Study Entrepreneurship

Why You Should Take That Entrepreneurship Class

Written by Angela Ly for Gaebler Ventures

Wondering whether you should take that class in entrepreneurship? Is it really useful in helping you realize your dreams? We tell you in this article what you can get out of it.

Entrepreneurship is not something that you can be taught.

That's the frequent comment you hear from students as they scratch off the line that says "Entrepreneurship 101" from the list of classes offered each semester.

The fact is, that statement is quite true. No one is going to teach you, or give you a step-by-step guide, on how to set up your own business. It's not about teaching you to become more creative in coming up with ideas for your business. It doesn't serve to guide you to think like an entrepreneur. These qualities are ones that you need to develop on your own.

No class can show you exactly what you need to do in order to succeed. That is achieved through sheer hard work, creative ingenuity, extensive research, and plenty of trials. Successful entrepreneurs are different in their own ways, and the idea is to let your own personality shine through. An old word of advice - Do what you like.

What the entrepreneurship class can teach you are things that you should keep in mind while forming your own company. It teaches you possible ways of raising funds, organising your financial structure, how to manage growth, the role of venture capitalists, valuation of companies, acquisitions, and building strategies. All in all, it touches on a full range of business topics from strategy, to finance, accounting, and marketing.

It shows you likely problems that entrepreneurs face, and my formulating your own opinions for case discussions, you can better prepare yourself to handle tricky issues in the real world.

So what sort of people take classes on entrepreneurship?

1. Those who want to become entrepreneurs

Students who want to become entrepreneurs after they graduate, or at some point in their careers. They could also be interested in testing the waters while they are still in school, perhaps by setting up an online retail shop to suss out the market.

Those in this category do need to remember that you're not paying the school to ensure the success of your future business. You are there to soak up the technical details and to understand how a business works as a whole. So do your readings and make your decisions during discussions - this will greatly benefit you when you are faced in similar dilemmas when your business is in operation.

2. Those who want to join venture capital firms

Taking the entrepreneurship class is also a great way to get to know how a venture capital fund works. It gives some insights into how they are structured and managed, who invests in these funds, in whose business the venture capitalists invest in, and the motivations behind their decisions.

3. Those who want to add value to the family business

Some students are fortunate enough to have a legacy of entrepreneurship in their family tree. These students may want to help grow the family business or learn more concepts about running a business, in the hope of being able to apply these concepts in the near future. The entrepreneurship class, through its case studies, can also teach you how to analyse a company's business model and its strategic framework for expansion and growth, helping you to evaluate your position against your competitors.

Taking that entrepreneurship class doesn't instantly make you a start-up expert, but it does inspire you to take that first step to becoming an entrepreneur in your own right. You will also discover that there are numerous types of new ventures, and this class may be useful in showing you the possibilities, after which you choose what is right for you.

Angela is currently an MBA student at Nanyang Technological University in Singapore. Ms. Ly is looking to specialise in Finance, and has an interest in exploring topics in entrepreneurship and strategies for small businesses.

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Conversation Board

We greatly appreciate any advice you can provide on this topic. Please contribute your insights on this topic so others can benefit.

  • ikanyeng Thapalalo posted on 2/8/2011
    ikanyeng Thapalalo
    To be a good entrepreneur you have to understand the power of money,the secret of money;do not work for money rather let money work for you.Be the KING to money,not the SERVANT.
  • ikanyeng Thapalalo posted on 2/8/2011
    ikanyeng Thapalalo
    I think the reason why people are working and they are still poor is because the have spent years in school and learnt noyhing about money.what do you think?
  • ikanyeng Thapalalo posted on 2/8/2011
    ikanyeng Thapalalo
    What are the areas of study needed to be a successful businessmen?
  • Ken Gaebler posted on 2/8/2011
    Ken Gaebler
    I recommend you get a solid understanding of business basics, including accounting, finance, sales, marketing and other core business courses. From there, take courses that show how these areas relate to each other in an integrated fashion. You should of course take courses related to entrepreneurship, especially any courses on business planning. In addition, if there are courses that allow you to consult with and interview business owners, that is extremely helpful. Finally, take negotiation and organizational behavior courses -- these are two of the most useful business courses to take. Oh, and don't forget to work outside of your schoolwork -- you can learn a ton by working. The best job to get is one that teaches you how to sell, one of the most important skills for an entrepreneur.

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