How an MBA in Entrepreneurship Impacts Your Salary: Key Factors
Think of India as a spacecraft taking off into space! Entrepreneurs are the engine driving that rocket, generating new employment and accelerating the expansion of the economy. With so many brilliant minds and brilliant ideas, Indian entrepreneurship is like a superstar just getting started, and it will be very important to the country’s bright future! Let us assure you that the growth in entrepreneurship is far from over, even though it has reached an unprecedented height. According to the GEM India Report (FY 21–22), the proportion of Indian individuals (aged 18–64) who are launching or operating a new firm increased from 5.3% in 2020 to 14.4% in 2021, indicating a jump in the nation’s rate of total entrepreneurial activity.
Indeed, you have the opportunity to test your entrepreneurial abilities by launching a new company or even assisting an existing one in realizing its full potential. Regardless matter your decision, one of the best programs to help you navigate the entrepreneurial road is an MBA in Entrepreneurship. Additionally, the course provides you with incredible chances for skill development, projects, internships, and networking. To give their students a taste of the business world, a few MBA schools provide specially designed courses.
Entrepreneurship: What Is It?
Entrepreneurship is the capacity to establish, develop, and run a business or endeavor while taking on all of its risks in the hopes of making a profit. The establishment of new businesses is the most well-known example of entrepreneurship. However, an entrepreneur is someone who possesses the knowledge, drive, and willingness to take calculated risks needed to establish, run, and make money from a beginning company. The entrepreneur’s hidden weapon is innovation!
The Skills Needed for Entrepreneurship
Being a successful entrepreneur involves many more factors. Both hard and soft talents are included in this. You will pick up new skills simultaneously, but your ability to manage them all will rely on how far you can take your skills development. Let’s examine some of the most popular skill sets needed to succeed as an entrepreneur:
- Risk-Taking Skills
- Business Management Skills
- Critical Thinking Skills
- Networking Skills
- Problem-Solving Skills
- Active Listening Skills
- Financial Skills
- Creative Thinking Skills
- Technical Skills
- Leadership Skills
What is the Entrepreneurship MBA program?
The two-year postgraduate MBA in Entrepreneurship program focuses on managerial tasks associated with entrepreneurship. The MBA Entrepreneurship curriculum gives students the tools they need to manage their finances, and investors’ portfolios, assess risk, analyze markets and competitors, and do other relevant tasks.
Eligibility:
Entrepreneurship Master’s Program Admission is determined by the minimum scores that applicants must receive on admission exams (CAT, MAT, XAT, etc.), as well as rounds of group discussions and individual interviews. By the qualifying requirements, candidates must also earn a bachelor’s degree from an authorized university with a minimum of 50% and 45% for the SC/ST/PwD categories, respectively.
The Range Of Work And Pay For An MBA in Entrepreneurship
The demand for MBAs in Entrepreneurship has increased due to the rise in the number of entrepreneurs in the nation and the availability of new business prospects for applicants. Being an entrepreneur means taking chances, but if one has the proper networks and managerial abilities, it may be profitable. According to a Nasscom analysis, the burgeoning startup culture in India is expected to generate over 12.5 lakh new jobs by 2025.
Gaining an MBA in Entrepreneurship opens you to a wide range of exciting career choices with attractive compensation packages. Let us examine a few of the best career paths that follow an MBA in entrepreneurship.
CEO
After receiving an MBA in Entrepreneurship, one of the most sought-after roles is that of Chief Executive Officer (CEO). Managing large organizations and making important business choices are requirements of the position. When a CEO is tasked with making crucial decisions for the firm, they will collaborate with a Board of Advisers. As CEO, you will be in charge of making crucial business choices, managing day-to-day operations, and deciding on the organization’s long-term strategy.
Potential Salary: INR 43.7 Lakhs to 1.02 Crore PA
Investment Banker
Among individuals holding renowned MBAs in Entrepreneurship are investment bankers. Among the things these experts do is assist businesses in obtaining equity funding or private placement. Investment bankers also support larger firms with mergers and acquisitions. As you investigate possible investments, you will be establishing risk and return profiles. assessing values for clients and higher management using various methodologies.
Potential Salary: INR 17.7 Lakhs to 55.0 Lakhs PA
Manager of Administrative Services
These professionals supervise a company’s clerical and administrative staff and set goals and deadlines for the workers. Administrative Service Managers need to be well-organized, capable of showing leadership, and able to effectively communicate to handle a wide range of programs.
Potential Salary: 7.8 Lakh to 14.0 Lakhs PA
Business Advisor
Having earned your MBA in Entrepreneurship, you can enter the workforce as a Business Consultant. Following the program, you will have a better understanding of organizational problems and how to address them. You could also offer business advice to clients and other companies. Your main duty while collaborating with upper management teams will be to examine, revise, and reorganize a company’s programs and services.
Potential Salary: 13.7 Lakhs to 24.5 Lakhs PA
Partner in Venture Firm
If you have an MBA in Entrepreneurship, you can work as a Venture Partner for a new company or any other large enterprise. Most banking and financial firms are looking for someone with experience in project management and portfolio management. Venture Partners play an essential role in Venture Capital (VC) organizations, providing a range of services from strategic advising to deal sourcing. You will provide your extensive networks, industry expertise, and in certain cases, their financial investment as a vital resource.
Potential Salary: INR 30 Lakhs to 50 Lakhs PA
Management Analyst
One of the most challenging yet lucrative careers one may pursue with an MBA in Entrepreneurship is that of a Management Analyst. They are proficient at resolving operational issues. The focus of this role is on improving productivity while reducing expenses. A management analyst does research, gathers relevant data, and analyzes data to identify problems and recommend solutions.
Potential Salary: INR 10 Lakhs to 20.8 Lakhs PA
Marketing Manager:
A marketing manager organizes and directs the development of promotional programs for goods, services, or brands. To contact potential clients, they are in charge of organizing campaigns, such as events or advertisements. They make sure that the target market and the company’s objectives are met by the marketing initiatives.
Potential Salary: INR 10 Lakhs to 20 Lakhs PA
Product Manager:
A product manager oversees a product’s creation and lifespan. They collaborate closely with teams to organize and carry out product releases, get client feedback, and make adjustments. They are in charge of making sure the product satisfies consumer demands and accomplishes corporate goals.
Potential Salary: INR 10 Lakhs to 30 Lakhs PA
Finance Manager:
A finance manager is in charge of keeping an eye on an organization’s finances. To make sure the business is financially stable, they keep an eye on investments, financial reports, and budgets. To reduce risks and make wise judgments, they examine financial data.
Potential Salary: INR 17.3 Lakhs to 20 Lakhs PA
Business Analyst:
A business analyst examines and records the systems and business processes used by a firm. They pinpoint places that require enhancement, devise remedies, and execute modifications to augment effectiveness and output. They are essential to the business’s ability to adjust to change and accomplish its objectives.
Potential Salary: INR 8 Lakhs to 18 Lakhs PA
Operations Manager:
An operations manager is in charge of an organization’s human resources division. They take care of hiring, training, and performance management to make sure the business assigns the appropriate individuals to the proper positions. They also put a lot of effort into developing a cooperative workplace and encouraging cooperation.
Potential Salary: INR 6 Lakhs to 20 Lakhs PA
Project Manager:
In an organization, a project manager is in charge of organizing, carrying out, and finishing projects. To guarantee that projects are completed on schedule and under budget, they set project objectives, distribute resources, and oversee deadlines. They collaborate with different groups to guarantee efficient project management and favorable results.
Potential Salary: INR 12 Lakhs to 25 Lakhs PA
Why Choose an MBA in Entrepreneurship at MIT ID Innovation?
Enrolling for an MBA in Innovation & Entrepreneurship at MIT ID Innovation offers a transformative journey designed to equip you with the tools and mindset needed to thrive in a rapidly evolving business landscape. Our dynamic curriculum is carefully crafted to foster creativity, critical thinking, and strategic problem-solving skills. You have the flexibility to tailor your path, selecting your exit point to align with your aspirations.
Through hands-on, real-life venture-building experiences, you’ll gain invaluable insights into the intricacies of launching and scaling a business. Collaborate with esteemed partners like AIC, IIC, and CRIEYA, accessing mentorship and expansive industry/startup networks. Embrace a real-world project approach that bridges theory with practice, preparing you to tackle challenges head-on. At MIT ID Innovation, we’re dedicated to nurturing your potential and empowering you to make a meaningful impact in the world of innovation and entrepreneurship.
Frequently Asked Questions
Our program offers a dynamic curriculum, hands-on venture-building experiences, collaboration opportunities with industry leaders, and mentorship networks to prepare you for the challenges of the entrepreneurial world.
Yes, our curriculum provides flexibility for you to choose your exit point and customize your learning experience based on your career aspirations and interests in innovation and entrepreneurship.
The program provides immersive experiences in real-life venture building, allowing you to gain practical insights into launching and scaling a business under the guidance of experienced mentors.
Graduates can pursue various career paths, including roles as CEOs, investment bankers, business advisors, venture partners, management analysts, marketing managers, product managers, finance managers, business analysts, operations managers, and project managers, among others, with attractive salary packages and growth prospects.
