Why MBAs Fail to become Entrepreneurs
So you are almost done with your MBA. Time to create a resume or to dish out an awesome idea? While the latter path is highly beneficial, there are so many of you who’d take the former approach. We don’t really blame you because it is completely your fault. The reason you cannot turn towards entrepreneurship right after stepping out of college is not only because you are not capable enough, but because you were not groomed the right way.
There are so many colleges which don’t focus enough on entrepreneurship, and so MBA students fail in learning the tricks of the trade. The knowledge and skills that they do acquire are of immense help on their jobs, but not if they are to establish a startup of their own.
Lack of Relevant Courses
Already mentioned this, but let’s elaborate more. Most of the courses offered by MBA colleges are great choices if you are looking for a career in banking or marketing. But if you want to delve into entrepreneurship, you’ll only have a handful of courses to choose from. And with some colleges, it is only one or two electives and that is it.
More colleges should start offering a major in entrepreneurship so that more MBA students consider setting up their own businesses.
Inappropriately Qualified Professors
Offering relevant entrepreneurship courses is not enough, if they are not being taught by the right professors. A teacher may have a PhD, but if they have not tried out entrepreneurship on their own, they are probably not a good enough choice. Because it’s not only about what is contained in the books, it is also about hands on experiences that can only be shared by someone who has stepped into the field.
Thus, if entrepreneurship courses are taught by entrepreneurs themselves, they will be able to narrate their own personal experiences to students. Students wont only be given theoretical information but also the practical knowledge.
Incompletely Researched Ideas
Okay, so there are these MBA students with an entrepreneurship major taught by the right professors. Is that it? A large part of this falls on the student themselves. Even if they learnt all that they should have in college, they should be absolutely sure that their idea will be a success in the industry, that there are no flaws and that all loopholes have been covered.
An MBA entrepreneur should thoroughly research their idea, and ensure it’ll leave a mark. It may have been done before, but if it’s done in a new way now, it may still have a huge impact.
A Proper Plan
Coming up with an out of the box idea is only half the story. There should be a detailed plan as well that covers everything from the methodologies to the finances.
If both universities and students do what is required of them, young entrepreneurs will start to it the market in bigger numbers.