Ashok Mittal, Chancellor, Lovely Professional University
In world full of successful entrepreneurs who didn’t learn management at business school, it might seem odd to suggest that management education makes you a better entrepreneur. In fact there are people who might even say that there is no correlation between formal education and successful entrepreneurship, but I firmly believe that education in management makes one a better entrepreneur.
There is no doubt, that some people are born with an inherent ability to become successful entrepreneurs. They have the grit to take big risks and with a bit of luck are able to make it big. But these are exceptions.
The majority of successful entrepreneurs, however, goes through the grind of management schools and learns the essentials of good entrepreneurship through an education in business management.
"Education nurtures entrepreneurswho in turn build great companies that employ thousands of workers"
Such an education gives you an opportunity to broaden your horizon get exposed to numerous inspirations.
One must understand that management education is not just a degree, it’s an overall grooming for a career in business which an entrepreneur needs more than anybody else. It gives you the ability and confidence to take part in business discussions and come up with out of the box solutions – precisely what an entrepreneur needs.
Strategic thinking is vital for an entrepreneur. A logical mind-set is essential for troubleshooting and project management. A management education teaches you to look at problems and opportunities holistically. It trains you for cost- benefit analyses and strategic planning for problems an opportunity, an entrepreneur has to deal with all the time. Strategic thinking enables an entrepreneur to respond to market forces and competitors.
At management schools you are asked to deal with case studies. It’s a way of encouraging an entrepreneur in the making to think strategically and honing his problem solving abilities .
When you study management, you participate in group projects, presentations and assignments that require you to showcase your leadership abilities. These give an entrepreneur the necessary skills to handle real-life business challenges.
Good risk management is also something that entrepreneurs in the making can learn at management schools.
Entrepreneurship also involves business communication skills. An entrepreneur need to put across his ideas clearly and precisely, communication skills is an important part of management training.
In business there are deadlines and unless one has been trained to make the best use of the time available, this can become a stumbling block for an entrepreneur. This is something they teach well at management schools.
And the most important of all, interpersonal skill! It is a soft skill, but so essential for anyone aspiring to be a successful entrepreneur. Good interpersonal skill can work wonders for an entrepreneur when it comes to dealing with colleagues and clients and in striking business deals.
A good management education provides all the above skills and competencies in a short span to those with potential, aiming to be a successful entrepreneur.
Besides, to be an entrepreneur, one needs not only right kind of tools and training but right kind of network. Formal education, especially at universities has the capacity of forging grand network, academic as well as geographic.
Education about entrepreneurship and mentoring thereof makes better entrepreneurs. The more and better education students receive, the more likely they are to become ultra-successful entrepreneurs. Education nurtures entrepreneurs who in turn build great companies that employ thousands of workers.
Those who dream of becoming great entrepreneurs should put themselves through the rigours of management education. It will prepare them for the challenges they are to face later in life, as a team leader and as the head of an organization.
Whatever one learns at a management school doesn’t stand in the way of becoming a successful entrepreneur. It only helps in one’s entrepreneurial journey.