Entrepreneurship Do’s and Don’ts

We have more young entrepreneurs than ever before. A lot of people feel that commencing their own venture is so much better than working in an organization. Those bitten by the entrepreneurial bug are willing to take all sorts of risks to ensure that their project takes off from the ground. There are millions of start ups created and some of them don’t survive more than a year or two. Start ups are extremely challenging and difficult and as an entrepreneur one is expected to wear multiple hats instead of just being in charge of their own deadlines and tasks. Managing human resources and money are also extremely crucial for a venture to sustain growth and success. Let’s look at some of the entrepreneurship do’s and don’ts in detail.

Do’s

• Do have a business plan in place. Whether you are in a very nascent stage, seed stage, growth stage or any other stage in the business cycle. You have to know in which direction you want to continue growing.
• Do form a code of conduct. Work culture and work ethic are always passed down from the top management. It is very crucial to have a code of conduct so that the management and team members know exactly how things work in your organization, instead of everyone doing as they please.
• Do stay grounded and focussed. While dreaming big and having huge expansion plans are great aspirations, it is important to keep your feet firmly planted on the ground. Whether you are hiring new team members or raising money, make sure not to get too ahead of yourself.

Don’ts

• Don’t go overboard in the initial phase. Whether it is hiring too many people or borrowing too much capital, make sure to take small steps in the first few years of operations.
• Don’t shy from micromanaging. In the initial phase, in all likelihood, you will have a small team. Feel free to delegate and give responsibility, but make sure to hold all the reins of the business till your team members have completely won your trust and respect.
• Don’t talk a big game. It is important to walk the walk instead just talking the talk. Guard your plans and resources with a lot of care and caution instead over sharing with everyone.
• Don’t be disheartened by failures and setbacks. Let’s face it – things are not going to always go your way and sometimes you will feel that everything is like swimming against the tide. Accept that that’s just part of being an entrepreneur and do whatever needs to be done.

When it comes to running your own business, the learning is endless. There are always new challenges and milestones to be conquered.

Contributed by a Student at MET Institute Mumbai.

Careers other than MBA

Some people are of the opinion that once they do their MBA, everything in their professional life will be laid out in front of them on a silver platter. Others are of the opinion that getting hands on work experience in their desired field will help them gain mastery over time; MBA may not necessarily be the right step for these people. Every year, when millions of students across the globe graduate from colleges, they make an important career decision, which will probably affect their entire professional life. 

For some that decision is taking the responsibility of pursuing a Master’s Degree and for others it is finally taking on full time employment. Some may choose the middle path of working and doing a part time course. The whole idea behind doing a MBA is keeping your options open after graduating from business school. But what are the other career choices for students wanting to study further?

If you are fairly certain of the industry you want to gain mastery of, then by all means get enrolled in a specialized course pertaining to that industry instead of doing MBA. You can obviously do your MBA by specializing in a specific field like finance or marketing, but if there is a possibility of doing an absolute niche course, then go ahead and choose that.

If you are thinking of starting your own venture and are also keen on studying further, then doing a part time post graduate course is your best bet. Earning and learning at the same time is definitely worth it, as long as you can juggle the two without creating a giant mess.

It is very important to remember that when you join a company, your cost to the company will always be calculated after evaluating your worth. So if you clearly see yourself as a Social Media Manager for a renowned digital agency, then make sure to get the right knowledge for the right job. With everything going digital, there is no industry that is shutting out social media, so your options would be wide open.

Remember that in some cases MBA can be done once you have done a specialized course in your skill area – like fashion, beauty, baking or photography. Once you have your skill in place and some relevant work experience, you can always do your MBA to get the edge and scout out for senior positions in that industry, or to start your own company.

Job satisfaction is extremely important today, as most people spend a large chunk of their day working. Do what you love and love what you do.

Ten Tips for Time Management

We all have 24 hours in a day; but somehow some people are always pressed for time. No matter how much time they are given to work on a project or a deadline, they will always find themselves struggling till the last minute. Not having enough time to do what needs to be done, is often related to poor time management and has very little to do with the task at hand. Some of the most successful people in the world are juggling multiple hats. They are entrepreneurs at the top of their game, devoted parents to their beloved children, have a great social life and manage to commit to philanthropic causes also. They find the time to squeeze in their marathon training before a board meeting too. How do they do it? It’s all about time management!

Here are top 10 tips for time management:

·    Make a to-do list. If you don’t know what exactly has to be done, chances are you won’t get to it. Sometimes, mental lists just don’t work. So make a list on your phone, on paper or on your computer.

·    Put a deadline next to each task; make sure it is a realistic deadline; it should be believable to you. Even if it is about returning a phone call, put it down in writing and put the timing next to it.

·    Be honest with yourself and with others. Agreeing to things you have no intention of doing is a sure shot recipe for wasting your precious time and resources. The same rule applies to doing something half heartedly. So take on what you can and be honest about what you don’t want to be accountable for.

·    Get your priorities in order. Sometimes, the tasks just need to be placed in the right order for the chaos to disappear.

·    Don’t let one responsibility suffer because of another commitment. Sometimes we just don’t have a choice in this matter; but barring family emergencies and other dire situations, finish what you start before moving on to the next task.

·    Take responsibility. If you have messed up or made a mistake and you are in denial about it, you will end up wasting more time on covering your tracks instead of finding a solution.

·    Give up on blame. It is always easy to blame hundreds of things on the external circumstances. But it hasn’t helped anyone be successful; so let go of things that are causing unnecessary stress and focus on what’s important.

·    Set aside personal time for things you enjoy doing. Nothing recharges the mind, body and soul like a passionate hobby few times a week. It could be playing a sport, learning a language or playing a musical instrument.

·    Know when to throw in the towel. There is no bravery attached to flogging a dead horse. Accept if something is not working out and create change instead of wasting time over something that’s not going to change.

·    Have fun. You have to enjoy the things you do on a daily basis.

Efficient time management is definitely important to lead a well-balanced, wholesome life.

PGDM in Mumbai

Knowledge is power! These wise words have a lot of meaning in today’s gadget crazy and demanding world. We are all surviving in a world where instant gratification is definitely the norm. It takes a few seconds to check into a restaurant on Foursaure, tag your friends on Facebook and Instagram a picture of the dishes. So how does one get an edge with education in this ever evolving world? 

A change in direction is a lot more time consuming and costly in terms of a career change today than it probably was a decade ago. So if you are planning on pursuing PGDM in Mumbai, the first thing you need to arm yourself with is absolute clarity.

A baker acquiring a degree in software solutions is of no meaning. Similarly, if you don’t have an exact idea as to why you want to do a Post Graduate Diploma in Management, chances are you will end up wasting your time, energy and financial resources. Before doing a post graduate course, it is very important to have a clear career direction. This will not just help you in choosing the right course and the right college, but also assist you in making the most of your course and syllabus.

While nothing is really set in stone when it comes to your career and there is no “one” guaranteed winning formula, some things do remain constant as far as moving up the career ladder in concerned. So here are some points to keep in mind before taking a final call about PGDM in Mumbai.

1.     Don’t do it just to add frills to your résumé. Find a course that will actually help you move up in life in the area of your passion.

2.     Do your homework, especially if you are an out of town student. You do not want to be worried sick with unplanned expenses and unpleasant accommodation just because you didn’t plan ahead.

3.     This one goes without saying, but make sure to choose a good college. One that has the right environment, infrastructure, faculty, syllabus and accreditation.

4.     Find out about the career prospects on completion of the course. What is the campus recruitment like? Is there any internship involved? Can you do the course along with an ongoing job?

5.     Do a lot of side reading, which will help you make the right decision. Check out the latest management books, go for a seminar, try to get in touch with the college and ask the questions to clarify any doubts.

6.     Make sure to keep your options open. When it comes to PGDM in Mumbai, try to find out about the various options at hand, instead of putting all your eggs in one basket.

7.     Try to get in touch with few alumni students and get their honest opinion on the course.

As a general rule, management skills come in handy in all areas of life. But if you are certain of the industry to want to choose and grow in, then the right course can totally do wonders for your professional life.