What is entrepreneurship?
Entrepreneurship is defined as the activity of setting up a business or businesses and in doing so taking financial risks in the hope of profit. Entrepreneurs act as managers and oversee the launch and growth of an enterprise.
It is also said to be the process by which either an individual or a team identify a business opportunity. These entities then acquire and deploy the necessary resources to take advantage of the business opportunity.
Due to the ignorance and prejudice regarding entrepreneurs, students are unaware of the advantages of undertaking an enterprise. Therefore, it is very essential to outline the differences between job and entrepreneurship and their advantages.
One of the most prominent differences between the two is control. Employment is the relationship between employer and employee. Since the employees work for employers, they have less freedom when it comes to working hours and earning.
Alternatively, while you are self-employed you have the privilege to decide your workload and work hours. You are also subjected to less supervision.
However, entrepreneurship is not for the faint-hearted. As compared to jobs, the risk factor in start-ups is comparatively higher. Taking on the job of an entrepreneur requires grit and determination to face the challenges which arise.
However, once you make through the difficulties it has way better benefits as compared to a job. You gain control of your time and money.
Entrepreneurs have a very important position in our economy for a number of reasons. They have the capability to change the way we work and consequently change the way we live. Their innovations have the power to not only generate wealth for themselves but also create jobs and conditions for a prosperous society.
Therefore, entrepreneurs are considered a national asset and are respected by others.
Academics and Entrepreneurship
One of the most important prerequisites required to be an entrepreneur beside a revolutionary vision is sound academic knowledge. On the foundations of your knowledge, you will be able to fulfill your dreams.
Sir Padampat Singhania University in Udaipur is one such university which, through its courses and research facilities, encourages students to tread the path of entrepreneurship.
Here are 3 steps through which you can become an entrepreneur while studying at Sir Padampat Singhania University:
1. Study your academics:
SPSU has two schools namely School of Management and School of Engineering. Under these schools, the University provides a number of Undergraduate and Post-Graduate courses.
Most of the courses are designed to not only make students ready for the corporate world but also to give them the foundations of entrepreneurship if they wish to pursue that path. The courses encourage students to open up their minds to novel ideas which benefit society.
While studying, the college provides various opportunities to its students to have a sneak peek of the corporate world. Through their numerous industrial collaborations, they organize industrial visits and internships to introduce their students to the business world.
These help the students to understand the various aspects which run a business and motivate them to become entrepreneurs. They give an edge to the students over their peers.
2. Enroll for Business Incubation at SPSU as a student:
SPSU Business incubator was established under the scheme “Support for Entrepreneurial and Managerial Development of SMEs through incubators”, of the Ministry of Micro Small and Medium Enterprises (MSME), Government of India in the year 2013.
It was developed to provide early-stage funding to nurture innovative business ideas which have the potential to be commercialized with a year. The scheme believes that entrepreneurial ideas and innovative ventures need fostering before they become ready for venture capital.
This is where incubation centres come into play. They promote and support the untapped creativity of individuals and enable them to become entrepreneurs.
The SPSU Business Incubator aims to provide a suitable environment and appropriate infrastructural support to innovators in the early stages of idea generation. The incubator also provides assistance to establish networking and linkages with various stakeholders.
This helps young students and innovators nurture their ideas and commercialize their innovative products.
Students from SPSU can submit Project Proposals under the aforementioned scheme by filling a form on their website. This helps them receive the required help to transform their ideas into capital generating businesses.
3. Take your idea to business level as you pass out:
During the duration of the course, students are provided with the required help and support to turn their ideas into successful business ventures. Students get insights from experts. They are advised on various aspects of business like funding, advertising, etc.
This helps students work on their ideas while they are studying. So when they pass out they are ready to head a corporation. During this time the overall development of the student takes place. They develop various knowledge bases and soft skills which are required to establish and run a successful business venture.
SPSU has various ongoing research and development projects which take place under the guidance of experts and professionals. Some of the completed and ongoing projects include ‘Quantum mechanical investigation into an interaction of DNA and RNA components with various kinds of charged particle’ and ‘Application of chaotic dynamical systems in developing secure cryptosystems and their cryptanalysis’.
Sir Padampat Singhania University takes various measures to encourage budding innovators to undertake entrepreneurial ventures. Therefore, if you see yourself as an entrepreneur in the future SPSU is a good point to start in order to pursue your dreams.