Have you ever watched Shark Tank and cheered when a contestant with an innovative idea landed a deal with one of the sharks? Or do you know anyone who enjoys their job and is their own boss? Yes, we’re talking about the visionaries among us, the entrepreneurs!
Entrepreneurs’ unique ideas can address a wide range of needs in business, technology, social, economic, community, and other areas. They usually solve a problem while also providing job opportunities for others, allowing them to give back to the community.
Do you aspire to be an entrepreneur or just exploring the field? In either case, you’ve come to the right place! This blog discusses the how to become an entrepreneur after 12th, skills required, colleges and courses, salary or income, and what else it takes to become an entrepreneur.
Follow the step-by-step guide in the blog to become an entrepreneur.
Table of Contents
Who is an entrepreneur?
An entrepreneur is typically an individual who starts a new business, participates actively in its operations, bears the majority of the financial risk, and reaps the majority of the rewards. Entrepreneurship is the process of starting a new business, which is often motivated by new product or service ideas.
How to become an entrepreneur?
Step 1: Stream to select
A prospective entrepreneur should select a stream that is closely related to the intended business model or key product/service. If you don’t already have a business model in mind, the Commerce stream can help you prepare for a career as an entrepreneur by teaching you the fundamental pillars of any business: Accounts, Finance, and Economics.
During this time, students should also learn how to use strategic thinking, problem-solving, and decision-making skills. The Clever Harvey- JuniorMBA Entrepreneurship programme ensures that students develop these skills. Test it out for yourself!
Step 2: Certification courses and project courses
The certification courses listed below can help you become an entrepreneur.
- Wharton Online Entrepreneur Specialization
- Becoming an Entrepreneur
- Entrepreneur Essentials
- Entrepreneurship: How to Start a Business from a Business idea
- Startup School
- Introduction to Entrepreneurship
- JuniorMBA Entrepreneurship
- Innovation: From Creativity to Entrepreneurship Specialization
- Essentials of Entrepreneurship: Thinking and Action
- Technology Entrepreneurship: Lab to Market
- How to Come up With Killer Business Ideas
- Entrepreneurial Operations: Launching a Startup
- Wharton’s Entrepreneurship Acceleration Program: Scaling Your Business
Step 3: Educational qualifications
There is no one-size-fits-all education requirement for an entrepreneur. While some industries, such as healthcare or law, require specific credentials to start a business, most allow anyone to jump right in at their own risk. Traditional paths, such as attending college or university for business, finance, or a related field, are popular choices for aspiring entrepreneurs, but they are far from the only ones.
How to become an entrepreneur after 12th?
- After the 12th grade, the best and most popular undergraduate entrepreneurship courses are BBA in entrepreneurship. This course will teach you about marketing strategy, financial planning, and business practices.
Admission to the BBA in Entrepreneurship programme is merit-based and based on the results of entrance exams such as CUCET, KIITEE, DUJAT, and others.
UG courses to become an entrepreneur in India:
|Bachelor of Business Administration (BBA) in Entrepreneurship||3 years||₹5000 – ₹2,00,000|
Top UG colleges to become an entrepreneur in India:
|Name of Institution||Location|
|Ajeenkya DY Patil University||Pune|
|Sharda University||Greater Noida|
|St Joseph’s College of Commerce (SJCC)||Bangalore|
|GD Goenka School of Management||Gurgaon|
|BML Munjal University||Gurgaon|
|University of Technology||Jaipur|
- Admission to the diploma programme is typically based on candidates’ performance in entrance exams such as the CAT, MAT, XAT, NMAT, and others, which are often followed by a counselling round or a personal interview.
Diploma courses to become an entrepreneur in India:
|Diploma in Entrepreneurship||1 year||₹3,000 – ₹10,00,000|
Top colleges offering diploma courses to become an entrepreneur in India:
|Name of Institution||Location|
|FMS BHU – Institute of Management Studies Banaras Hindu University||Varanasi|
|School of Business Management SVKM’s Narsee Monjee Institute of Management Studies||Mumbai|
|Noida International University||Greater Noida|
|The Bhopal School of Social Sciences (BSSS)||Bhopal|
|ISME School of Management and Entrepreneurship||Mumbai|
|Don Bosco College||Yelagiri|
|Vidya Jyoti Educational Society||Dera Bassi|
|Indian Institute of Learning and Advanced Development (INLEAD)||Gurgaon|
|Mount Mary College||Chumukedima|
To be considered for admission to an international university, students must pass their 10+2 board exams with the required percentage. Students must take various English language tests, such as IELTS, TOEFL, and PTE, in order to enrol in the BBA abroad programme. BBA admission abroad is accomplished through various entrance exams such as the SAT, ACT, GRE, and GMAT.
UG courses to become an entrepreneur abroad:
|Bachelor’s of Business Administration in Entrepreneurship||4 years|
Top UG colleges to become an entrepreneur abroad:
|Name of Institution||Location|
|Columbia University||New York City|
|American Public University||West Virginia|
|Arizona State University||Arizona|
|Johnson And Wales University||Rhode Island|
|Brigham Young University||Idaho|
|University Of Phoenix||Phoenix|
Step 4: How to prepare for the job?
- Follow your passion: Doing what really matters to you is the best way to keep yourself motivated through the ups and downs.
- Do your research: Go beyond the books and speak with someone who has started a business similar to yours.
- Develop a business plan: Create a business plan because it will explain your business concept, how you fit into the market, and how your finances will work.
- Consider your time management: It’s easy to lose track of time and get sucked into your work 24/7. Consider your family and friends. Determine how much time you can devote to your business and, if necessary, hire help.
- Hire cautiously: Examine applicants’ credentials carefully, look them up online to see if there are any red flags, and ensure that they can share your enthusiasm for your company.
- Understand how your taxes work: Taxes will be a significant factor in your business. If it is too difficult for you to handle, hire a professional to help you.
- Have an exit strategy: There’s nothing wrong with setting your price and deciding that if an offer comes in, you’ll take it. You can use that money to start something new, or you can simply relax and retire early.
12 most important skills to become an Entrepreneur
- Business management skills
- Communication and active listening skills
- Risk-taking skills
- Networking skills
- Critical thinking skills
- Problem-solving skills
- Creative thinking skills
- Customer service skills
- Financial skills
- Leadership skills
- Time management and organisational skills
- Technical skills
Salary or Income for an Entrepreneur
Salary in India for an entrepreneur
An early career entrepreneur earns an average total of ₹600,000 per year.
Salary abroad for an entrepreneur
Some entry-level entrepreneurs’ salaries from around the world.
More about entrepreneurs?
If you’ve arrived at this point in the blog, it can only mean one thing: you like entrepreneurship and may one day become an entrepreneur yourself! As a bonus, a few inspiring movies of entrepreneurs are included here. Check them out and have fun exploring more!
- The Social Network
- Pirates of Silicon Valley
- Wall Street
- Glengarry Glenn Ross
- The Big Short
- The Wolf of Wall Street
- Boiler Room
- Fyre: The Greatest Party That Never Happened
- The Aviator
Entrepreneurs such as Jeff Bezos (founder of Amazon) are inspiring examples of successful entrepreneur-CEOs. Clever Harvey-Future CEO is where one can develop a well-rounded portfolio of expertise — just like a successful entrepreneur-CEO! Try it out for yourself!
The path to entrepreneurship is difficult, but it can be extremely rewarding. Success in business does not happen overnight. To become a successful entrepreneur, a lot of planning, preparation, creativity, grit, and patience are required. We hope this article will assist you in growing the business you have been planning or will be planning in the future. Best wishes on your entrepreneurial journey!
Frequently Asked Questions
1. How do I get started as an entrepreneur?
Ans. Here’s a step-by-step guide to becoming an entrepreneur:
(1) Identify a problem.
(2) Expand your formal and informal education.
(3) Build your network.
(4) Reach financial stability.
(5) Solve the problem with a business idea.
(6) Test the idea.
(7) Raise money.
2. Is it easy to become an entrepreneur?
Ans. Entrepreneurship is not for everyone. To become successful often takes years of hard work, long hours, and no recognition. Many entrepreneurs give up or fail for a variety of reasons, including a lack of funds. According to statistics, more than half of all businesses in the United States fail within five years.
3. How do I become an entrepreneur with no money?
Ans: You can get started as an entrepreneur with little or no money by following the steps below:
(1) Form an LLP (Limited Liability Partnership), which has a low-cost business registration fee of Rs.8000.
(2) Sell on eCommerce platforms such as Amazon, Flipkart, and Snapdeal.
(3) Begin offering services such as Digital Marketing Agency, Medical Transcription, Web Development, Tutoring, and others that require little initial investment or infrastructure.
(4) Create a solid business plan and a pitch presentation to present to prospective investors at forums such as TieCon, CII, FICCI, and others.
(5) The Central Government and State Governments have several schemes that provide seed funding for entrepreneurs to start businesses, in addition to the necessary bank loan.
4. What are the 4 types of entrepreneur?
Ans: As you start a business and work to build it, you will frequently hear about the four types of entrepreneurship.
(1) Small Businesses Entrepreneurship.
(2) Scalable Start-up Entrepreneurship.
(3) Social Entrepreneurship.
(4) Large Company Entrepreneurship.
5. What is the salary of entrepreneur?
Ans: An entrepreneur’s average salary is ₹9,50,000.