“Being an entrepreneur is neither a part-time job or a full-time job, it’s a lifestyle.” Entrepreneurs today are more than just revenue builders. They offer employment, better prospects and a new way of living to the younger generation. India too, is a witness to Entrepreneurial Development, as the young minds have more courage and are willing to take risks. They are huge contributors to the economy today. Successful Entrepreneurs like Ritesh Agarwal (founder of OYO), Akhilendra Sahu (Founder of ASTNT Technologies), Kavita Shukla (Founder and CEO of Freshpaper), etc. are enormous motivation to the youth. The entrepreneurship development program is made to develop and improve the abilities and potential of budding entrepreneurs and people who aspire to become entrepreneurs someday. In simple terms is a course that is designed to groom future entrepreneurs in every way.
There are various aspects that affect entrepreneurs, like political factors, legal factors, taxation, labour market, infrastructure, etc. Tackling them is quite the Herculean task, and the Entrepreneurship Development Program offers just the aid and guidance essential to comprehend problems and implement solutions. You see, every obstacle cannot be conquered by the ‘business acumen’.
This Blog Includes:
- Influence of Entrepreneurship Development Program
- Objectives of Entrepreneurship Development Program
- Role of Entrepreneurship Development Program
- Top Universities for Entrepreneurship Development Program
- 1. The Babson College
- 2. MIT Sloan School of Management
- 3. Stanford Graduate School of Business
- 4. Cambridge Judge Business School
- 5. USC Marshall School Of Business
- 6. Saïd Business School
- 7. Columbia Business School
- 8. University of Rochester
- 9. UCLA Anderson School of Management
- 10. Lancaster University Management School
Influence of Entrepreneurship Development Program
Entrepreneurs are basically of two kinds:
- The ones who are academically well informed
- The ones who are not
In both cases, entrepreneurs need to be groomed and refined, be it in the skills they already possess or the ones they need to develop. National Institute of Small Industry Extension Training (NISIET), Hyderabad described Entrepreneurship Development Program as “an attempt to develop a person as an entrepreneur through structural training”. Entrepreneurs are essential to the economy of the country and Entrepreneur Development Program’s proper refining, will result in supremacy in more than one ways:
- There will be a genuine and profitable use of local resources
- There will be more jobs openings, a serious need of the hour, ubiquitously
- With the usage of resources and people getting jobs, the per capita income will increase dramatically and will be an important factor for developmental purposes
- With the right aid, the capital formation will also improve, resulting in both personal and economic growth
- Considering all the above factors, there will be a sense of monetary independence. When there is healthy competition between local products (developed by the entrepreneurs), the need to import does not hold value. This also amplifies the feeling of nationality amongst the natives.
- With more work possibilities and affluence, industrial ghettos will dwindle and there will be an up gradation in the standard of living.
- With better jobs and homes, social pressure decreases, creating a thriving society that is readily advancing towards overall development.
Objectives of Entrepreneurship Development Program
The Entrepreneurship Development Program closely follows the skill set needed to stand on one’s feet as a successful entrepreneur and offers a course that will support the candidate in evolving as a better leader. Being an entrepreneur is not just about ‘being one’s own boss’. It requires a lot of vigour to face repeated failures and nerve to keep the faith of those working for him, intact. The Entrepreneurship Development Program aims to develop this moral strength and courage through the curriculum, apart from teaching the theoretical part of it. It has two goals to achieve as suggested by the program providers:
- Short Term Objectives
- Long Term Objectives
Role of Entrepreneurship Development Program
The Entrepreneurship Development Program course, on the whole, builds up a process that explores the following fundamentals of entrepreneurship:
- The territorial set up required for running a successful venture
- The right merchandise to be invested in and the steps that follow to set up the venture
- Developing relations with the proper investors, advisors, buyers and subsequent sellers Understanding of the market is the most important lesson this program aims to impart
- Preparation to face indefinite complications and possession of proper managerial skills in times of crisis.
- To help entrepreneurs reorganize their ideas and objectives
- To ensure that the entrepreneurs acquire fair communication skills
- To develop a wider and more forward mindset regarding their business and always being open to fresh ideas
Must Read: Importance of Entrepreneurship
Top Universities for Entrepreneurship Development Program
This kind of rigorous, thorough and taxing program like the Entrepreneurship Development Program requires a good institute and able guidance to make it worth the while. There is a surfeit of Institutes offering all kinds of Entrepreneurship Programs. It is extremely vital to select the right college with the right course material to make sure that the end results are truly rewarding. It should cover the fundamental topics of Law, Marketing, Finance, Strategy, Leadership, Operations, and Planning among others.
The famed Entrepreneurship Magazine and the Princeton review, every year brings to you the top colleges offering the best Grad and Undergrad programs in Entrepreneurship. Looking through the list, here are the top colleges that will help realize your aspirations:
1. The Babson College
Situated in Wellesley, Massachusetts, USA and set up in 1919, this college is primarily centred on entrepreneurship studies. In their own words, they try to infuse Entrepreneurial Thoughts and Actions, trying to give the Entrepreneur a new definition. This college requires a minimum of 599 (1 year) or 619 (2 years) GMAT Score for admission. After all, the best college has place only for the best.
2. MIT Sloan School of Management
Another top college for Entrepreneurship studies, it is the business school of the reputed Massachusetts Institute of Technology, founded in 1914. Located in Cambridge, Massachusetts, USA, it has a very constructive and supportive course to help startups, budding entrepreneurs and corporate venturing executives. It helps in future networking bringing along the MIT entrepreneurial community. An average of 716 in your GMAT is enough to get you through.
3. Stanford Graduate School of Business
Positioned in California, this is the business school of the prestigious Stanford University. This college too, like others in the list, offers a concrete and encouraging program to help shape the future entrepreneurs with the correct training and resources. Founded in 1952, this college has a wider range for eligible GMAT score varying from 590 to a 790.
4. Cambridge Judge Business School
Business School of Cambridge University, they aim to polish entrepreneurs through the entire journey, from the initial stages to the final touch-ups. Established in 1954, and located in Cambridge, UK, this college’s present name was given in the month of September 2005. Even though a specific GMAT score is not specified, a standard score should be around 696.
5. USC Marshall School Of Business
With a varied range of subjects, electives and the option of online learning, USC Marshall School of Business provides the indispensable framework of entrepreneurship build up. The course structure helps open up the young minds to innovations and ideas, and is as they themselves say, ‘the best investment of your life’. This investment, however, requires an average score of 698 in GMAT.
6. Saïd Business School
This is a business school equivalent of Oxford University, situated in the UK. Aimed at preparing the candidates in the race of originality and managerial skills, the subjects are structured to give the best-gratifying experience. It was rebranded in 1996 although it was founded in 1965. The college asks for an average GMAT score of 743, which is a little intricate, but not unachievable.
7. Columbia Business School
Positioned in the land of dreams, New York, USA, it is considered as one of the Ivy League colleges. It was inaugurated in 1916. From introducing students to the startup environment to providing funds to profiting ideas, Columbia covers all aspects of the course. The average GMAT score to get in here is 740. With the Columbia Startup Lab and the Eugene M. Lang Entrepreneurial fund, the college promises to help even after your theoretical knowledge is imparted.
8. University of Rochester
Located in Rochester, USA, this private research university is home to thousands of entrepreneurship students. It was founded in 1865, probably the oldest amongst those on this list. With their unique Ain Centre for entrepreneurship, that has tie-ups with other colleges as well as educational centres, there are enough resources and supporting hands to lead the entrepreneurs of tomorrow ahead. The typical GMAT score needed to secure a position in this college ranges from 665 to 671.
9. UCLA Anderson School of Management
Part of the University of California and situated in Los Angeles USA, this college has the motto ‘think in the next’. It was set up in 1935. The Price centre for Entrepreneurship and innovations in college helps co-students reach out to each other and provide any kind of assistance required for their startups. This helps the bright minds to connect and have brainstorming sessions for overall development. The average GMAT score required to be a part of the prestigious team is 716.
10. Lancaster University Management School
Located in Lancaster, England, this university was established in 1964. The college offers a broad range of subjects and a very important feature, i.e. ‘real-world feedback’ to constantly update their course framework and adapt to the ever-growing market. They also have the added advantage of Entrepreneurs-in-residence, who are ready to direct the students in case of any roadblocks.
Also Read: List of Famous Indian Entrepreneurs
An entrepreneurship development program is a program that is aimed solely at enhancing the entrepreneurial abilities of anyone who wants to become a successful entrepreneur in the future. This program follows a well structured process of training which brings out the best in the people who feel they lack the desired abilities to be a good entrepreneur.
One of the primary objectives of this program is the make the person taking the training to realise the best version of himself or herself as an entrepreneur. It has both short term as well as long term objectives. The short term objectives of this program are to develop and assist the individual in understanding the market better and the opportunities it holds for them. The long term objectives, however, are more centred about making the individual independent enough to start their own business.
The stages of an entrepreneurship development program include:
The pre training phase, also known as the training phase
The development or the main training phase
The follow up phase or the post training phase
The Government of India, realizing the impetus and training needed by the youth to harness their entrepreneurship skills have set up institutions like NIESBUD in Noida, MSME-DI for small scale industries, NIMSME in Yousufguda, Hyderabad, EDI, NSTEDB, IED and CED in different states of India.
In other words, these colleges/universities provide you with a chance; a chance to make a difference, a chance to prove your worth, a chance to be your own boss. Life may be a roller coaster ride, but at one point it offers that one opportunity, that can turn the tides. Do not let that chance slip away. Let Leverage Edu help you, grab that opening, with all your capabilities, and help you live your dreams.