If you aspire to be an entrepreneur like Lakshmi Mittal and Dhirubhai Ambani, ANUSHKA PATODIA tells you how to succeed in the corporate world:

An entrepreneur undertakes business, with the complete risk and responsibility that comes with it. He enjoys flexibility with respect to time, age and education. However, unless you have sufficient educational and work experience, it is difficult to survive in today’s competitive scenario. Says Gangaram Agrawal, a 71-year-old entrepreneur owning steel factories across the country, “In my time, it was common to see people without educational qualifications going into business. However, today, education is necessary.”

REQUIREMENTS

Entrepreneurs need to have sharp business acumen, vision, sound capital and an ability to bounce back in case of failure. Hemant Ruia, an entrepreneur from the petrochemical industry believes that dynamism, visualisation and an ability to identify business are must-haves. Market trends, customer demands and even luck to some extent play a vital role in an entrepreneur’s success.
Says, Dr Pradip Manjrekar, Professor and Chief Co-ordinator at Dr D Y Patil Institute of Management Studies, “Entrepreneurial courses include a variety of subjects such as import-export, international marketing and other management-related subjects. Also, students are given projects and case studies, thereby enabling them to gain practical knowledge.” Adds Dr N M Kondap, Vice Chancellor of NMIMS, “Education involves logical thought flow processes that enable the student to stand out from the rest. It also gives the student clarity.”

QUALIFICATIONS

Explains M L Shrikant, Dean of SPJIMR, “Running an organisation is a complex issue. With a formal degree, students learn to handle business and organisations in a systematic way. Thus, they are less likely to make mistakes.” According to Ruia, “Technical qualifications are important if one goes in for a business in related fields. Management, law and commerce do help while setting up one’s own business since they are an essential part of any venture. However, field experience is as important. An entrepreneur needs to be on the field to grasp the intricacies of business.”
Dr Manjrekar says, “All international bodies require qualified people since they are in a better position to be successful and are less likely to make costly mistakes. In fact, the government offers incentives to people to start their own ventures.”
Abhijeet, an MBA student and upcoming entrepreneur believes that his studies have helped him a lot in understanding business and commerce. “My course taught me a great deal on commercial aspects such as marketing, management, accounting, et al. Also, we had case studies and people from the industry giving us in-depth knowledge,” he adds. Adds Agrawal, “Earlier, we catered to fewer people and the process of business was not scientific. Now, with the growing economy, it is very important to have a good education before going in for any business. Work experience is important too, but without any qualifications, nobody will give you a chance.”

EARNING POTENTIAL

Unlike people in the service sector, an entrepreneur has no fixed source of income. He is literally at his own mercy. If his venture is successful, he may earn more than he could ever have imagined or earned at a regular job. However, if the venture fails, he may end up earning nothing at all, and may in fact incur huge losses.

TO SUM UP

“Budding entrepreneurs should be very careful in selecting their plant and machinery and also ensure the safety of their business,” advises Ruia. They should not take their failures personally and instead, use them as a stepping-stone for further success. It is important to do one’s homework before getting into any business, with respect to its feasibility, market trends, personnel, financial aspects and so on. Also, concentrate on getting a formal education.