According to a survey report, approximately 200 students take up the entrepreneurship every year out of 3500 students in IIMs each year, while 1600 students enter into startups out of 9,600 students in IITs each year. The number of the students of IITs is ultimately more in taking up a startup because the number of students coming out from IITs each year is also more. However, the percentage of the students from IITs choosing a startup is, undeniably, more than the percentage of students from IIMs.
As the students of IIMs have the heavy burden of their loans, they are much concerned about a well-paid job in some of the well-established firms for a longer period. They have already spent huge sum money on their studies and after completing the study, they just want a job with a good payment and job security.
It is impossible to become an entrepreneur for anyone without taking a lot of risk to a certain extent. Most of the IIM graduates have to pay back a huge amount of education loan after completing their studies. At this tough situation, they hesitate to consider a start-up. If a start-up fails, they won’t be able to pay back their loans; hence, they view the risk very seriously and they decide to avoid it. In general, IIM graduates are older than IITs which becomes another restriction for them to take a risk.
MBAs focus on leadership, organization, and performance while Engineering deals with creating, building, and developing. Students from IIMs may develop skills to manage human resources, finance, sales, production, and customer care while the students of IITs develop their innovative skills to start a new product or design a product of their own and placing their production the right platform. MBAs develop their skills to bring the expected ROI to their companies by managing everything well; whereas Engineering students develop their skills to build and sustain even without much money. Some of the famous American companies like Boeing, General Motors, Pfizer, Microsoft, Google, and Apple were not stated by MBA graduates. Eventually, the success of such companies confirms the multiple skill sets that these entrepreneurs had developed as Engineers before pioneering their projects.
Average MBA graduates have a lot of ideas to run a company, but an IIT graduate has ideas to innovate and create a product. In IITs, along with the regular engineering studies, students get opportunities to develop the entrepreneurship skill through extra-curricular activities like STAB. For four years, the students are exposed to versatile technologies which make them real technologists who can be turned easily into entrepreneurs later.
With the technology-oriented mind-set, IIT engineers try to solve the problems that come during a start-up. A management student knows better how to manage things successfully with effective management skills. Contrary to this, an engineering graduate thinks to develop a product by incorporating his Innovative ideas blended with technology. The sound technical knowledge gives him the confidence to go for a Start-up.
There are lots of students of IITs who became successful entrepreneurs in diversified industries. In May 2013, Goyal started ThinkLABS few years after graduating from IIT Mumbai as a Mechanical Engineer. Today, ThinkLAB stands tall in three hundred prestigious schools across India and made an impact on millions of students.
Bipin Preet Singh, a graduate of Chemical Engineering from IIT, Delhi has succeeded in his novel venture, MobiKwik, an online mobile recharge service provider. He has started this project in 2009 and witnessed a remarkable growth within a short span.
Each success story of IIT students gives an inspiration to the current students to get into a start-up.
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