What you learn in the classroom will remain theories unless you apply them in actuality. Thus, the need for firsthand experience is necessary. Internship facilitates the “student” to spend a specified number of hours working for an assigned employer or the host. An established entrepreneur that allows the student to gain work experience in either for-profit or not-for-profit ventures.
Colleges, business schools, and other academic institutions offer these programs in order to make sure that students aspiring to become entrepreneurs are given proper support and training. The duration of the program varies; some can be as short as two weeks while others may run up to ten weeks.
Internship programs are rendered beneficial to both the student and the employer because it provides a number of advantages for both sides.
Benefits of Internship Programs to the Entrepreneur
The benefits of internship programs to budding entrepreneurs are very obvious. Some of the internship benefits for entrepreneurs are stated here below.
1. Internship gives the budding entrepreneur the opportunity to learn from successful entrepreneurs who have already experienced the ins and outs of business ventures. Their wisdom could help determine your success.
2. Internship programs for entrepreneurs can be a medium by which you can widen your network. Your network of entrepreneurs will come in handy because when it comes to managing a business or a venture, “influence” is important.
3. One can receive an allowance or stipend if they undergo internships. This means that you get paid to broaden your knowledge and develop your skills in entrepreneurship.
4. You get to experience the real thing minus the risks of putting up a business. The impact of your experience on yourself should help you decide if entrepreneurship is indeed the path you want to take or not. It helps you make an informed and accurate decision for your future.
Benefits of Internship Programs to the Host
With internship programs, there is “mutual benefits”, not only the “students” will gain knowledge from internship, but so would the employer, the host, or the organization that hired the intern.
1. It is cost effective. This is perhaps one of the most common benefits of hiring interns and one that always entices organizations to open their doors to internship programs. As an entrepreneur, you always want to be as cost-effective as possible and what better way to achieve this than by getting interns. You will not spend anything to hire them and their pay rate is significantly lower than regular employees because usually, you only have to provide allowances or stipends.
2. You get access to a pool of achievers. Interns for entrepreneurship are enthusiastic and highly motivated individuals who are very excited to venture in the world of business. They have fresh ideas in their minds which you can tap and use to your company’s advantage.
3. Interns can help increase company productivity and improve staffing. Many individuals sign up to become interns in order to improve and hone their entrepreneurial skills. If you accept interns to work for your company for several weeks, you could give your employees a breather and have more people to take care of their work, which can of course increase productivity.
4. You could spot brilliant individuals and ask them to work for you. Not everyone who wants to become entrepreneurs push through with their plans; others opt to get more experience first before taking a bold step on entrepreneurship; there are also those that completely change their mind after finding career satisfaction elsewhere. No matter what the reason may be, there are always instances wherein an intern will want to be employed in your company after finishing the program. If you could get a smart, dedicated, and brilliant intern who is willing to work for you, then that is a prospect you cannot afford to lose.
Requirements and Procedures for Internship Programs
Requirements depend on where you apply for internship. Most academic institutions require you to have a major in entrepreneurship and must be a graduate to qualify. However, there are a handful of online schools that offer such programs and only require you to submit your curriculum vitae (CV) along with a cover letter expressing your intent to apply.
The agenda for these internship programs include meetings with the program facilitator several times during the entire period to discuss and assess the activities and experiences of the interns. Reports and internship portfolios are to be submitted by the end of the program, and some also require daily journals where the interns need to input their observations and learning everyday.