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MBA in Entrepreneurship: Career & Prospects

Mar 28, 2016 11:55 IST
    MBA in Entrepreneurship: Career & Prospects
    MBA in Entrepreneurship: Career & Prospects

    Overview

     “Entrepreneurship” as the name suggests is the quality of being an entrepreneur. In this light you must have heard about the top notch corporate honchos such as Dhirubhai Ambani, Azim Premji, Narayana Murthy, Sunil Mittal, Lakshmi Mittal, Shiv Nadar and many more. MBA in Entrepreneurship would offer you a chance to become one of these corporate pioneers. You must remember that sky is the limit if you possess the spirit of becoming an entrepreneur. All you need is a unique and innovative business idea(s) to make a breakthrough in the market which is cluttered with competition all around.

    In any economy that you observe, entrepreneurs have always performed a vital function in economic development of a particular nation. Entrepreneurs are referred to as the human agents who are constantly engaged in mobilizing capital for following purposes:

    What is MBA in Entrepreneurship?

    Before you understand the meaning of MBA in Entrepreneurship, let us first understand the meaning of the term “Entrepreneur”. An entrepreneur is a person who organizes and manages an organization or enterprise, especially a business, by taking an initiative and risk. To add to it, according to Jennie Ripps, CEO of Owl's Brew, entrepreneurship is the ability of an entrepreneur to embracing challenges.

    Thus, in this light when we consider the course MBA in Entrepreneurship, it will surely focus on polishing the required skill set in you that is necessary to build an entrepreneurial personality.

    Why MBA in Entrepreneurship?

    In modern day economy people are more enthusiastic to become entrepreneurs as they are driven by various factors such as: Independence to work, challenge seekers in life, desires to fulfill their dreams, support from family background, lucrative market opportunity, and idea driven mind. Thus, people often choose the path of entrepreneurship in the below mentioned proportion which is a key catalyst in their career path:

    Figure: Motivations to become an Entrepreneur

    Source: knowledgecommissionarchive.nic.in

    MBA in Entrepreneurship would shape factors such as innovative ideas, identifying market opportunity, understanding your strengths and weaknesses and the risk taking behavior more professionally in an aspiring entrepreneur. The specialization would not only make the path a cakewalk but would also help you have a bird eye view of the life of billionaire and par excellence entrepreneurs. If you are still not sure about the bright career prospects which this specialization can offer you then do take a glance at the statistics given below and shun all the apprehensions lingering in your mind. 

    An increasing trend has been witnessed in the rate of entrepreneurship in India among both the genders. The same can be confirmed from the statistics given below:

    Figure: Gender-based motivation to become an Entrepreneur

    Source: knowledgecommissionarchive.nic.in

    The experience gained by the individuals is another key driver which motivates them to become an entrepreneur.

    Figure: Experience-based motivation to become an Entrepreneur

    Source: knowledgecommissionarchive.nic.in

    These facts and findings would surely make your mind clear about the prospects of choosing MBA in Entrepreneurship as a career option

    Eligibility for pursuing career in Entrepreneurship

    Any interested candidate holding a successful graduation degree is eligible to pursue a master’s degree in entrepreneurship specialization. Further, the students will have to clear an entrance exam such as MAT/CAT/XAT or ATMA to get admission into this course. Generally, the duration of this course is 2 years.

    Personal Skill Requirement

    If you wish to develop your career in entrepreneurship, introspect on these key personality traits before taking any decision. These traits would help you understand whether you are a perfect fit for pursuing this forte or not:

    • Are you tenacious?
    • Do you possess passion to pursue your dreams?
    • Do you have a vision to take your business to greater heights?
    • Do you believe in yourself (even in the times of adversity)?
    • Are you flexible enough to adjust to market dynamics?
    • Are you determined to establish your dreams irrespective of the external factors?
    • Is your mind agile enough to learn the new trends?

    Scope of MBA in Entrepreneurship

    MBA in Entrepreneurship is one specialization which not only offers you a chance to enter into any industry of your choice, but it also lets you create a demand for a product/service which does not exist in the market place yet.

    It was after the global financial crisis of 2008, that the world and India struggled to create employment for the growing population. There was a crying need to create employment opportunities at all levels and hence, entrepreneurship became an attractive option to save the lives of people in crisis. With such tremendous change in the economic activity, not just the world but even India has witnessed a wide array of entrepreneurial activity in the recent years, with many success stories further fuelling the ambitions of many budding entrepreneurs.

    By pursuing this course you can enter any industry such as:

    • Automobile
    • Advertising
    • Agriculture
    • Banking
    • Cement
    • Small and Medium Enterprise management
    • Fashion
    • Cinema
    • Information Technology
    • Insurance
    • Mining
    • Oil and Gas
    • Digital Media
    • Retail
    • Real Estate
    • Telecom
    • Tourism

    Whichever industry you choose to associate with, would not stop you from learning the processes and function that are involved in it.

    MBA in Entrepreneurship Syllabus

    This course will raise your standard and will help an aspiring in applying their entrepreneurial thinking through field studies, personal interactions with successful entrepreneurs and performing as consultants to others creating new ventures.

    It should also be noted that maximum colleges and universities offer this specialization in combination with “Family business” specialization. The amalgamation of these two courses is a perfect blend to brighten your personality for becoming an entrepreneur which is in-demand in the Indian economy particularly.

    The subjects that you will get to study in this specialization are:

    1. Entrepreneurship Process & Behavior
    2. Emerging Business Sectors & Technologies
    3. Innovation & Creativity in Business
    4. Strategies for Small Business Management
    5. Corporate Culture & Intrapreneurship
    6. Enterprise Planning, Appraisal & Financing
    7. Building Entrepreneurial Culture & Team
    8. Family Business Management
    9. Enterprise Growth & Succession
    10. Small Business Management
    11. Businesses in Emerging Market
    12. Creativity & Innovation in Entrepreneurship

    Career Options after MBA in Entrepreneurship

    With an MBA degree in Entrepreneurship, the career path that you can follow after this course is:

    The areas in which you can venture to gain the know-how of running a business venture to gain a 360 degree view are:

    There is a growing need for managers in today’s business environment who can bring up a company from ground level with little training. A master’s degree can help an individual in achieving that level of perfection. It would not only aid you in fueling your ambitions but will also prepare you to effectively deploy the skills you possess in negotiation, employee relations, supervising, marketing, decision making, leadership and other business management skills.

    Pay Packages Offered after MBA in Entrepreneurship

    The salary packages offered to professions having course specialization in Entrepreneurship are based on global database. The expected pay packages that you will receive after successful completion of this course are:

    Experience (In years)

    Salary (in dollars)

    Less than 1 year

    $53,237

    1-4 years

    $62,850

    5-9 years

    $88,229

    10-19 years

    $119,476

    20 years or more

    $133,413

    Source: Payscale.com

    Top Colleges for pursing MBA in Entrepreneurship

    1. Entrepreneurship Development Institute of India (Gandhinagar)
    2. D Y Patil, Mumbai University (Mumbai)
    3. Delhi Business School (Delhi)
    4. EMPI’s centre for Global Business Entrepreneurship & Research (Delhi)
    5. Amity Business School (Noida)
    6. Entrerprise Development Institute (Kolkata)
    7. IIM Bangalore (NSRCEL)
    8. European Management Institute (Delhi)
    9. Indraprastha College of Management & Technology (Jodhpur)
    10. International College of Fashion (Delhi)
    11. NMIMS (Mumbai)
    12. Tata Institute of Social Sciences (Mumbai)
    13. Xavier Institute of Management & Entrepreneurship (Bangalore)
    14. Nirma Institute of Management (Ahmedabad)
    15. Lal Bahadur Sastri Institute of Management
    16. National Science and Technology Entrepreneurship Development, New Delhi 
    17. National Institute for Entrepreneurship and Small Business Development (NIESBUD), New Delhi 
    18. Symbiosis Center for Management, Maharashtra 
    19. Jamia Millia Islamia, New Delhi
    20. Institute of Marketing and Management (IMM), New Delhi 

    Top Recruiters for MBA in Entrepreneurship Course

    There is no dearth of companies who hire such professions as these people are glittering and brimming with fresh ideas. Some reputed corporate names which eagerly hire MBA Entrepreneurship professionals are:

    1. A T Kearney
    2. Hindustan Unilever Ltd
    3. Café Coffee Day
    4. Reckitt Benckiser
    5. Hiedelberg Cement
    6. Wipro
    7. TCS
    8. Dell
    9. Infosys
    10. CRISIL
    11. Deloitte & Touche LLP
    12. Reliance
    13. ICICI Bank
    14. HDFC Bank
    15. JP Morgan Chase

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