An MBA equips you with knowledge
Knowledge is power. This could not have been truer when it comes to entrepreneurship. An MBA helps you gain a holistic and comprehensive view of how businesses function. Right from performing a market research for your venture idea to raising funds and managing your employees. A student understands how the finance, marketing, operations and HR departments of an organization gel together and work towards achieving the common organizational goal. Besides, the curriculum at the Indian b-schools is designed in a way to encourage you to look beyond placements into the realm of business and entrepreneurship. Also, in MBA you get a taste of business life, in the form of internships and live projects, before you step into the real world.
An MBA disciplines you and hones your competencies
MBA courses are famous for their hectic schedules and bustling curriculum. Students have to go on a no-sleep schedule sometimes, which is exactly what your venture will demand from you, not only in the initial days, but throughout its life. The co-curricular activities a student indulges in help him/her learn how to communicate effectively and persuasively. A student has a number of opportunities to develop amazing leadership skills. You stands to learn how to manage your time and resources efficiently, how to prioritize your tasks in a methodical manner and how to think out of the box. Help and guidance from the faculty and your peers may help you realise your entrepreneurial dream.
The opportunity to build strong networks
Networking is amongst the most crucial aspects of a b-school journey. Students get to communicate with their mates, faculty and the alumni as well. Sanjeev Bikchandani (PGP '1989 - IIMA) called upon VN Saroja (PGP '1990 - IIMA) when he needed someone to look after the operations of naukri.com, in return of 9% stake in the company. TaxiForSure, which was soon acquired by Ola Cabs, was founded by Aprameya Radhakrishna and Raghunandan G, both of whom are the alumni of IIM Ahmedabad.
So, this 'professional friendship' really comes in handy when one is looking to set up a business or grow it further. Investors have a feeling of trust towards students of their own alma-mater, and many everlasting business relations have been forged in the holy campuses of some of India's best business schools.
More credibility
An MBA from a good b-schools helps the investor believe in your idea to a greater extent. Quite understandably, anyone would be of the opinion that a person who has had the theoretical knowledge on how to run a business, would be better at running the business than someone who is absolutely alien to the concepts. Call it a bias or whatever you want, but it is human nature to believe that a good institution produces a good future leader.
This is also precisely the reason why MBA graduates from top schools prowl into entrepreneurship so boldly and fearlessly, because they are confident about the finances and know that it won't be tough to get hired by a firm again if their start-up idea fails. This absence of worry about personal sustenance aids them in focussing even more sincerely in their ideas, and consequentially, their toil bears fruit!
More focus by business schools
MDI Gurgaon has Arambh, IIM Shillong has i-Cube, and XLRI has E-Cell. The business schools have come up with a big number of entrepreneurship cells and incubators, which can help you accelerate your business right out of college. These hubs help the students engage in activities promoting the spirit of entrepreneurship, virtual investment fairs, business competitions, case studies, and provide a platform to students to try and test their business ideas. Leadership talks by leading industrialists and entrepreneurs are continually organized for you to get to know the contemporary trends in business.
Wrapping up, I would like to emphasise on the fact that entrepreneurship is a state of mind. You may choose to become an entrepreneur at any stage of your life, given you have done exhaustive research about your market and idea. A management degree will absolutely expedite your journey to entrepreneurial success, but it is by no means a necessity. In the end, all that matters is your idea, its execution and your resilience.
P.S. People interested in setting up a new business must follow the books written by Rashmi Bansal. She is an IIMA graduate and has authored 9 books till date, all of which revolve around entrepreneurs. The books which I personally recommend include 'Stay Hungry Stay Foolish', 'Connect the Dots' and 'I Have A Dream'. The books will give you a first-hand insight into how new businesses are conceived, the problems faced in securing funds and running your businesses, how these successful people efficiently manage their employees and how vital it is for you to have a clear vision and mission for your business idea.
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