A leg up for entrepreneurs

Sanjay Modi

In a 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. 

A majority of successful entrepreneurs  go through the grind of management schools and learn the essentials of good entrepreneurship.

 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. 

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.  

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 organisation. 

— The writer is Professor & Executive Dean, Faculty of Business & Arts, Lovely Professional University

• Strategic thinking is vital for an entrepreneur. A logical mind-set is essential for troubleshooting and project management. MBA teaches one to look at problems and opportunities holistically. It trains for cost- benefit analyses and strategic planning for problems, something that an entrepreneur has to deal with all the time. Strategic thinking enables an entrepreneur to respond to market forces and competitors. 
• At management schools students 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 skills- it is a soft skill, but so essential for anyone aspiring to be a successful entrepreneur. Good interpersonal skills 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 the right kind of tools and training but the right kind of network. Formal education, especially at universities, has the capacity of forging grand network, academic as well as geographic.