Entrepreneurs such as Melanie Perkins (Canva), Elon Musk (Tesla), and Bhavish Aggarwal (Ola Cabs) are not your typical entrepreneurs. There are over 450 million entrepreneurs working in startups globally. Most are people like you and me with an idea and a willingness to turn their vision into reality.
Entrepreneurship relates to starting and building a new venture. This will typically involve the elements of identifying a business opportunity, conducting research to assess its market desirability (does the customer want it, is he/she willing to pay, and how much is he/she willing to pay for this product/service?) financial viability (will it make a profit?) and technical feasibility (can this be done?). Transforming an idea into a tangible product or service requires innovation, calculated risk taking and the ability to make strategic decisions at the many crossroads that a venture faces throughout its life cycle. Successful ventures create employment opportunities and impact nations both economically and socially.
In your journey of entrepreneurship at SP Jain Global, you will learn all these skills and more. You will also get to embrace the practice of ‘play’ where you get to engage your imagination as you consider as many possibilities as you can, without limitations, as you develop new products and services. You will engage with the practice of ‘empathy’ as you learn to connect emotionally and put yourself in the shoes of your customers to develop products and solutions that really matter to them. You will engage in the practice of creativity. Creativity is pivotal to entrepreneurship. This is where you get to disconnect from standard ideas and learn to be non-linear in your approach. Entrepreneurship is different from other subjects as you learn by ‘doing’. There is also the practice of ‘experimentation’ where you get to acquire entrepreneurial knowledge by actively experimenting and seeing what works and what doesn’t work through a hands-on approach. The practice of ‘self-reflection’ is a critical component of your journey as an entrepreneur. This is where you get to practice ‘reflective observation’ as you identify opportunities for a business venture and reflect on your journey and learnings as you develop that idea. Throughout this process you will apply innovation tools and techniques to guide your process as you move from the idea/concept phase to a more tangible phase.
Developing your network is a further example of a skill that is pivotal to success in any field. Here at SP Jain Global’s Bachelor of Business Administration program, you will get to integrate into the entrepreneurial ecosystem of Sydney and develop your network through visitation and engaging with entrepreneurial hubs and startup accelerators.
Ultimately, the skill set that you need to get a venture off the ground is distinct from the skill set you need to run a business on a day-to-day basis. This skill set is transferrable across disciplines and across industries. Take for example, the skill to influence or to be persuasive, which you will develop as you structure proposals, pitches, and fund-raising campaigns to get funding for your venture. Another transferrable skill is learning the art of collaboration and effectively communicating with multiple stakeholders. This is foundational to any business but is particularly relevant to social entrepreneurship as you seek alignment and solutions that work for multiple stakeholders with conflicting priorities.
Industry 4.0 has arrived, and the implementation effects are accelerating. Technologies such as Internet of Things (IoT), AI, 3D Printing, Cyber-Physical Systems, Blockchain Technology, Cloud Computing and so on are providing endless entrepreneurial opportunities. The good news is that you don’t have to have a PhD in AI to set up a startup in AI. These technological advancements are attracting people to entrepreneurship in large numbers. In recent years there has been over 15,000 AI startups alone.
Globally, young and older people alike are turning to entrepreneurship as they see it as a better path for having control over their careers. Many are seeking more autonomy and flexibility than what is offered by working in a corporate environment while others focus on purpose and social impact by pursuing activities that integrate commercial success with a commitment to the greater good.
Are you ready to work and live on your own terms?
If yes, then to get started on your entrepreneurial journey at SP Jain Global!
Dr Edward Kachab is an adjunct faculty, and a student project mentor at SP Jain Global.
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