SOP Sample for MSc Entrepreneurship in the UK

STATEMENT OF PURPOSE

Statistically speaking, it is a character's origin story that carries maximum appeal. Therefore, playing the odds, let me just tell you mine. Right out of high school, I had a simple 10-year plan – sitting on the marketing team of a global brand. With that in mind, I decided to take an unorthodox approach to achieve this goal. I pursued majors in Psychology along with a work-study marketing diploma, to learn not only what marketing techniques work in different situations but also why they work. The blend of psychology with marketing helped me comprehend the convoluted consumer behaviour and understand the various aspects involved in deciphering a consumption pattern. Once I mastered this art, the pragmatic learnings of a work-study program were a natural complement to understanding the nuances of various approaches to marketing campaigns from a practical standpoint. This led me to gain a unique academic portfolio of being a double graduate, achieving so with distinction-level grades.

Recognizing that practical considerations are more pertinent than book knowledge, I also took up several internships, rural immersions, live project assignments, extracurriculars and more, throughout my undergraduate years. I was an active member of the [ORGANIZATION_NAME], a non-profit organization that volunteered for and carried out extension activities to spread awareness about education and women empowerment. Over my five years at [ORGANIZATION_NAME], I advanced from a mere member to the club's youngest secretary, and during that time [ORGANIZATION_NAME] was recognized as one of the best-ranked organizations in the city for its uplifting endeavours.

On graduating, I landed a job at [COMPANY_NAME] – a listed e-commerce company that revolutionized India's fashion products space with its novel products and indigenous branding. The $20 bn company was just a start-up back then – but that one-hour-long interview left an indelible impression on me. My 10-year plan took a new turn after being interviewed by the company's founder, [NAME] (now India's richest self-made female billionaire). Her personality and entrepreneurial vision persuaded me to adjust my professional aspirations just a smidge. I relinquished the concept of working for a well-known top-tier brand and instead, opted to pursue a start-up to track my progress in tandem with the company's growth.

Amidst this, I was approached by an NGO that focuses on spreading awareness about female sanitation. For their fund-raising pitch, I put in place a feasibility model for the NGO alongside preparing a marketing campaign and crafting slide decks for their pitch. While working at [COMPANY_NAME] had its perks, this one project that I did on my own, provided me with a ten-fold satisfaction. The added responsibilities, independent decision making, unrestrained creative opportunities, and most importantly the feeling of calling the end-product my own – well this feeling was arguably more enthralling than my interview with [NAME]. It called into question that, 'Do I want to be with her?' or 'Do I want to be her?'

On this reorientation of career goals, my father and I commenced our market research to exploit inefficient industries in the market. After a thorough feasibility study, we identified the industry of manufacturing packaging and sealing machines. The reasons being three-pronged: (i) unorganized sector and hence inefficient pricing due to disbalance of information, (ii) presence of middlemen charging huge margins while providing negligible value addition, and (iii) inestimable scope and applications, a large part of which were unexplored as a result of the sector being unorganized. In order to bootstrap our new venture and learn the intricacies of a B2B market, I spent another year working at [COMPANY_NAME].

After having saved enough, we officially kickstarted our venture selling distinguished automatic digital sealing machines. Given the wide applications of our novel sealing technology, it was not going to be long for competitors to reverse-engineer our products and try to penetrate markets by cutting margins. Hence, the only way to survive and grow was constant research and innovation. We delved deeper into possible usages of our machines in industries ranging from pharma to FMCG. Parallelly, I also launched the company website and introduced Google analytics, Facebook targeting, and the display of specialized machines on YouTube through informative filming.

After over a year in the business, I realized that this market has virtually limitless applications. I further intend to launch new business verticals focused on a B2C target sector with more innovative solutions such as hand sealers that can be utilized by both local and global markets. I would also like to introduce a range of stainless-steel machinery to eliminate the concern of corrosion on our long-lasting machines. To accomplish so, I must acquire skills and run the business efficiently and that's what I intend to achieve from this course.

The MSc in Entrepreneurship, Innovation, and Management at [UNIVERSITY_NAME] focuses on harnessing creativity and making one's entrepreneurship goals a reality. It appears to be the best option for someone who wishes to establish their own company or join the family business. This precisely fits with my goal as the company's designated precursor. An extremely pertinent aspect covered throughout the modules is the relationship between feasibility and creativity. While creativity might be innate, feasibility must be mastered. This course would provide me with a plethora of relevant information about 'feasible innovation.' It would also help me operate a more organised business. Being an entrepreneur necessitates multifaceted skills in a variety of sectors, ranging from technical to financial to marketing. It is essentially a science that requires precise balance in terms of centralisation, management styles, and the art of communication. It covers a wide range of topics, including launching new ventures, entrepreneurial finances, and e-business. Learning about venture capital and private equity through a hands-on module that includes real-life case studies and guest speakers with extensive experience as venture capitalists can be a once-in-a-lifetime opportunity. Subjects concentrating on Digital Strategies in Innovation Management can help me develop my current approaches while moving toward a more digital approach. Finally, the summer module of Entrepreneurial Business Plan allows me to experience the real-life process of developing an entrepreneurial activity through autonomous and guided study. Where I will be required to create a legitimate company concept and see it through to completion with a business plan. This will not only assist me in evaluating my existing setup, but it will also provide me with the confidence to brainstorm on defining my short- and long-term targets that I hope to achieve.

In the course of my job experience, I realised that the corporates are modelled in such a way that the top brass reaches new heights on the backs of their employees. However, I aspire to be an entrepreneur that grows their people with the firm. The fundamental concept is to transition from an unorganised small firm to an ecologically and socially responsible organisation. The simple goal is to earn profits and grow as part of being an 'organisational goal' instead of an 'individual goal' resulting in the benefit of not an individual but all its stakeholders. My goal is to run an organisation where the employees are akin to owners - reaping the benefits of their efforts and growing with the business. It is my dream to see them move up the ladder of social class. I intend to achieve it by way of ESOPs, SARs, higher variable pay, and sustainable automation to not result in job losses.

As [FICTIONAL_CHARACTER] once said, "It is our choices that define what we truly are, far more than our abilities." Despite my competence, I believe it is my purpose/choice that makes me a fitting candidate for this program at your esteemed university.