India is rapidly becoming a hub for start-ups and businesses as more and more young people embrace the idea of creating a new business. However, running a successful business takes more than a great idea and passion. Just as we know that the shore cannot determine a boat’s capabilities, the sea can only truly test them. Therefore, before diving into the deep sea of business, it is always wise to learn the basics.
Obtaining a BBA or Bachelor of Business Administration degree is one way to achieve the vital knowledge to know the basics of business. For young entrepreneurs who do not have any prior experience in business management, there could be significant benefits of a BBA degree in shaping their ideas and operations.
Advantages of BBA Course-
The BBA course benefits are as follows-
- A BBA degree shapes an individual into becoming an entrepreneur by providing a curriculum that focuses on understanding business and developing successful management skills.
- Classes are conducted through a modern approach, such as case studies, practical classes, and role-playing, to enhance the overall personality development of students.
- Special attention is given to developing body language, communication, and leadership skills.
- Each student receives exclusive attention.
- Students exhibit to practical sessions like entrepreneurship workshops, start-up events, and competitions.
- Various activities are designed to meet the current needs of industries, such as fostering innovative thinking, improving time management skills, building teamwork abilities and understanding customers, and building relationships with them.
Relationship of BBA Degree with the present Business Environment
To effectively utilise the benefits provided by the government for starting a business, it is necessary to have a certain level of practical and theoretical knowledge about business operations.
It is where a Bachelor of Business Administration (BBA) degree can be beneficial. The subjects covered in a BBA program, such as Human Resources, Financial Management, Marketing, Entrepreneurship, Economics, and other management subjects, help individuals gain a comprehensive understanding of the various functions and management aspects of a business, which forms a solid foundation for starting a business. Additionally, BBA students are exposed to practical aspects of businesses through industrial visits, entrepreneurship workshops, start-up competitions, and B-plan competitions, which further enhance their knowledge and understanding of the business arena.
Government Schemes to Strengthen Business in India
The SIP-EIT scheme aims to financially assist small and medium-sized enterprises and technology start-ups in filing for international patents. The scheme aims to financially assist small and medium-sized enterprises and technology start-ups in filing for international patents to promote innovation, acknowledge the potential and abilities of global intellectual property, and take advantage of growth opportunities in the information, communication, technology, and electronics sectors.
- The applicant must meet the investment limits for plant and machinery or equipment defined in the Government of India’s MSME Development Act 2006.
- The applicant must be a registered company under the Companies Act of India.
- The applicant must meet the investment limits in plant and machinery or equipment defined in the Government of India’s MSME Development Act 2006.
- The applicant must be a registered STP Unit.
- The applicant must be a technology incubation enterprise or start-up located in an incubation centre/park and provide certification from the incubation centre/park.
- The proof of registration and the last audited balance sheet will be used to verify compliance with the eligibility criteria.
Dairy Entrepreneurship Development Scheme (DEDS)
The Dairy Entrepreneurship Development Scheme (DEDS) is introduced by the Department of Animal Husbandry, dairying, and fisheries to generate self-employment opportunities in the dairy sector by providing back-ended capital subsidies for bankable projects. The NABARD implements the scheme.
Individuals can get support for all the aspects of the scheme but only once for each component. More than 1 family member can get support under the scheme, provided they set up different units with separate infrastructure at different locations, with a distance of at least 500 metres between them.
Eligibility: Farmers, individual entrepreneurs, NGOs, companies, and groups of organised and unorganised sectors are eligible to apply for the scheme.
The National Minorities Development and Finance Corporation (NMDFC)
The National Minorities Development and Finance Corporation (NMDFC) has a scheme called Credit Line 1-Term Loan Scheme, designed to provide financial support for self-employment opportunities for individual beneficiaries. The scheme is implemented through the State Channelizing Agencies (SCAs).
Under the scheme, projects with a cost of up to ₹20 lacs are eligible for financing. NMDFC provides a loan of up to 90% of the project’s actual cost, subject to a maximum of ₹18 lacs. The remaining cost of the project is covered by the SCA and the beneficiary, with a minimum contribution of 5% from the beneficiary. The interest rate for the loan is 6% per annum, calculated on the reducing balance method. The scheme also includes a moratorium period of 6 months, a repayment period of 5 years, and a utilisation period of 3 months.
The scheme provides financing for any commercially viable and technically feasible venture, which can be classified into the following sectors: Technical trades, Small business, Agriculture and allied, Artisan and traditional occupations, and Transport and services sector.
National Awards (Individual MSEs)
The Ministry of Micro, Small and Medium Enterprises (MSME) gives National Awards annually to selected entrepreneurs and enterprises under the scheme of National Awards to recognise the efforts and contributions of MSMEs.
Under the scheme, the selected National awardees are facilitated with cash prizes of ₹1 Lakh, ₹0.75 Lakh, and ₹0.50 Lakh in order of ranking. In addition, there are special awards for women entrepreneurs, SC/ST entrepreneurs, and entrepreneurs from the North-Eastern Region (NER), each with a cash prize of ₹1 lakh. Furthermore, MSMEs scoring marks above 80% and 50% in the case of NER will receive a Special Recognition Award with a cash prize of ₹0.20 lakh.
Eligibility for awards: Entrepreneurs managing MSMEs should have permanent registration or must have filed Entrepreneurs Memorandum Part-II with notified authorities and should have been in continuous production/servicing for at least the last three years.
Self Employment and Talent Utilisation (SETU)
Self Employment and Talent Utilisation (SETU) is a program created by Niti Aayog to support all aspects of starting businesses and other self-employment activities, particularly in technology-driven areas. The program aims to create around 100,000 jobs through start-ups.
Under the scheme, NITI Aayog is setting up an initial amount of ₹1,000 crores for SETU for the setting up of incubation centres and enhancing skill development to facilitate the start-up ecosystem in the country while also improving the ease of doing business.
This scheme aims to increase the number of start-ups through incubation and other services to reduce the country’s unemployment rate.
Eligibility: The scheme is for budding entrepreneurs who can get incubation and other support while doing their start-ups.
A Bachelor of Business Administration (BBA) degree can be valuable for individuals looking to start a business. The curriculum of a BBA program focuses on understanding business and developing successful management skills, which is crucial for running a successful business. If you plan to take admission to the BBA programme, you can browse a list of colleges with Sunstone’s benefits. There are more than 50 such colleges across India where you can enrol and sign up with Sunstone to access its courses and training modules.