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.
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 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.
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.
Investors provide funds to finance startups or existing business ventures in exchange for an ownership stake or for future returns.
|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||iimcat.ac.in/|
|NMIMS- Business Aptitude Test||NMIMS- SBM (MBA in Entrepreneurship & Family Business)||English||April to May||Last week of May||sbm.nmims.edu/academics/programs/mba-social-entrepreneurship/|
|CMAT||Multiple institutions (MBA- HR/Finance)||English||November||Last week of January||www.ntacmat.nic.in|
|XAT||Xavier Institute of Management & Entrepreneurship||English||3rd week of August||January first week||xime.org/eligibility-for-admission|
|MAT||Multiple institutions (MBA- HR/Finance)||English||March-April||May first and second week||mat.aima.in/|
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.
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.
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.
|Undergraduate - (UG)|
|IndusInd Foundation Scholarship||
|HDFC Educational Crisis Scholarship Support||
|Dhirubhai Ambani Scholarship||
|People’s Foundation 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.||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||www.ugc.ac.in/sgc/|
|Aditya Birla Scholarship||Students who got admission to IIM,XLRI ( among other reputed institutes for other disciplines)||www.adityabirlascholars.net/|
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.
Entrepreneurs can be good mentors and motivational speakers who can motivate others.
Entrepreneurs can work as managers in other companies/corporates armed with the experiences they have acquired through running their own ventures.
Social Entrepreneurs can effectively carry out social service related to the area in which their business venture operates.