Entrepreneurship has become a buzzword during current times. Ever since the Indian economy was liberalized in 1991, and state controls were lifted, rapid business expansion took place. With the entry of foreign firms, immediate competition entered the market. The Indian economy’s poster boy, the gigantic 200 billion USD Indian IT industry, owes its inception to the economy’s liberalization. Business after business has flourished like the telecom industry, biotech industry.
Due to a lack of private companies, in the ‘80s, it took almost three years to get a telephone connection. With the emergence of home-grown telecom giants like Airtel and Jio, India has today the lowest dialing and broadband charges. Today, the role model of Indian youth are entrepreneurs like don of IT industry like Narayan Murthy, Sunil Mittal, Kiran Mazumdar Shaw instead of politicians. However, with time as start-ups have revolutionized the Indian economy, the degree Master of Business Application has gained many prominences.
It has been seen that many graduates, like professionals and engineers, directly go in for an MBA after their studies, instead of acquiring professional experience. But as all industry titans affirm, that no business school can substitute for real-time professional expertise. So, let us examine the top five reasons for how professional experience can assist you in becoming a better entrepreneur.
1) The issue or problem gets identified.
The first key to entrepreneurship is to identify a big issue and problem in the market. A widespread example is that you will find that contaminated or impure water is coming to your city. This will prompt you to start your water desalination firm using any technology like Aquafier, Reverse Osmosis, etc. In this process, the target needs to be looked at carefully to avoid miscalculation. There is no point in marketing too many products, in a wet area.
2) You should research the background carefully.
Background research is a slightly touchy issue. When you are starting your own business, you need to study many other factors like your competitors, customers, and market place. This can be done by doing intensive historical research and ascertaining whether you have a unique business idea. By deciphering this, you will understand the market and your chances of success since you will come to know about the errors that others made.
3) Learning professionally and help in getting experience.
Once you work in an organization, you will know many things, deal with the new customer, worker, behavior, and handle difficult and critical situations. How to handle challenging situations and get rid of failure can only be done from professional experience. You will also save money, time while facing a difficult situation when you work professionally. Also, skill enhancement occurs. If you are a fresh graduate and start your business, you might easily give up when faced with a crisis.
4) Challenges will be expected.
Without good corporate experience, there will be no groundwork, by which you will be accepting challenges. Once you enter the complex fields of entrepreneurship, then you will be facing a lot of difficulties. So, if you haven’t encountered all these issues before, in your workplace, then you might lose interest and eventually quit. It has been perceived that ninety percent of businesses fail within the first year of their inception. So, you will be able to make a good plan of action, with proper timelines.’
5) Well defined goals and targets.
Having a well-defined goal and target is essential to becoming a successful entrepreneur. You must know where you want to reach within the next five to ten years with your business, like turnover. Without a goal, your journey will become very uninteresting and boring. With this kind of background, you will be ready to launch this service for a tremendous purpose. Once you are a businessman, your life will be transformed into an adventure, and all the issues will be solved once you get the problem.
With this article’s help, readers will come to know the main reasons why professional experience is so crucial for entrepreneurship. As per statistics, it is estimated that nearly ninety percent of successful business people always had a sound working experience of five to ten years before venturing out their own. All the corporate legends like Henry Ford, Col Sanders, Dhirubhai Ambani, had several years of real-time professional experience before starting their own companies. Since building companies and brands requires a lot of patience; thereby, you will develop the art of patience while working professionally.
The elementary idea is that even if you are not formally educated like a diploma, degree, etc., you must have substantial years of experience in any particular field. Once you have gained good knowledge about that field, then you must start your venture. The primary hindrance while creating your own business is the availability of capital and investment. Suppose you don’t have substantial work experience and a good business idea.
In that case, you might have difficulty accessing loans from banks and other finance companies due to obtaining a good credit score. Next, you need contacts for both sourcing your primary needs and markets, for your products, on favorable terms, since there is a lot of competition in the market. So, it is better to avoid wasteful degrees like MBAs, which consume a lot of your valuable time and money. For gaining professional experience, you must opt for vocational education, which gives you real-time skills.