Entrepreneurship

Entrepreneurship is the study of how new businesses are created, organized and managed. An entrepreneur starts and runs a small business taking up all the risks and rewards that may be associated with the venture.This includes creating a business plan, hiring labour, acquiring resources and financing, and providing leadership and management for the business.

What are the Various Disciplines in Entrepreneurship?

Social Entrepreneurship

Social Entrepreneurship refers to doing business for a social cause. Social entrepreneurs combine commerce and social issues in a way that improves the lives of people connected to the cause. It involves conducting research to clearly define a particular social problem and then organizing, creating and managing a social venture to produce the desired change.

Startup

Startup entrepreneurs will be financing and operating a new and innovative venture that offers a product or service that is different from what is currently available elsewhere. They start with a new business idea and work on developing, testing and marketing it.

Family Business

Entrepreneurs in family business operate companies that are actively owned and/or managed by more than one member of the same family. It may be a firm handed down over generations of a family and may involve the participation of family members in management, policy and decision making.

Investor

Investors provide funds to finance startups or existing business ventures in exchange for an ownership stake or for future returns.

Main Admission/Entrance exams

Name of Exam Institutions Languages Application Period Exam Dates Website
CAT Admission to IIMs and other Business Schools (IIM Indore - PGP- Family Business) English August-September Last week of November https://iimcat.ac.in/
NMIMS- Business Aptitude Test NMIMS- SBM (MBA in Entrepreneurship & Family Business) English April to May Last week of May https://sbm.nmims.edu/academics/programs/mba-entrepreneurship-and-family-business/
CMAT Multiple institutions (MBA- HR/Finance) English November Last week of January http://www.ntacmat.nic.in
XAT Xavier Institute of Management & Entrepreneurship English 3rd week of August January first week http://xime.org/eligibility-for-admission
MAT Multiple institutions (MBA- HR/Finance) English March-April May first and second week https://mat.aima.in/

What would help you build a good profile for admission at the UG level?

Stream to Choose at +2 level:

You may choose any stream at +2 . However selecting Commerce would be better to gain an understanding of the field and help build a base for higher education.

Subjects to focus:

Admission to bachelor’s programs in Commerce/ Business in universities will mostly be merit based (marks in +2). The student should give more importance and focus on subjects like business studies, accountancy and economics. Since admissions are highly competitive, it is a necessity to score well to get admission to good universities.

Some skills to acquire:

In this field it is necessary to be aware of the basics of market demand and the needs of the hour. Keen observation and updation is required to be successful in this field. Knowledge about the various aspects like financial policy, other government rules and regulations etc is very important. Some skills that should be developed are analytical skills, communication skills etc.

Scholarships

Name Eligibility Website
Undergraduate - (UG)
IndusInd Foundation Scholarship
  • The Scholar must pass XII examination at first attempt with 80% mark.
  • The applicant should have secure admission to regular degree courses in arts, science,commerce, engineering, medicine etc in approved colleges.
  • The financial position of the applicant’s family justifies grant of scholarship.
http://www.indusindfoundation.com/scholarship.php
HDFC Educational Crisis Scholarship Support
  • Students undergoing a crisis situation
  • Students pursuing under graduate / post graduate or diploma courses under a recognized institution.
https://app.p3fy.com/#/open-task/125542
Dhirubhai Ambani Scholarship
  • Students who have secured a rank in the merit list of Standard XIIth Board Examination and fulfill economic criteria laid down under the Programme.
  • Student must below 20 years of age as on 30th April of the year he/she appears for the Standard XIIth Examination and his/her family income must not be more than Rs. 4.50 lakhs per annum. However the preference will be given to those students whose family income is not more than Rs.2.50 lakhs per annum.
https://das.reliancefoundation.org/LoginPage.aspx#
People’s Foundation Scholarship
  • Scholarship will be provided for regular courses in media studies, management studies, social sciences studies and legal studies
  • Scholarship for financially weak students studying in reputed central universities located in various parts of the country.
  • Scholarship for financially weak students for short-term employment training courses.
  • Special assistance to extremely poor students to help them continue education.
https://peoplesfoundation.org/portfolio-posts/educational-scholarship/
Postgraduate - (PG)
Central Sector Scheme of Scholarship for College and University Students Scholarship will be awarded to the students who have secured not less than 50% marks in the previous final examination and annual income of their parents/guardian from all sources does not exceed Rs. 1.00 lakh. https://scholarships.gov.in/
Post-Graduate Indira Gandhi Scholarship for Single Girl Child for PG Programs Age limit: Girl students up to the age of 30 years at the time of admission in PG courses are eligible. The scheme is applicable to such single girl child who has taken admission in regular, full time first year master’s Degree course in any designated university or a post graduate college. This scholarship is available to PG-I-year student only https://www.ugc.ac.in/sgc/
Aditya Birla Scholarship Students who got admission to IIM,XLRI ( among other reputed institutes for other disciplines) http://www.adityabirlascholars.net/

How is the Future of Entrepreneurship

Employment prospects for entrepreneurs are subjective and may vary among industries and demographics. The U.S. Bureau of Labor Statistics while stating that entrepreneurs are the driving force of a market economy, does not provide a specific job outlook for entrepreneurs. A report by Global Entrepreneurship Monitor (GEM) in 2015 finds that in the US about 27 million working-age persons are starting or running new businesses.

Developments in automation technologies and artificial intelligence could see 75 million jobs displaced, according to the WEF report “The Future of Jobs 2018 ” This will lead to more people looking towards self employment or starting of Entrepreneurial ventures.

Easy availability of Technology leads to large number of innovators entering the tech-venture landscape while transforming the entrepreneurial approach. The convenience of receiving faster feedback and validation to affirm that the idea has merit and can survive within your market makes decision making easier. With the emergence of virtual technologies and the ability to switch to remote environments, companies are heading toward location-independent enterprises that can be run from anywhere in the world, which could have a positive long-term impact on developing more businesses based in rural or remote regions.

Other career areas which Entrepreneurs can enter

Education and training

Entrepreneurs can be good mentors and motivational speakers who can motivate others.

Business Management

Entrepreneurs can work as managers in other companies/corporates armed with the experiences they have acquired through running their own ventures.

Social service

Social Entrepreneurs can effectively carry out social service related to the area in which their business venture operates.

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