The number of entrepreneurs in India is growing at a swift pace; they are paving the path for new businesses with a lot of growth. Entrepreneurship isn’t increasing in just any single sector; it has spread in every possible industry imaginable. India falls in third place in the number of startups, after the US and Britain. Some of these Indian startups are in the billion-dollar club as well such as Zomato, Flipkart, Paytm and many more. There are various schemes that the government of India has launched to support these budding entrepreneurs with their fresh and new ideas.
With such a great opportunity for growth as an entrepreneur, many universities have launched courses in BBA entrepreneurship. Courses like these are meant to help students understand the market, develop skills, utilize resources and much more. With such a course, you can even contribute to pre-existing businesses as well, since you develop enough knowledge and skills of the market. If you aren’t keen on opening a venture of your own after your BBA entrepreneurship degree completion, you can utilize it to take your family business to the next level.
The older members of the family, usually the founder of the family business is celebrated for their cleverness, hard work, and a right eye to identify an opportunity to start the business. Usually, family businesses are passed on from generation to generation. There’s a lot of scope for improvement and development when it comes to a family business; this is where being an entrepreneur helps.
Developing Your Family Business with a Degree in BBA Entrepreneurship
Networking to Grow
If you decide to pursue a degree in BBA entrepreneurship, you will get various opportunities to network. Your course will make you acquainted with a lot of new people and even entrepreneurs. Most of your classmates will also go on to be successful entrepreneurs themselves. All these networks can come handy, prominently when it comes to developing or expanding your family business. If not people, even their ideas and having the juices of innovation around you can help you come across a breakthrough for your business.
Social Media to Expand
As mentioned before, family businesses are usually run by an elder member of the family and are passed on from generation to generation. They follow a set pattern for years and stick to their old ways to make the business function effectively. This is where an entrepreneur can step in and bring about the change. With the growing social media and internet usage, there is a considerable scope to market your business and take it to a new height. This can be done by creating brand awareness and presence through your website, running ads, marketing campaigns and much more.
Seeing New Growth Perspectives
Family businesses run in a certain way and mould from generation to generation. This is often an attitude created in the minds of the family members – if it worked well in the beginning and gained success then it will do so in the future as well. Due to this mindset, many businesses can’t surface in the competitive market and eventually fail. This is where a fresh mind of someone with a BBA in entrepreneurship comes in handy. They have been trained to keep businesses relevant and always afloat in the market space with their new ideas and the ability to spot top market trends.
Raising Funds
Businesses and financial losses go hand-in-hand. Unless recovered, businesses will fall or go into significant debts. Having someone in the family business with a degree in entrepreneurship can significantly help the business boom again. Negotiating, investing, raising and procuring funds are some of the major skills that BBA entrepreneurship imparts in a student.
Avoiding Emotional Turbulence
Working in a family business is bound to get you involved in some emotional turmoil or another. As a trained and skilled entrepreneur, you can determine what is best for your business first rather than your family’s. An entrepreneur can have a healthy balance of professional and personal life, and not mixing the two up is another trait that one will possess during BBA entrepreneurship.
Here’s What We’re Saying
It is safe to say that BBA entrepreneurship as a course is promising when it comes to boosting your family’s business. Tej Lalvani is an excellent example of an entrepreneur turning their family business into a multi-millionaire enterprise in merely a decade. This could be you, with the right education and guidance from universities like UPES that offer the nation’s best curriculum for BBA entrepreneurship. The course is designed in such a tactful way that the students are exposed to every industry and are trained to spot the latest market trends to start new ventures or expand family businesses.
