The vision statement of IIMB states, “To be a global renowned academic institution fostering excellence in management, innovation and entrepreneurship for business, government and society”.
This example of IIMB is just a reflection of how the management colleges focus entrepreneurship as one of the core values that they look to inculcate in the students.
Despite such a clarity in the vision towards entrepreneurship, students rarely highlight this as their post MBA options. In this article, the apprehensions regarding this issue has been discussed.
The major questions that confuse candidates’ thinking about entrepreneurship as post MBA goal are as follows:
- If I have to start something on my own, why exactly should I do MBA then?
- What about alignment with my past, I haven’t done any such activity in the past?
- How will I justify finances for start-up under heavy loan?
- How will I answer “why this particular college” when ultimate aim is entrepreneurship?
- Wont it give the message that I am aimless?
- I haven’t yet finalised the idea on which I want to work. Wont it sound vague?
- I am from PSU/Govt background? Wont it be too much change?
Let’s try to answer each doubt one by one.
If I have to start something on my own, why exactly should I do MBA then?
This doubt assumes that “MBA are only for placements”. In MBA you learn how to run business. And entrepreneurship is about running the business in its most wholistic sense. So, in fact, this is one place where your MBA education can actually be tested and challenged.
What about alignment with my past, I haven’t done any such activity in the past?
More than 50% students in MBA class change their roles/industries after graduation. So, your past alignment is not a necessary indicator of your capacity to do something in the future.
How will I justify finances for start-up under heavy loan?
It is a tricky point. And this question is valid. Unfortunately, most colleges don’t take care of this part. In certain colleges, placement breaks are given to entrepreneurs but this is just a temporary break and helps only when you fail. So, as an individual, you need to be strong willed to face such situation. That’s the only way to justify this point.
How will I answer “why this particular college” when ultimate aim is entrepreneurship?
Again, it assumes that MBA is meant for placements. To run your business successfully, you require good management skills. And all the colleges emphasise on entrepreneurship studies. So this answer wont be any different when you try to answer ‘why this college’ for any other post MBA goals. You have to highlight the good aspects of that particular college.
Wont it give the message that I am aimless?
Entrepreneurship is not being aimless. In fact, this means that your intentions of creating something new is very clear. Your idea of your future is more “goal-centric” and less “career-centric”. This is a good quality to highlight.
I haven’t yet finalised the idea on which I want to work. Wont it sound vague?
It will be better to have a broad idea defined. The basic concept of entrepreneurship itself is that ideas keep on evolving as you progress in your business. So, you need to have some framework ready but it need not to be too refined or rigid.
I am from PSU/Govt background? Wont it be too much change?
This question is always there in the mind of PSU/govt professionals. But you should not make the prejudice of others come in the way of your positive thinking. A PSU/Govt professional is sometimes better placed to start something new as they have handled large projects from the scratch.
So, if your aim is to do entrepreneurship post MBA, you need not hide this point in your SOP, essay. In fact, you must proudly highlight it.