For years there has been a dual view on whether or not entrepreneurs need to undergo formal training before they begin their journey of starting a business. Some believe that entrepreneurship can be learned only by, on the job approach, in which you start your business and learn through the day-to-day running of the business. While others believe that entrepreneurship, like any other discipline, can be taught, nurtured and improved on, by undergoing specially designed courses, which serve as a foundation and encourages creative and innovative ideas. In the, highly dynamic and uncertain world of ours, one needs to bank on skills and character traits than just passion for the project. Entrepreneurship education is, therefore, the key to business growth and success. Let’s looks at how you can benefit from an entrepreneurship course:
See the World Differently – The Entrepreneurial Mindset
Richard Branson had famously said,
“Entrepreneurship isn’t just a label – it’s a lifestyle.”
An entrepreneur needs to perceive the world differently. Where everyone sees a problem, they might see an opportunity. They are the “idea people” and will always look at the bigger picture; it is this mindset which sets them apart. An entrepreneurial mindset is a thought process where they recognise an opportunity and are interested in pursuing it even with uncontrollable and scarce resources by successfully applying innovation. One of the major aims of the entrepreneurship training program is developing an entrepreneurial mindset by exploring various practices and perspectives. New age techniques of innovation, creativity, effectuation, lean start-up, critical thinking etc. are coupled with practical training to develop this mindset.
Innovation & Critical Thinking
Ideas need a place where they can foster and is open to accepting idiosyncrasies. Any sound entrepreneurship course provides you with a safe playground to learn innovation, entrepreneurial experiments, helps you develop a fresh new approach and appreciate individual capabilities. Innovation and Critical Thinking is integral to an entrepreneur’s journey. From bootstrapping, going lean to even expanding your business, at all stages, these skills are vital to an entrepreneur’s success. An entrepreneur has to remain an innovator all his life, it is not just restricted to coming up with brilliant business ideas, they need to be innovative in processes, leadership, at handling critical issues, managing resources and coping with the ever-changing environment. While being experimental, they also have to look at the situation critically. Focused training can help you learn the art of constant juggling between these thought processes. These concepts are even emphasized by leading Family Business Management course.
Build Your Network
Networking is an art and of high value for any entrepreneur. A strong professional network can help you achieve results quickly, which otherwise would have been, rather difficult. Entrepreneurship development programmes have a very practical approach and include a lot of collaborative work which creates a strong bond among the members. The program can be a great platform to meet likeminded people from a diverse background. Many good universities have regular entrepreneurship alumni meetups where you can explore collaboration, funding and mentoring opportunities.
Find a Mentor
When faced with a challenge, the one person who usually an entrepreneur turns to is his mentor. They are the one who you can look up to for a candid discussion and can nudge you in the right direction. Bill Gates credit a part of his success to his mentor Warren Buffet; Mark Zuckerberg frequently turned to Steve Jobs for advice. Mentors are the one who have done it all, seen it all and are much ahead of the learning curve. But finding a good mentor who understands your ambition and has experience around the area you want to grow can be difficult. This is where entrepreneurship programs can come to your rescue; it gives you a chance to meet seasoned entrepreneurs from diverse background and faculty members who have a rich experience of startup mentoring.
Learn to Mitigate RISK
Behind the glamour of being the founder of a startup and being your own boss, is the life filled with ambiguity, where problems are plenty and resources are always scarce. We often see successful entrepreneurs labeled as “brave and bold” people who took great risks, but let’s not fool ourselves with the glorious notion of it. Yes, they took the bold step, but it was also a carefully managed and calculated step, so rather than risk-takers they were Risk Mitigators. This thought process changes the entire outlook towards risk and helps you to achieve your vision by dealing with risk. Formal training can help entrepreneurs deal with the constant uncertainty that comes with building a business. Effectuation theory a buzz word in entrepreneurship education today heavily weighs on the principle of “Control v. Predict” which states that – by focusing on activities within their control, expert entrepreneurs know their actions will result in the desired outcomes. An effectual worldview is rooted in the belief that the future is neither found nor predicted, but rather made. MIDAS is the leading entrepreneurship college in India where this module is taught to develop the entrepreneurial foundation.
Starting a business or even joining your family business will be a defining moment for you, so it’s always better to be well prepared and learn from your and your peer’s experience. These programs, along with the unique resources, also give you a safe launch pad to start your business. At MIDAS India, we are always looking forward to meeting enthusiastic aspiring entrepreneurs. Visit us and kick start your entrepreneurial journey.