in summer, you’ll have to wait much longer till the first order floats in the market.
Also, you need to be cautious of a few more factors like competition and competitors, marketing budget, financing at lower costs and hiring an excellent and efficient team. These factors contribute a lot to your success.
It’s a matter of choice you have to exercise. If you feel you have the business knack, all you need to do is get a bit of polishing done with a few courses and degrees, and you are sure to make a big entrepreneur. You just need to be passionate about leading people and making it big.