If you are an MBA student with the aim towards entrepreneurship, it is important that you should have the courage and careful planning to become an entrepreneur. The important point to be remembered here is that setting up your own business involves a lot of risk. It is something that needs the efficiency to manage both internal and external resources, mobilizing resources, appropriate execution skills and ability to create great business ideas. All these skills are always needed for aspiring entrepreneurs and these skills are highly important in the current competitive business market. Here are the 3 lessons you will have to learn being an aspiring entrepreneur and current MBA student:
1. Ownership: If you are planning to start a business on partnership basis with an initial profit sharing ratio equally, you might think that this task can be done easily. However, if your co-founder just joins your organization as a partial co-founder and works mainly for a corporate firm, what should be done? In such a case, you will have to understand the impact as most of the investors will not invest in a firm with equal ownership of profit and partial commitment of accountability. So, you should be highly aware of such traps. The reason is that it may cost your valuable time and resources. Even, there are chances of your valuable personal relationship getting affected. So, when you decide for partnership, you should plan the things well and should sit with your prospective partner for discussion before actually signing any papers.
2. Finding a mentor: You should have somebody, who has real interest in your business venture as your mentor. When you have such a reliable person, you can get access to dependable network, which can come handy for establishing your business. As most of the fresh MBA graduates are first-time CEOs, most of the investors will wish that a trustworthy person sits on the board of the company. So, finding the right mentor can help in different arenas.
3. Understanding the commitment: Your MBA qualification can act as a safety valve for your business. So, even if you fail at your business venture, you can go for a corporate job with attractive pay package. When you are particular about becoming your own business, you will have to first identify your commitment, before thinking about the commitment of other people involved. Not accepting an attractive job offer without knowing whether you will succeed or fail in your business is not an easy task. But, you will have to take certain risks to achieve your dream entrepreneurship position. The best thing you can do is to work for some years before you move towards entrepreneurship. This work experience will be of great help to you in carrying out your business operations without much effort. When you move to business after working for some years, you will surely be paralyzed by seeing the work life enjoyed by your friends when tough situations arise in your business. But, in such circumstances, your commitment alone can guide you towards success.