Entrepreneurs are passionate innovators who work incessantly to introduce their brainchild to the world and succeed in this business venture. While there are many risk factors in these endeavors, entrepreneurs must be ready to take failures in their stride and learn from their mistakes.
The encouraging fact is that the number of recognized startups in India increased from 471 in 2016 to 72,993 in 2022 — a record growth of over 15,400%. Thanks to central government initiatives like the Startup India Scheme, Startup India Hub, Fund of Funds for Startups (FFS) Scheme, and 3-year income tax exemption, among others, the Indian entrepreneurship community is thriving like never before.
But all this is easier said than done. The business and entrepreneurship landscape is changing rapidly with a shift to the digital/virtual space. Work ethics and passion are not enough.
Budding entrepreneurs must have relevant skills, investor support, mentors, and a network of advisors for a successful business. They must also leverage digital media and make their ideas a market success. Read on to learn how to achieve these and more with an MBA or a Master’s in Digital Entrepreneurship.
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What is an MBA in Entrepreneurship?
Anyone can come up with innovative business ideas. But it takes impeccable entrepreneurial and managerial skills to develop and transform that idea into reality.
With a digital entrepreneurship MBA program, you build the necessary entrepreneurial and management skills to realize your business idea.
An MBA degree specializing in entrepreneurship helps you gain the skill sets and knowledge to start and grow a business. The concepts you learn in the specialization course cover the entire entrepreneurial journey from the development stage. You get adequate training to launch your business and draw the attention of investors.
Why is an MBA in Entrepreneurship beneficial for budding business heads?
Budding entrepreneurs have a bagful of fantastic ideas, the enthusiasm to work hard, and a dream to achieve. But these are not sufficient to achieve business success. You need proper business skills to survive and thrive in the cut-throat competition and bring your business visions to the forefront.
This is exactly where an MBA in Digital Entrepreneurship program can be beneficial.
When you try to sort the things you need for your business to succeed, try thinking in the opposite direction. You guessed it right - try understanding the reasons behind a startup failure. The reasons that top the list include lack of managerial experience, business competence, minimum industry experience, lack of adequate funds, and similar things.
As a budding entrepreneur, you must know the skills to handle your business, from management to accounting, leadership to commercial leasing.
With an MBA in Entrepreneurship in India, you will learn all these business skills. You will get the opportunity to network with entrepreneurs and business leaders who abound in real-world experience. Try to implement the valuable insights you receive from them in your business plans to minimize errors and make informed business decisions.
Additionally, with an MBA in Entrepreneurship salary ranging from ₹6 LPA to ₹28 LPA depending on the job role, the degree offers both knowledge and lucrative career prospects.
Careers after an MBA in Entrepreneurship
Many career avenues open up after completing the Digital Entrepreneurship MBA program successfully. Professionals who aspire to start their own business or seek a promotion to a higher position in the organization usually choose this specialization.
Let us check out the best job roles after an MBA in Entrepreneurship in India:
Starting as an entrepreneur - launching one’s business
You must be able to manage all aspects of a business, whether you are planning to start your tech startup or looking to build a small local business.
Knowing and understanding every part of the business in detail might be challenging for an entrepreneur. You will have to communicate with other departments of the organization, like marketing, accounting, product development, and sales, to ensure the smooth running of the business.
As an entrepreneur, confidence and competence are crucial to making high-level business decisions. Along with building a knowledge base with the MBA specialization, you must network and form meaningful professional relationships. Networking could land you the perfect partner for your business venture or investors for your startup.
Taking the role of an intrapreneur within a business
An MBA in Entrepreneurship will sharpen your business skills and hone your creativity and innovation, giving you the scope to become an intrapreneur.
Whether a fresher or an established businessperson, you will be an asset to large corporations and business houses. These enterprises are always looking for leaders who can lead various departments and promote new initiatives within the organization.
As an intrapreneur, you will bring a perfect balance and amalgamation of experience and enthusiasm for the further growth and expansion of the business. You can also draw up business goals for penetrating new markets.
An MBA with a specialization in Entrepreneurship will also qualify you for sought-after corporate jobs, such as the following:
Management Analyst
A Management Analyst is a consultant specializing in operational issues in a business setup. Your role as a Management Analyst will be to maximize productivity levels in the business while reducing expenses. You also have to take charge of operations and solve issues as and when they arise.
Business Consultant
A proficient Business Consultant should be able to identify and solve problems within a given business environment. As a Business Consultant, you can solve issues for other businesses as a client. An MBA degree will help you acquire the business and management skills you need to ace this role.
Non-profit Fundraisers
Non-profit organizations need supporters and investors or sponsors to run successfully. Non-profits are in constant search of people who have an understanding of how a non-profit organization operates.
With an MBA specialization in Entrepreneurship, you can be the best choice for non-profits as you can build networks with more people, adding to the number of supporters. Moreover, you will have the skills to promote the non-profit organization’s cause to investors for funds and donations.
Director of Sales
One of the most lucrative job roles you can land with an MBA in Entrepreneurship specialization is Director of Sales. The job role is not confined to selling a business product or service. You must have the understanding and skills to manage budgets, accounts, and people effectively. The MBA in entrepreneurship scope brushes up these skills in you.
Investment Banker
Investment Banker is a one of the best MBAs in entrepreneurship scope. A lucrative job role for many MBA graduates with a specialization in Entrepreneurship is that of an Investment Banker. As an Investment Banker, your responsibilities will include leading acquisitions and mergers for large corporations. You can also assist various startups in securing private placement or equity financing.
Also Read:- Merits & Demerits of Online MBA Education
Top MBA in Entrepreneurship in India: Scope, Roles, And Average Salary
| Jobs | Average Salary | Job Roles |
Management Analyst | 6-17 LPA | - Conduct interviews with personnel - Analyze financial and employment reports - Identify solutions and develop alternative practices - Meet with management to recommend changes |
Business Consultant | 8-17 LPA | - Organize and execute assigned business projects for clients (such as recruiting, payroll, promotional campaigns) according to their requirements - Meet with assigned clients as needed and conduct an initial assessment of any problematic situations - Gather information about the client’s business through various methods (including shadowing, interviews, surveys, and reading reports) - Analyze and interpret data to identify weaknesses and problems, and understand their causes - Develop recommendations and solutions that consider the client’s preferences, capabilities, and limitations, and create concise reports - Present findings and suggestions to clients, providing ample justification and practical advice |
Non-profit Fundraisers | 4-7 LPA | - They constantly seek individuals who understand the workings of non-profit organizations. - An MBA specialization in Entrepreneurship makes you an ideal candidate for non-profits. - You can build networks and increase the number of supporters. - You will possess the skills to promote the non-profit’s cause to investors for funds and donations. |
Director of Sales | 12-28 LPA | - Own and meet or exceed annual sales targets within the assigned territory and accounts - Develop and implement a strategic plan to achieve sales targets and expand the customer base - Build and maintain strong, long-lasting customer relationships - Partner with customers to understand their business needs and objectives - Effectively communicate the value proposition through proposals and presentations |
Investment Banker | 7-9 LPA | - Conduct strategic research and due diligence investigations - Raise capital by issuing debt and selling equity - Manage IPOs and private equity placements - Identify and secure potential investors - Facilitate mergers and acquisitions - Assist with corporate restructuring |
Industries hiring MBA in entrepreneurship scope
Candidates with an MBA degree in entrepreneurship are in demand across industries. With startups in India spread across diversified sectors, MBA graduates can explore their own business plans or work for organizations. Startups specializing in emerging tech, such as AI, IoT, analytics, and robotics, are also in vogue if you are inclined toward the IT sector. Graduates can look for career prospects in the following industries:
- Digital Media,
- Automobile,
- Information Technology,
- Insurance,
- Telecom and more.
Also Read:- MBA with Specialisation in Data Science can skyrocket your career.
Are you ready to take the next step in your career ?
Conclusion
If you are an aspiring businessperson looking to launch your startup, an MBA degree specializing in entrepreneurship can give you the edge you need to stay ahead in the game. The course will hone your management and business skills to make you a competent business professional.
Amity University Online is your one-stop destination for MBA programs with specializations in various fields, including a Digital Entrepreneurship MBA. The online platform offers personalized learning services and dedicated career support to candidates. Eminent international faculty impart various courses offering truly global education to students.
Visit Amity University Online to learn more about the courses.
