The trend these days is to go for higher studies. Undergraduate degree is no longer in the league. The number of students opting for higher education is increasing exponentially. The competition is high and so is the pressure in competing.
There comes a point in time where the student has to make the most important decision (yet once again after the undergraduate courses) and this is where most of them are confused about which path to pick.
While most students consider the technical field and opt for MS, M. Tech or M.Sc., the rest of them opt for an MBA degree.
MBA (Master of Business Administration) is a powerful degree to hold, if the student has obtained it from influential universities.
Does this mean that only those with an MBA degree alone can become successful entrepreneurs? Of course not! Despite the fact that 300,000 MBA graduates are produced by over 3,000 business schools across the nation only 10% of these graduates get their dream jobs.
However, being an entrepreneur has nothing to do with the degree. Only those who require to know managerial skills are suggested to learn it. Managerial skills exist in each of us by default. Have we all not aware of the fact that our mothers and fathers maintain the whole household without any such degrees? Although, the application is in a different context, the basic principle is the same.
Managing is all about striking a balance between what you give and what you get in return, in addition to making a profit.
What b schools teach you would be the regular set of tried and tested rules which have been followed by most successful business folks. However, the b schools will never be able to give you the essential, original "idea".
Idea is the root of entrepreneurship. The knowledge you gain from MBA courses can only give to choices to pick from to put your ideas into action.
If a person is practical enough, then he/she will not require these courses. This you can do on your own when you have decided to be an entrepreneur and have no MBA degree.
Here are a few tips to become a successful entrepreneur without an MBA:
* Be absolutely clear about your idea. Remember entrepreneurs are those who become their own bosses by establishing their own ideas.
* Draw or sketch or write down the pros and cons of the idea. If the idea has more advantages to offer to the society then it is sure to get you good returns.
* If the things are not falling into place like they should have, be flexible enough to make adjustments in the plan.
* Be careful about with whom your discussing your idea with. Some good ideas get stolen.
* Check the current trend in business, analyse and improvise your plan.
* Find funding sources. Opt for more than one particular source.
* Have a backup plan to save yourself in case the business falls apart.
* Gather people who share a similar interest. Social networking is a great way to find the people you need to work for you.
* Be a good leader. Stay motivated. Say to your employees that this is their company rather than claiming it as your's alone. This will make them realise their importance.
* Be positive and keep your employees positive as well.
* Educate yourself on regular basis about the current business trends and competitions around.
* Encourage innovative ideas.
* Be open to suggestions and most importantly be practical because being an entrepreneur is all about utilizing your logical side of mind to the fullest in terms of benefiting the company and its employees.
If you think you are good at getting the ideas and are not so confident in managing a crew, you can always hire someone to do that managing part for you, while you can concentrate on giving new useful things to the world. Remember, ideas can be bought as well, but then the one who buys it is not considered as an entrepreneur. Many of the rich businessmen we know aren't really MBA graduates. It's all in the application of what you know.
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