The new economic equations emerging on global front are implyingIndiaas a potential economic super-power in decades to come. That is because of the rising discontentedness among Indians to excel and to lead the businesses across the globe.
Dr. Raj Kumar Phatate who is the Associate Professor of Entrepreneurship Development at Instituteof Management Technology, Nagpurexplains how Indiais a good place for entrepreneurs? “There are tremendous opportunities in our economy. If we see the recent economic growth inIndia, it is primarily driven by the private home grown entrepreneurship. The second best country across the world for entrepreneurship, afterUSA, isIndia because we already have a base of home grown entrepreneurs, and are a democratic country, full of resources, emerging markets, etc.,” he says.
Management institutions like IMT also understand this fact and hence are incorporating various activities that nurture the spirit of entrepreneurship among the students. The faculties at IMT Nagpur always teach their students with the motto to produce entrepreneurial managers rather than just managers.
Dr. Phatate reveals the activities at the campus that instill entrepreneurship among students. “We have established an entrepreneurship development cell where students carry out lots activities from planning to execution. They run businesses within the campus, like spa-centers, juices centers, laundry-services, newspaper deliveries, salons, etc. They source goods, market their products and manage the business themselves. In this process they get experience of being an entrepreneur,” he says.
It is not just the students who take all initiatives but the institute also offers various electives on entrepreneurship and the faculties focus on the entrepreneurship as well. “We offer our students various electives like entrepreneurship development, business plan preparation, social entrepreneurship, family business management, etc. Also, each faculty at IMT teaches whatever their subjects may be on a canvas of entrepreneurship. Also the case studies that we choose to teach the students are of entrepreneurial contexts,” says Dr. Phatate.
Dr. Phatate who has a vast experience in teaching entrepreneurship explains why doing an MBA is required to become a successful entrepreneur. “For any business to start MBA may not be a pre requisite but when it comes to sustaining and growth, certainly, one need MBA. All businesses have to move from entrepreneurially managed firms to professionally managed firms or else they remain just as salary substitute or life style enterprises. To sow the seeds of high growth enterprises it is advisable to know in advance what it takes to be a high growth enterprise before conceiving and shaping a business opportunity. MBA education can impart this knowledge and skills. Business has to pass through different turbulences, phases, etc. There may be mistakes in business operation. It is better to get proper training for successful operation and hence MBA is necessary.
Dr. Phatate believes that discontentedness, willingness to reform and commitment to mobilize the resources, energy, time and the reputation required for entrepreneurship are the three basic qualities that any aspiring entrepreneur must have. “Entrepreneurship is one’s journey from his or her personal discontentedness to worldly contentedness leading to creation of wealth. If I feel not happy or satisfied with something, then rather than blaming or getting frustrated, I have to take initiative to reform and to offer innovative solutions either in the form of products or services or business model and be ready to take risk. I have to utilize my energy, time, resource and reputation etc.,” he shares.