6 tips to develop an entrepreneurial mindset

In this evolving era of businesses and entrepreneurship, developing a strong entrepreneurial mindset can mean the difference between success and failure for an aspiring MBA student. A successful entrepreneur is someone who is able to perform at a higher level, zero in on the right ideas, choose the right tools for execution of such ideas and finally effectively execute. 

So, what are the essential qualities of an aspiring entrepreneur?

Master of Business Administration is a promising degree if becoming a successful entrepreneur is a career choice. An MBA from a reputed institution is sure to hone the following skills in an aspirant:

1. The ability to seek new opportunities
2. Once an opportunity is identified, to actively pursue it.
3. The skill to use available resources effectively.
4. The discipline to execute ideas in an organized and smart fashion.

Here are 6 tips that can help students develop this mindset:

1. Resourcefulness – To develop a resourceful mindset, one must be willing to explore new ideas and all the available options. This is the first shift in mindset required to be an entrepreneur. Being resourceful also means visualization of ideas and collecting all the necessary information and tools required for execution of the task.
2. Planning funds for the business idea is also very crucial as one of the main reasons that many start-ups fail is quick exhaustion of available capital/funds in the initial phase.
3. Thinking out-of-the-box – The ability of think differently goes a long way to plan and execute ideas that are new, creative and have potential to transform into promising markets. Developing such a mindset will set you apart from the others in the game. This mindset keeps the curiosity and the urge to learn and explore alive. This can help to maintain the competitive edge and the ability to see around corners.
4. Setting goals – This is an important part of planning. Any great idea can be realized by setting goals and visualizing them. Chalking down ideas, making flowcharts of execution, listing down necessities, brainstorming to bring about the best outcomes are all essential parts of setting goals and being accountable for execution.
5. Decisiveness – Decision making is an important skill for an aspiring entrepreneur.  This involves analyzing ideas, absorbing the relevant data and making confident decision with awareness of risks involved. From each small step involved to the even the make or break decisions, this skill comes with practice of being assertive and confident. 
6. Facing fears – Every business opportunity comes with risks involved. Venturing into new areas requires one to accept the fears and confronting them anyway. Fear of failure is one of the main reasons many new entrepreneurs abandon their goals. The only way to conquer fear is to face it. Developing communication skills, skills to analyze the pros and cons of an idea, critical thinking and problem solving are main skills that a management degree imparts to aspirants. The ability to analyze ideas and being able to visualize different outcomes helps overcome the fear of rejection and failure. Selling a concept also becomes easier with overcoming the fear of rejection.
7. Different perspective towards failure – Failure is sometimes the inevitable outcome of trying unchartered ideas. If new ideas remain unexplored, creative ventures cannot become a reality. Failure can only mean one has tried something. A mindset to see failure as essential learning is very crucial to come up with best and innovative ideas. Instead of seeing failure as something negative, one must develop the mindset as a necessary step in the learning curve.

While all of these qualities are essential for being a successful entrepreneur, some of them maybe already present and some may have to be developed. A degree in management is not only about the concepts of entrepreneurship but also about shaping an aspiring student and helping them develop these skills and entrepreneurial mindset.

Bachelor of Business Administration (Entrepreneurship) at REVA
Entrepreneurship program at Bachelors level provides students a unique opportunity to gain the competencies to start/ develop a small business venture, to engage in social entrepreneurship and to pursue a career that requires entrepreneurship or one that provides professional expertise to manage small enterprises.
BBA Entrepreneurship Program has been designed with a three-fold objective-

• Train and develop well rounded first-generation entrepreneurs who can establish and run their own businesses
• To groom the younger generation members of business families and prepare them to take the reins of the family business
• To prepare well-trained management professionals and equip them to run start-ups and small businesses as managers

Significance of EDII REVA University Collaboration

Entrepreneurship Development Institute of India (EDII)- Knowledge Partner

BBA Entrepreneurship Program is a joint initiative of REVA University and Entrepreneurship Development Institute of India (EDII) under an MOU. REVA University signed an MOU with EDII to jointly organise various programs including Degrees, Diplomas, Certification courses, Faculty Development Programs at REVA University under a dedicated entity- School of Entrepreneurship and Family Enterprise (SEFE).