7 Skills to Become a Successful Entrepreneur | GIBS Bangalore - Top Business School in India | PGDM/BBA College

 

Many business owners think that their total experience and expertise in the target market will be the most crucial aspect in determining their level of success with a startup. But the most prosperous businesspeople have honed a particular set of abilities that have enabled them to succeed. While courage and perseverance are undoubtedly required to start and manage a new business, you also need to concentrate on developing these seven crucial talents since they will be crucial to your success in the future in a number of significant ways.

Finding the right business

Entrepreneurship is a vast work area, and you can succeed in any of its ventures. However, pick up something you are passionate about and can weave your dreams around. Then, achieving success will get easier.

Pick up the Right BSchool

Though entrepreneurship does not require formal education or skills, it will be beneficial if you enrol for MBA or PGDM in Entrepreneurship. In addition, some diploma courses catering to specific entrepreneurship categories are also available and will prove to be highly valuable.

The right education is the key to success if you wish to become a successful entrepreneur. Global Institute of Business Studies is a leading school in South India - Bangalore that offers different entrepreneurship programs. For example- GIBS BSchool ranked among 5th Best Emerging School by TOI2022 and AAA Rating in the list of India's Best Business School in Careers360 Survey2023.

Below are skill to become a successful Entrepreneur:

Ambition:

When things are difficult, it is simple to give up, yet the most prosperous businesspeople persevere because they are driven by ambition. They are driven to succeed and enjoy crossing off little objectives as they progress toward their main objective. High levels of ambition may result in an internal drive to work hard and a dedication to doing whatever it takes to make your business successful. In general, you won't look for quick cuts and are prepared to invest the time required to complete the task correctly.

Possibility of Learning:

Some people mistakenly believe that learning ends when you complete your education or receive a specialised credential. Lifelong learning is a process. You need to keep up with developments in technology, the growth of your sector, changes in sales procedures, and other things. Always try to learn new things. More than that, seek out the most prosperous individuals in your sector and don't be hesitant to get their counsel.

Creativity:

If you always act in the same way, it's highly unlikely that you'll experience innovative and improved outcomes. To determine what works best, you must try new things. Additionally, you must regularly enrich your life with fresh experiences. This could be as simple as meeting new people or enrolling in a class that interests you. Every encounter you have can open up new options for you that you did not previously have access to.

Confidence and Attitude:

While listening is crucial for good communication, you also need to be able to know when to take the initiative and make your thoughts and beliefs known. You should pay attention to other people who are making acceptable demands and claims, but you should also know when to refuse them. To gain the respect and confidence of others around you, be dependable while remaining flexible. You must be aware of your principles and be willing to defend them.

Patience:

The majority of the most prosperous businesspeople have experienced painful setbacks and failures. They have viewed these incidents as significant teaching opportunities rather than the resolution of a predicament. They kept their optimism and tenacity, but they also thoughtfully adjusted their plans for the future. Keep in mind that you can only fail if you give up. Success is achieved through perseverance.

Courage and Taking Risks:

You must have the confidence to carry out your brilliant ideas and plans if you want to fully realise the power of creativity. You must have the bravery to undertake things you have never done before, even though you must thoroughly investigate your ideas.

Finding a successful path in life is not always an easy task. To succeed in their endeavours, many entrepreneurs must take a number of steps to acquire the ideal mix of abilities, qualities, and expertise. You might be more successful in your future entrepreneurial endeavours if you concentrate on developing these qualities in your own life.

Considering the Top 7 MBA/PGDM Entrance Exams | GIBS BSchool Bangalore - Best PGDM College in Bangalore

 

Obtaining an MBA/PGDM is one strategy to move up the corporate ladder or receive a pay raise in India. Over 2 Lakh students prepare for and take multiple admission examinations each year to pursue an MBA or PGDM programme, and the numbers are growing. You can advance on the corporate leadership ladder by earning an MBA or PGDM from a top business school like IIM, FMS, ISB, XLRI, etc.

As we know, CAT is one of the most popular exams in India for postgraduate study, with over two lakh people applying each year. CAT is currently synonymous with MBA/PGDM admission exams in India. CAT is the most coveted B-School entrance exam, however there are a few others that are comparable to it. Also these exams might require preparation on a few additional areas aside from your CAT preparation.

Here are the 7 Most popular MBA/PGDM entrance exams to consider:

• CAT
• GMAT
• XAT
• IIFT
• NMAT
• SNAP
• MAH CET 

CAT:

Common Admission Test (CAT) One of the most popular MBA entrance exams in India is the CAT. As everyone is aware, the CAT exam takes place in the final week of November. The exam evaluates candidates in three categories: verbal and quantitative aptitude, data interpretation, and logical reasoning. Each segment has 40 minutes now that the exam structure has just been changed. All IIMs, IITs, and premier business schools including FMS, SPJIMR, IMT, and MDI take CAT results into account while making admissions decisions.

GMAT:

Candidates may take the GMAT exam as many times as they like throughout the course of the year. For MBA/PGDM admissions, almost all Top Tier universities around the world accept GMAT scores. Even IIMs like IIM-B, IIM-A, IIM-L, and IIM-I take GMAT results into account for their executive programmes. Other prestigious B-Schools accept GMAT scores, including ISB, SPJIMR, MDI, XLRI, etc. The GMAT sets a higher bar for MBA/PGDM entry tests due to the quality of the questions, interface, and testing experience.

Compared to other MBA/PGDM admission tests, the GMAT has four sections with set sectional schedule, thus preparation is a different game. Candidates can pick between three predetermined alternatives for the order in which they attempt each section. The GMAT test is computer adaptive. Because Depending on the previous response, the degree of difficulty is changed. While the GMAT does require a different approach to preparation, by paying attention to a few subtleties, one can quickly switch from their CAT preparation to the GMAT.

XAT:

A similar important entrance test to the CAT is the Xavier Aptitude Test, or XAT. The three-hour computer-based XAT has four components. It takes place the first week of January. As is well known, XLRI Jamshedpur is the school's flagship and the aspirational school for XAT test takers. Although Xavier Universities like XLRI, XUB, etc. do accept XAT scores. More than 150 Indian colleges, including IMT, MICA, and Great Lakes, accept XAT scores as a requirement for admission. The exam is divided into two parts; the first portion includes the VARC, Decision making, and Quant sections. G.K.-related 25 MCQs and an essay question make up the second section. The second portion has no sectional cutoff.

There are no set sectional times with the XAT, which gives it flexibility. You have the option to switch between sections using XAT as well. This enables you to prioritise your strengths and weaknesses and plan accordingly. As we all know, in order to pass each part without failing, a certain amount of questions must be answered. The ability to set your own sectional timings can help you meet this obstacle.

With the exception of business decision making, XAT preparation is comparable to CAT preparation. Online resources for business decision-making study are many and should be adequate for covering this area, along with previous year's exam questions.

IIFT:

Indian Institute of foreign trade hosts three campuses across India- Kolkata, Delhi, and Kakinada. The candidate's performance on the National Testing Agency's IIFT exam determines whether or not they get admitted to these universities. There are four sections and 110 multiple-choice questions in the exam. There is no sectional timing, just as the XAT. The exam is held the Sunday following the CAT exam during the first week of December. The IIFT has a little different scoring system. Every accurate response earns three points in the first three sections (VARC, DILR, and QA), whereas every incorrect response loses one point. The G.K. segment awards 1.5 marks for accurate responses while docking 0.5 points for incorrect ones.

NMAT:

NMAT by GMAC is a test that NMIMS arranges. The three-month exam window runs from the middle of October to the beginning of January. The test lasts for two hours. Each of the three components is equally weighted. 108 objective questions with no deductible marks are presented to the candidates. Candidates are given a best of three options by NMAT. The exam can be taken three times by any applicant. The highest score among the tries determines admission. NMAT scores are taken into account for admission by SPJIMR and a few ISB programmes in addition to NMIMS University.

SNAP:

Symbiosis international university (SIU) conducts SNAP, An hour long aptitude exam consisting of sixty questions. SNAP test results are a key factor in admission to all 16 Symbiosis Management programmes offered throughout India, including SIBM, SCMHRD, SIIP, and others. due to the fact that the exam is offered three times between November and January. A candidate may run twice in a given year. There is a time limit for each component of the exam, which comprises three sections: general English, analytical and logical thinking, and quantitative, data interpretation, and data sufficiency. There is no need for additional study because the exam's syllabus is comparable to that of the CAT.

MAH-CET:  

The Maharashtra State government conducts the MAH-CET or MAH MBA CET, A state level exam to pursue MBA. Over 300+ colleges in Maharashtra, including JBIMS, KJSOM etc. consider this score for admission. The exam happens during June with six slots. Two slots on each of the three exam days. MAH CET is a computer-based. As the test is state government based, The centres are primarily in and around Maharashtra. As for other states, The exam centres are in 16 cities across India. The exam has 200 MCQs with five options. The test duration is 150 minutes, and the test has three sections with no negative marking. Each correct answer carries one mark. The syllabus is similar to the CAT syllabus.

These are the major exams taken up by most MBA/PGDM aspirants. While B-Schools like GIBS BSchool Bangalore have their own admission tests. They also consider CAT Scores as well. So I would strongly suggest focusing the preparation on CAT and XAT as these are the toughest and the best exams to crack.

The Value of Leadership in Management & the need for students to Develop Qualities | GIBS BSchool Bangalore - Top PGDM College in Bangalore

 

Every student has to develop leadership skills in order to become a successful manager or leader in the future. At every level of the organisation, including lower, medium, and senior management, leadership is essential. Businesses must establish sustainable, profitable growth in order to survive, and strong leaders are able to do this by creating the proper plan and inspiring people. Here is everything you need to know about management leadership as a student from renowed top bschool. 

Why is leadership so important?

To accomplish business objectives, management entails using all of the organization's resources, including time, money, human capital, and assets. Effective management depends heavily on leadership since it sets the course for all resources to move in the same direction.

Things to keep in mind

1. Management leaders inspire employees to meet both individual and team goals with the help of their people management abilities.

2. New-age executives develop tactics to boost labour productivity.

3. Effective leaders promote original thought

What is the importance of leadership in an organisation

•  Direction

To create a seamless and conflict-free workplace, leaders should instil essential corporate principles. The direction given by the management keeps the team together and aids in keeping them from being sidetracked during trying times. For instance, many firms were impacted by the pandemic, yet organisations with capable leaders were not only able to survive but also prosper amid a crisis.

• Resolution of disputes

Conflicts can occur at several levels within an organisation, and managers are aware of the complexity of human behaviour. They use their negotiation abilities to handle the conflicts in a positive way by maximising team participation.

•  Modernise the businesses

To thrive in the modern world, one must be able to adjust to ever shifting market trends and technological advancements. Due to a lack of innovation and a reluctance to use new technologies, many profitable enterprises have failed. The change is introduced by the leaders through intuitiveness, analytical thinking, and critical thinking. These changemakers help ensure a seamless transition to new procedures by eradicating all signs of opposition to change.

• Development of the organisation as a whole

Several factors, including logistics, budgeting, operations, production, and the introduction of new products, to name a few, interact to form the management of the firm. Because the success of the firm depends on the synchronisation of various aspects and the optimum use of resources, as future managers, you will be in charge of managing functions outside of operations.

Leadership qualities are crucial for students

As students, you will engage in peer interaction, teamwork for project completion, collaboration with teachers, etc. In order to properly execute your assignment, interact with the team, and establish rapport, you will need leadership skills. Additionally, these abilities will be useful whether you pursue internships or full-time employment.

Several crucial abilities for you that will help in your academic and professional lives

Communication capabilities

As a leader, you are required to communicate clearly and authoritatively. Effective verbal and nonverbal communication abilities can motivate the team to work more. Whether you need to assign tasks, set goals, or recognise success, you must communicate clearly.

Develop trust

Consider the following scenario: You have a large project to finish, and you assign it to your team members with the expectation that they will finish it by the deadline. Instead, you return to find the team in shambles, each member blaming the other for the failure of the project. Therefore, it is the responsibility of leaders to foster trust so that team goals are met in addition to individual ones.

Listening abilities

Active listening can help you understand your team, their challenges, and expectations. These abilities are frequently undervalued. The people on your team who are most involved in the operation and business process are likely to run into problems and have creative ideas. Listening to them allows the free flow of ideas and a healthy exchange of views and solutions to problems.

This illustrates how crucial leadership is in management. We wish you luck as you pursue your academic goals to become a leader if you aspire to be one. If you require financial support for your academic endeavours, student loans are an option. Students can get loans from Avanse Financial Services for a wide variety of courses, including an MBA or PGDM programme.