Entrepreneurship is increasingly becoming the career choice for many young people. Today, many students no longer want just safe jobs. Hence, they now want to start something of their own. Starting a business is not easy. It requires a lot of learning, proper planning and the right sort of learning.
This is where the Post Graduate Diploma in Management or PGDM program comes into the picture. The programs develop future entrepreneurs through experiential learning, startup support systems, and mentorship from experienced business success achievers. The skill sets, networks, and mindset you acquire during a PGDM program can position you for business success in your business venture.
This article discusses how a PGDM course prepares students to be future business leaders. It also talks about practical learning, startup assistance, mentors, and actual success stories. If you are considering doing a PGDM for entrepreneurs, this guide is for you.
The Entrepreneurial Shift in PGDM Programs
More and more students studying PGDM want to start their businesses. This is a major change from earlier times. Earlier, the students wanted jobs in banks, IT firms, or multinationals. Now, they are tempted into setting up startups. PGDM colleges do acknowledge this shift.
Several colleges have thus redesigned the curriculum. These colleges have added new subjects such as entrepreneurship, startup strategy, marketing for startups, and business planning. These topics make students understand how to set up and run a new business.
Students also work with small business ideas throughout the course. They carry out projects to try building a business platform and presenting it. They are taught how to think, to solve problems, and to take smart risks.
Some colleges have started a special entrepreneurship cell. These are cell groups that support the thought of startups on the campus. The basic intention is to assist the students in converting their business ideas into real companies.
So, a PGDM is not just about learning how to work in a company, but really how to create one.
Incubation Support - Laying the Foundation
Starting a business is very fascinating. But it requires a lot of assistance initially. PGDM Colleges provide this support in the form of incubator centres for startups.
Let’s discuss incubation support in detail. An incubation centre helps a budding business in various ways. It gives them a workspace, internet, and sometimes a boardroom for meetings. It can also provide some small funds, access to different startup toolkits, and legal counsel.
Students who have business ideas can apply to these centres. If the idea is deemed worthwhile, they are permitted to develop and pilot it.
Mentorship - Guiding the Entrepreneurial Journey
There are infinite things that one doesn't know in the business universe. Every new business needs orientation and guidance. A mentor is someone who has experienced these unseen things and can help you prevent those mistakes.
PGDM programs offer mentorship to students who want to become entrepreneurs. These mentors include the teachers, alumni, or business experts working with them. They meet and interact with students to improve the business plans that the students have developed.
Some colleges even have a structured program. In these programs, mentors will work with students for a few months. They give them honest advice about early-stage decisions.
Students can approach mentors to ask questions like:
- Is my idea good enough?
- How should I set the price?
- How do I reach customers?
- Should I take funding?
Good mentors don't just say ''yes'' or ''no''. They tell you ''why'' based on their best experiences.
A PGDM for entrepreneurs becomes even more valuable when such mentors are involved. They act like coaches who push you to do better.
Real-World Startup Success Stories
These are some of the Indian based startups that have made a large impact and have also managed to turn out successful.
1. Zomato
Deepinder Goyal and Pankaj Chaddah started Zomato in 2008. It grew into a platform that brings together food delivery and restaurant discovery. Their success story spread to more than 25 countries, raising over $2.2 billion. Zomato went public in July 2021 with a $1.3 billion IPO, marking a big step for Indian startups.
2. Flipkart
Flipkart began in 2007 as an online bookstore and grew to be an ecommerce retailer selling fashion goods in addition to home appliances and electronics. Binny Bansal and Sachin Bansal, the co-founders of Flipkart, sealed a record $16 billion deal for Walmart to acquire the company in 2018, a landmark event in Indian startup history.
3. Ola
In 2010, Bhavish Aggarwal and Ankit Bhati started Ola to make ride-hailing easy and affordable for everyone. Their idea quickly grew, giving strong competition to Uber. Today, Ola operates in over 250 cities across India, New Zealand, and the UK, and has raised $3.8 billion in funding.
These stories demonstrate how business founders can transform concepts into actual companies when given proper backing.
Beyond the Classroom - Competitions, Events, and Networking
Learning is not limited to the classroom. PGDM programs offer other ways to nurture business skills.
Several colleges organise startup competitions and pitch events. These are trials for your business ideas. You present your plan to judges and get feedback. At times, you might win prize money or attract investor interest.
Entrepreneurship clubs also exist. These groups organise speaker sessions, case study events, and networking gatherings. You can connect with other students and share your entrepreneurial spirit. You exchange ideas and grow together.
Some colleges also bring in venture capitalists and angel investors to meet students. This creates an opportunity to present your idea to potential funders.
Conclusion - Is PGDM the Launchpad for Your Startup?
If you aspire to create your own company, a PGDM can assist you. It equips you with tools to think and improve your planning. It will also connect you with mentors, investors, and fellow entrepreneurs. Plus, this offers access to startup labs and real-world learning experiences.
PGDM for entrepreneurs from credible institutions like iFEEL is proving to be a wise and trend-setting option. It provides you with a risk-free environment to experiment and get started. It saves you from making early mistakes and enables you to accelerate faster.
If you have a dream, then let PGDM be your first step towards making it real.