In a world full of successful entrepreneurs who didn't learn management at business school, it might seem odd to suggest that such education makes you a better entrepreneur.

In fact there are people who might even say that there is no correlation between formal education and successful entrepreneurship.

Advertisement

There is no doubt that some people are born with an inherent ability.

They have the grit to take risks and should be able to make it big.

But these are exceptions. The majority of successful entrepreneurs, however, goes through the grind of management schools and learns the essentials of good entrepreneurship.

Such an education gives you an opportunity to get exposed to numerous inspirations. One must understand that this is not just a degree but an overall grooming in business.

It gives the ability and confidence to take part in business discussions and come up with out of the box solutions.

Strategic thinking is vital for an entrepreneur and a logical mind-set is essential for troubleshooting and project management.

It teaches one to look at problems and opportunities holistically. It trains for cost- benefit analyses and strategic planning. At management schools one is asked to deal with case studies.

It's a way of encouraging in the making to think strategically. When you study management, you participate in group projects, presentations and assignments that will require leadership abilities.

This will give the necessary skills to handle real-life business challenges. In business there are deadlines and unless one has been trained to make the best use of the time available, this can become a stumbling block.

This is something they teach well at management schools. And the most important of all is interpersonal skills. It can work wonders when it comes to dealing with colleagues and clients and in striking business deals.

Besides, to be an entrepreneur, one needs not only right kind of tools and training but right kind of network. Formal education, especially at universities has the capacity of forging grand network, academic as well as geographic. T

he more and better education students receive, the more likely they are to become ultra-successful entrepreneurs. It nurtures them who in turn build great companies that employ thousands of workers.

Those who dream of becoming great entrepreneurs should put themselves through the rigours of management education.

It will prepare them for the challenges they are to face later in life.

Whatever one learns at a management school doesn't stand in the way of becoming successful but it helps in their entrepreneurial journey.

The writer is Chancellor, Lovely pPfessional University.