As the world debates on entrepreneurship or MBA, some business schools around the country has gone ahead to introduce MBA in entrepreneurship. Many questions are raised about the quality of this specialization and many ask what extra these schools can help the future business owners to know that they cannot, when they run their business without this qualification. As the name of this specialization rightly denotes, it focuses on different business aspects, starting from fundamentals related to starting a business, creation of good product for marketing and how to improve the company by different ways.
Most of the new business owners work in an environment with constraint over resource. It becomes important that an individual will have to manage varied aspects of business like finance, execution, product development, pricing, strategy, operations and marketing. This specialization will teach the students on how to deal with such constraints in an efficient manner.
Course in India:
MBA in this specialization is offered by many B-Schools in India and some offer related specializations as well. Some schools offer this course as full-time course, while some offer it as short-term programme. The short-term courses in some institutions are meant for specific requirements like for women entrepreneurs. When it comes to this course meant for future entrepreneurs, there is also another variation called as family and business entrepreneurship as well. As the name implies, this is meant for students, who are interested in handling their family business in the future in an efficient and effective manner. Here are some details about these two variations:
This specialization deals with different aspects pertaining to business operations, right from identifying the suitable concept, incubation period and also funding to the later stages of developing a business. The idea behind is to propel a new breed of prospective entrepreneurs with the right skill set. They will be taught techniques related to risk mitigation and give the students with the much-needed technical, marketing and financial knowledge. According to the 2013 records, this specialization is stated to be the second most popular specializations among students from around the world. The sudden popularity of this specialization in India is attributed to the success stories of many startups from across the nation. Even though, business ownership is all about innovation and ideas, this course will help the students in acquiring the right skills to come out with flying colors.
Family and business entrepreneurship:
In India, more than 60% of the businesses are family operated. Even though, these businesses are family operated, they have their own issues and challenges. So, the next generation can stay in the competitive market, only when they get the right kind of theoretical and practical education from the B-School, while they will surely get practical education from their elders as they are planning to get into their own family business.
Even though, MBA course is stated to be the ideal choice for candidates aspiring to become business owners in the future, this specialization will be an added advantage without any doubt whatsoever.