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    What is the new-age concept of entrepreneurship?

     

    Table of Contents:

    1. Introduction
    2. What are the prerequisites for a modern-day business?
    3. Scope of entrepreneurship
    4. Advantages of entrepreneurship
    5. Challenges faced by present-day Entrepreneurs
    6. Does majoring in entrepreneurship help?
    7. Perks of a professional degree
    8. Conclusion

     

    The concept of entrepreneurship was coined in the 18th century with the pressure to earn a living. However, the dynamics of commencing and amplifying any business are completely different today. In the days of yore, the entrepreneurial ecosystem was completely driven by family background and market opportunities. On the other hand, the original entrepreneurs were confined to being traders and merchants. But speaking of the current scenario, we can see a weaving divergence.

    Although the theory of business has evolved tremendously from ancient merchants to modern startups, it all boils down to a common factor of having a ‘great idea’. Fortunately or unfortunately, the business world is ultra-competitive today. Comprehending the unique present-day business obstacles and innovating ways to tackle them requires instinct, experience and a strong foundation. Let’s take a whistle-stop tour through the revolution, journey and scope of entrepreneurship.

    Why so much emphasis on entrepreneurship? Entrepreneurs create large-scale employment opportunities and play an important role in economic development.

    What are the prerequisites for a modern-day business?

    It’s 2022, and India has logged the highest number of unicorns. The pandemic has certainly taught us that unprecedented scenarios and shoe-string budgets can surprise us anytime. Now that’s when it becomes backbreaking to sustain. Besides out-of-the-box thinking, any business requires new-age concepts.

    Artificial Intelligence (AI)

    AI is no more restricted to the field of science and technology. In fact, it has become an integral part of the business world. AI can help entrepreneurs immensely by automating their business processes, triggering intelligent responses, boosting revenue, enhancing customer services, creating marketing strategies, gauging customer emotions, sales forecasting, creating delightful experiences and more. While the challenges and scope of entrepreneurship are towering by the day, AI plays a vital role in shaping every business.

    What is Artificial Intelligence? With Examples & Execution

    1. Data Science

    A futuristic degree in data science can help entrepreneurs big-time with decision-making by predicting future trends and patterns. Data science is a multidisciplinary field that can help businesses understand data variation patterns, growth rates, customer information and any other variable that can be measured. To sum it up, data science can help grow a business largely by fostering new ideas, bettering user experience, bug detection, mitigating risk, recruiting the right talent, identifying the audience, generating data-driven evidence and more. You will be amazed to know how much value data science can add to a business.

    The big daddies- Google, Amazon, Netflix, Twitter and Facebook have data science implementation as a common factor.

    2. Digital Transformation

    Warren Buffet once said, ‘Digital transformation is a fundamental reality for businesses today’ and he was absolutely right. No amount of technology can help any business without a strategic digital marketing plan. The success of any brand depends on how it reaches its target audience by refining and personalising communications. Brands without any brick-and-mortar offices have undergone a digital transformation and have been a super success.

    In a snippet, these new-age courses are a driving force for today’s businesses.

    Scope of Entrepreneurship:

    The scope of entrepreneurship in India is extensive. With 300 million people living in poverty, entrepreneurial initiatives can create employment opportunities and stimulate the economy predominantly. The scope of entrepreneurship is wide-ranging and crowded with some great opportunities. Some of the thriving fields are:

    • Automobile
    • Organic farming
    • Education
    • Textile
    • Recycling business
    • Renewable energy entrepreneur
    • Biotechnologists
    • Data analysts consulting
    • Technical Architect

    Advantages of Entrepreneurship:

    Why is there so much hype around the advantages of entrepreneurship?

    Entrepreneurs have been around for many years. The domain is not only getting bigger but much better and exciting. Life as a business owner may seem strenuous and demanding time and again, but it comes with a string of advantages.

    • Entrepreneurship allows a flexible work schedule
    • There is ample room for autonomy
    • Continues growth and development of mindset
    • Enhances the standard of living
    • A great sense of fulfilment
    • An everyday learning
    • No restriction on the potential
    • Create more job opportunities and contribute massively to the country’s economic development
    • No one can claim your success. Reap full rewards
    • Strengthen managerial skills
    • Networking
    • No scope for monotony

    Challenges faced by present-day entrepreneurs:

    The business world sounds exciting at first, but the challenges faced by present-day entrepreneurs can feel overwhelming. The whip-hand of being an entrepreneur comes at a cost and a heavy one. Here are some challenges faced by every entrepreneur.

    • Cash flow management
    • Time management
    • Onboarding employees
    • Fundraising
    • Uncertainties
    • Leveraging technology
    • Task delegation
    • Balancing enduring progress

    Does majoring in entrepreneurship help?

    Entrepreneurship can be taught and learnt. It’s the law of nature that everything changes with time. So does the concept of entrepreneurship and the way to approach it. How does majoring in entrepreneurship help?

    1.Widen your entrepreneurial toolbox

    Being a successful entrepreneur requires a mixed bag of things which no one is born with – strategy, discipline, knowledge, technology, experience, etc. A BBA degree in entrepreneurship will navigate you to the path of success and position you as a transformative leader. By undertaking an intricate program, you can go one step closer to being well-rounded in any endeavour you decide to embark upon.

    2. Learn business skills

    What business skills do you think are essential? Besides perseverance, tenacity and determination, entrepreneurs must embrace business skills to leverage their businesses. This includes communication excellence, creative thinking, modern fundamentals, cognitive and analytical skills, logical reasoning, problem-solving, business economics, and many other.

    Also, just like any other branch, it is important to be aware of the latest trends in the business world and think tanks of tomorrow.

    3. Leverage your creativity

    Each one of us is born with a unique and creative mind. It’s all about where and how you use it. Creative thinking is integral to good business acumen and will help an entrepreneur score an edge over others in a crowd. It will ward off your business from stepping into stagnation mode, which most entrepreneurs become a victim of with time. And the good news is creativity can also be learnt. Our revolutionary curriculum structure will allow you to re-learn concepts, broaden your horizons and develop a mindset oriented towards becoming future-ready.

    4. Real-world experience

    Here’s your chance to delve into immersive learning through our projects. A degree is more rewarding when one has the opportunity to bridge their understanding with its application. We have designed a unique program not just to help you learn but gain real-world experience. This can be an added advantage to your entrepreneurial journey. Indulging in industry-driven signature projects will be a stepping stone towards being a ‘Tycoon’.

    5. Wide-ranging career opportunities

    A business degree will help you start your career and bring forward a broad spectrum of career opportunities. Entrepreneurship is a wide domain. Know what your expertise is, and step into it.

    Perks of a professional degree:

    Here’s the long and short of it. New-age entrepreneurs are thinking beyond than just making a living- creating history, making a potential contribution and breaking barriers. The impact of entrepreneurship is colossal. And the perks of a professional degree act as a driving force.

    • Making the lives of people simpler by harnessing technology
    • Grasping the right mentoring from industry experts
    • Making a technology-driven difference in people’s lives
    • Connecting with more people and getting exposed to crowdfunding
    • Exploring new trends and coming up with smart solutions
    • Prototyping ideas by scouting more resources

    One Last Thought:

    We are all set to prepare you for the emerging workplace. Choose your niche, work on our signature projects and graduate with entrepreneurial skills. Your preferred major can open the doors of a range of career pathways and lay hold of a learning approach benchmarked to international standards.

    Atria Admissions Team

    January 20, 2023

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