Prof Arun Bhatia tells you that many B-Schools are giving students an opportunity to start business while studying
Start-ups have always been game changers for the founders or students who had the vision to take themselves off to a complete new destination. It is advisable to lay the foundation of the start-up plan at the start of the college days. Many B-Schools are motivating students to take up the challenge of establish themselves as an entrepreneur without comprising with their studies. The idea of launching startups in early stages of their career leads to form teams with fellow students and take the business to top and do well in the industry.
The start-ups can be of any nature like that of online trading which is a viral vent in industry. One can go into service or product related business to gain expertise of their theoretical as well as their practical approach.
Creating start-up teams
The teams are basically formed at the initial level where strong teams work fast, and homogenous teams are likely to have the capacity to work faster than weaker teams. But most startups drop out because they run out of money. The team needs to work with diligence and creativity to nurture their business in most effective manner. Early disagreement, chaos and pain are highly common in most of the cases, where the ideas and decision making of different members clashes.
Diversify your workforce to improve exploration, increase homogeneity to enhance speed
Diversification among employees allows for better exploration, as the hired ones may belong to different companies and explored diverse business culture to present a holistic view of their total experience gained till date. Accordingly, studies have shown that startup teams with diverse networks are often more creative and innovative, have better access to a range of potential investors and corporate partners, and are able to tap into a wider range of potential employees.
What it’s really like to build a team when you’re focused
In a university or college campus, you are surrounded by hundreds of incredibly bright, energetic and curious people legitimating to achieve big. It might be fun to start a business with your roommate, batchmate or an old friend, but he or she may not necessarily be the right person just because you share mutual understanding or same educational streams.
The writer is head of department, BBA, Delhi Metropolitan Education