What is the relevance of studying entrepreneurship and innovation?
It is easy to get inspired to start your own business when you read the success stories of entrepreneurs getting it right. But building and sustaining your business over a long time takes a lot more than inspiration and enthusiasm.
Research reports published in Investopedia reveal that most startups across the globe have a high failure rate in the initial years.
For example, a 2019 report stated that 21.5% of new companies can end up high and dry in their very first year.
What is contributing to such a high failure rate among entrepreneurs? The most common reasons include inadequate market or legal research, low feasibility of business ideas, very fast expansion and rigid business management strategies.
Establishing your brand from scratch can require a lot of time, patience, effort and expertise in a wide variety of subjects. You also need to put in thorough research and business planning and allow some flexibility in your business policies.
However, gaining expertise in business management techniques and strategies isn’t enough to sustain a new business. Reports from Microsoft and McKinsey reveal that organisations that are unable to innovate regularly tend to under perform compared to their innovative counterparts.
So, what else do you need to start the next multi-million-dollar start-up? Read ahead to find out!
Value of innovation and entrepreneurship in running a business
An entrepreneurial spirit is a mindset that encourages critical thinking, innovation and continual improvement. It allows you to be agile, see the bigger picture and keep moving ahead instead of getting complacent about your past laurels.
Inculcating an entrepreneurial drive can help you identify prospective problems better and take your company in new directions.
Studying entrepreneurship and innovation courses can be a great way of inculcating an entrepreneurial drive. In addition, these courses can also provide the following advantages.
- A background in entrepreneurship can help you start your business on the right foot
It is no secret that starting your own business involves a considerable amount of risk. In fact, Professor William Sahlman from Harvard Business School explains that
Every entrepreneur must work with the belief that the odds are stacked up against them.
Interested in acting on your business idea and turning it into a full-fledged company? The MSc Innovation, Strategy and Entrepreneurship programme at GISMA Business School provides a great career pathway to become an entrepreneur.
The programme is designed to help you succeed as an entrepreneur or a business manager in today’s fast-paced corporate world. The central location of GISMA campus in Berlin will also help you explore the vibrant business community in the city, which can be beneficial for your start up journey.
The programme is awarded by the Grenoble Ecole de Management, which is a triple-accredited institution. The course will also allow you to delve into a wide range of topics.
Click here to enrol in this entrepreneurship course at GISMA.
Pursuing an entrepreneurship and innovation course before starting your business can help ensure the odds are in your favour. The course can introduce you to business management challenges, common pitfalls and risks, and ways to develop effective business models.
This expertise can allow you to avoid making the obvious mistakes in your start-up journey and set yourself up for success.
- An entrepreneurial degree can add to the required skill set to handle a business
Technical knowledge and business expertise might fall short for handling business problems if and when they crop up. In addition, you require a lot of other traits like confidence, financial literacy and a positive response to feedback to sustain your business for a long time.
Fortunately, most entrepreneurship and innovation management courses focus on developing these traits and competencies in their students. However, pursuing an entrepreneurship degree can also help you pick up other essential skills like a growth mindset and strong communication and networking skills.
- Technical expertise in innovation can help you back the right business ideas
The right business idea can successfully launch and fulfil your entrepreneurial dreams. However, validating your ideas is a vital early step to avoid massive financial losses.
A course in innovation and entrepreneurship can help you learn different theories and strategies to validate business ideas and achieve massive growth for your company.
The benefits of pursuing entrepreneurial education are not limited to these points. You will also be able to connect and learn from fellow entrepreneurs, develop an innovative spirit and disrupt the market with your product ideas.
The course is suitable for you even if you opt to make a difference in an organisation as a senior manager rather than starting your own business.
Enrolling in an entrepreneurship and innovation programme can help you acquire the skills and confidence to adapt your start up to the ever-changing business landscape. Hence, invest in a suitable entrepreneurial course today to become a renowned business magnate in the future.
The MSc Innovation, Strategy and Entrepreneurship programme at GISMA Business School can give you the specialist knowledge you require to be an efficient entrepreneur. The degree is awarded by Grenoble Ecole de Management, which holds accreditations from AMBA, AACSB, and EQUIS, and delivered at GISMA at its campus in Berlin.
Click here for an in-depth insight into this programme at GISMA.
– This article was written by Sweha Hazari