There is a common belief that you are either born an entrepreneur or not. But with interest growing in entrepreneurship as a field of study, it is clear that people consider it something that can be learnt. This article explores what you can gain from a postgraduate degree in entrepreneurship and how it can lead to entrepreneurial success.
Broadening your horizons
So, is entrepreneurship innate? Since many people only become entrepreneurs midway through their careers, or later, this is clearly not necessarily the case. For these individuals, further study is about adding to their skillsets, or filling in the gaps in their business experience.
“When we speak with successful entrepreneurs and hear their stories, one thing that inevitably comes up is persistence, believing in what they do. It’s a sense of purpose and internal drive to make a change in a particular place.”
— Professor Dimo Dimov, University of Bath lecturer
Students enrolled in programmes such as the Entrepreneurship Management and Innovation online MSc at the University of Bath often have expertise in only one or two areas of business or management. To make it as an entrepreneur you need to be a master of all, so training is vital.
“One of things we are seeing when people are coming in to take business courses, they may have a background in marketing, but not operations, or a background in operations and not marketing. Or equally, they may be versed in finance but have no idea about marketing. One of the challenges is to be well balanced across these areas, particularly early on in the process.”
— Professor Dimo Dimov, University of Bath lecturer
Preparing for complexity
As well as the more academic skills, successful entrepreneurs need a deep understanding of the nuances of management and human behaviour, particularly as their enterprises expand.
To manage a business today requires interdisciplinary skills, whether that is understanding the fundamentals of economics to evaluate and adapt to market conditions or applying technology to automate campaigns. While you can develop these skills on the job, over time, a degree is the best way to grasp the breadth of knowledge necessary for management in the real world.
Beyond these practical skillsets, it’s the softer skills that can make a difference to entrepreneurial success. The first of these is persistence, without which an individual would not have the drive to make the necessary changes at a particular time and place. Secondly, entrepreneurs need to be experimental, driven with a desire to make a situation or venture better. Thirdly, an understanding of the big picture is crucial. Success depends on the ability to perform every core business role, and to appreciate why each of them is important and how they interconnect.
“To have vision, you need to be able to imagine a better world. Forward thinking is an essential part of this; avoid taking for granted existing things or status quo assumptions, as these can restrict broader thinking. Visualise the world without these preconceived boundaries to see the possibilities of a better way.”
— Professor Dimo Dimov, University of Bath lecturer
All of these traits are not innate. They are mindsets that you can develop through further study.
Building the confidence
For entrepreneurs, preparation is everything, which is why entrepreneurship courses focus on developing your ability to anticipate and face up to the risks inherent in the modern business world. And since you’re supported by your lecturers and peers, the study environment allows you to practice without losing a fortune, which is something that cannot be said about testing out new ideas in the real world.
Compared to the working environment, education can provide greater stimulation for innovation. Studying units in strategy, ideation and incubation can all help to open your mind to business ideas and career avenues you may not have otherwise have considered.
Another benefit of the business school route to entrepreneurship is the networking opportunities it fosters. Peers and professors often provide the key connections to achieve your goals when setting up a business in the future.
Nurturing your skills
By giving you the space to experiment and collaborate with students from around the world, while drawing on a combination of interactive study techniques, the University of Bath’s Entrepreneurship Management and Innovation online MSc nurtures entrepreneurship.
“This programme is designed in a way that allows you to reflect on your own abilities and experiences and think of them as marketable assets around which you can build a company. So, going through the course, you will be equipped with different frameworks, processes that will help you initiate your own entrepreneurial journey.”
— Dr. Stoyan Stoyanov, Course Leader
Combined with on-the-job experience, the unique knowledge and practical skills acquired through a recognised business school such as ours, can set you on course to a lifetime of entrepreneurial business success.
Learn the essentials of entrepreneurship – request information for the University of Bath’s Entrepreneurship Management and Innovation online MSc today.