Career as Entrepreneur
Entrepreneurship is a subject that refers to designing and running your own business. It is about offering a different and innovative product or a service to targeted customers or maybe changing the traditional ways of consumption of products or services. With technology impacting almost everyone today in every corner of the world, entrepreneurs are making the most of it. It may concern your grocery delivery, taxi services, food delivery, financial services everything is being offered by the new generation entrepreneurs directly on their mobile. In the study of entrepreneurship, one would be reading about how to solve the real problems or the gaps that still exist in the life of people. Not to mention that entrepreneurship is the emerging career option among millennials. With one of the most number of start-ups across the world, India is the emerging country that is home to the budding entrepreneurs.
- About Entrepreneur :
- Job Profile |
- How do I get there?
Job Profile
Being in the role of an Entrepreneur, starting the business and setting up the office place is the first thing to do. You have to get to register yourself as a company or a partnership or a property firm. You will also need to get the required licenses from the government authorities in the sector you operate in for example a license from FSSAI in case of a food business or a license from RBI in case of a banking business register with Sebi in case of financial services.
Heading a business or a firm means regular work routine would require long working hours on a typical day. You will need to ensure the quality of your product if you are into tangible business or seamless of your services if you are a service provider. Starting up all this will need to build up a team that may be small at the start, but shares the same perspective as your vision. Not to say work pressure levels are high at the beginning with an imbalance work life. Even the starting salaries would be very low because running a business means initial investments and not expecting the regular salary as other professions in the beginning.
But as Entrepreneurs start to climb the ladder up, The operations and the day-to-day activity becomes smooth. You will be drawing a meaningful salary at this stage as the basics of the business are already in place and at a point you would be looking to diversify into other sectors or business that may interest you or looks like a good opportunity at that point of time.
Future Growth Prospects and How to get there faster
To be a successful Entrepreneur, it truly depends on the way one approaches the targeted customers and the market. It can be anywhere between 2 to 10 years to see success, and this may depend on quality and the pricing of the product or services that you are offering against your competition.
Pros and Cons of an Entrepreneur
Pros
- This is the career for those who want to be their boss.
- Entrepreneurship can be a highly paid as a profession if your business kick-start well.
- This is as emerging as the preferred option among students that are willing to go out of the way to do something creative.
- You may also find fame if your brand or product gets popular between masses.
Cons
- Work- life balance can be a challenge as you have to manage everything from A to Z at your firm.
- There are no fixed incomes as the Business depends on the market condition.
- There can be many blockades from government regulations to tax systems and other day operations today.
How do I get there?
To qualify as an Entrepreneur, a student needs to clear their higher secondary with commerce background including accounting, business studies, mathematics and economics. Candidates can opt for BCom (prog)/(Hons) or BBA or diploma in entrepreneurship from DU, IP university or any other reputed college. Students who want to pursue further education can opt for MBA or PG diploma after clearing the CAT exam. Other PG entrance exams include MAT, XAT, CMAT, GMAT.
How much does it cost?
On average, an entrepreneur course starts from Rs 10000 for a diploma level course and goes up to Rs 20 lakh for a full-fledged degree from a reputed institute. For PG courses, fees can range annually from 3 Lakh to 5 Lakh. Diploma courses do not provide hostel facilities but reputed colleges like SRM university, Manipal university, Indian School of Business, Symbiosis Institute of Business Management, Amity Business School do offer good hostel facilities. Diploma courses generally are 1-year courses but PG courses from reputed institutes are usually 2-year-long courses.
What are the Top Colleges where one should be studying to become an Entrepreneur ?
There are quite a few top-notch colleges in India that offer
excellent facilities and quality infrastructure for the
students. But the chances of securing a seat in any of the
top colleges takes to clearing the CAT exam, but other private
universities are comparatively easy to go.
|
Rank of College |
Name of College, City |
Programme Fees (in Rs) |
|
1 |
IIM, Bangalore |
MBA- Rs 1050000 for 1st Year |
|
2 |
IIM, Ahmedabad |
MBA– Rs 1150000 for 1st Year |
|
3 |
Xavier Institute of Management and Entrepreneurship, Bangalore |
MBA– Rs 500000 for 1st Year |
|
4 |
IIM, Indore |
MBA– Rs 800000 for 1st Year |
|
5 |
KIIT School of Management, Bhubaneswar |
MBA– Rs 675000 for 1st Year |
|
6 |
SRM Institute |
MBA - Rs 350000 per Semester |
|
7 |
Manipal University |
MBA- Rs 676000 |
|
8 |
IIPM, Delhi |
MBA– Rs 1625000 |
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Content on this page is by Career Expert Mrs. Kum Kum Tandon MA (Psychology), M.Ed, Diploma in Educational Psychology, Vocational Guidance & Counseling (NCERT, Delhi) | View Complete Profile |