The MBA Advantage: How Business Schools Foster Innovation and Entrepreneurship

Innovation and Entrepreneurship in MBA Education

MBA programs have changed drastically from traditional approach to modern approach. Earlier the programs were in such a way that it used to give the students a knowledge about the domain/stream they choose and a hint of the corporate world.
Nowadays, the programs have started giving practical trainings, real life case studies for better understanding and experience.
Business schools are now motivating and inspiring students to become entrepreneurs and start their own venture rather than going for a corporate job or becoming a manager.
This increasing interest in entrepreneurship is bringing innovation and is developing a flourishing start up culture.
The programs are now designed to provide students with an essential entrepreneurial and leadership mindset.

An entrepreneurial mindset is a combination of beliefs, thought process, perspective of seeing the world which can foster a successful entrepreneurial behavior.
Usually, entrepreneur’s think that it is possible to make their life better and live on their own terms and rules after becoming an entrepreneur.
The thought process of successful entrepreneurs is quite different from that of traditional workers in many ways.
An entrepreneurial mindset sets apart in many different ways such as optimistic and adaptable thinking, finding new opportunities in risks, creating ideas to solve problems, fighting for their views and achieving goals independently, believing in the ability to learn, grow, succeed and bring innovation to the market.

Startup brooders and labs perform an important role in developing and supporting the early stage startups. These programs and organizations give guidance, resources, funding and mentorship to the upcoming startups and help them build a strong foundation.
These organizations provide guidance and mentorship to the students who are in the journey of becoming entrepreneurs. Experienced entrepreneurs and industry experts provide valuable insights and help the students refine their ideas and take them to the successful path.
The business schools nowadays also provide the students with extra facilities such as library, co-working space, research facilities and labs and events for networking and building connections.
The startup incubators and labs organize different meetups, workshops, summits, seminars and training sessions on topics related to entrepreneurship and help the students grow their network.
As all new startups need funding, these organizations provide the students with funding by suggesting them to angel investors and other funding organizations.

Business schools make their MBA curriculum to add courses that are specifically focused on entrepreneurship.
These courses include topics like business planning, entrepreneurship
The faculties of such business schools include real life case studies, simulations and projects that are seen in the real world that help students face the entrepreneurial challenges and in decision making.
The faculties organize guest lectures, workshops, summits and events for networking to expose students to help entrepreneurs succeed.

The financial limitation becomes the most important challenge for student entrepreneurs as starting a business does require capital at the initial stage itself to cater the various expenses for product development, marketing, operational costs etc.
The business schools do provide the facility for students to build networks via events, summits, meetups but still students may find it difficult to connect with professionals and potential customers.
Starting an entrepreneurial journey does have a difficult learning period at the initial stage. The student entrepreneurs need to gain skills related to entrepreneurship management, marketing, finance, operational costs and business development.