IMR JAN 2013 - Indira Institutes

Unlocking Entrepreneurial Capabilitiesof entrepreneurial skills in the educationsystem can increase the supply of futureentrepreneurs in the country. A venturesupport system based on entrepreneurialeducation can be designed to stimulate andfacilitate entrepreneurial activities whichcould result in a lower unemployment rate,increased establishment of new companiesand fewer failures of existing business, thedevelopment of entrepreneurial skills aswell as knowledge of venture creationprocess can prepare students for therealities of life when they graduate. It willempower them to learn business andenhance their social and life skills that aredearly needed in todays society.In growing economies like India, it has beensuggested that to enhance its rapideconomic growth rate, India must providefor1) Education directed specifically atentrepreneurial skills2) Financing of entrepreneurial efforts.3) Networking among potentialentrepreneurs and their experiencedcounterparts (Lal, Anil K, Clement, Ronald W,2005)ENTREPRENEURSHIP EDUCATION ANDTRAININGEntrepreneurship and Enterprise Educationhave given higher education institutions theopportunity to grant societies employablegraduates who have the necessary kit ofinnovation, motivation and creativity todevelop new products, services and smalland medium enterprises (SME's) that notonly boost economies but also contribute tothe overall cultural and social development.The emphasis on the role ofentrepreneurship education programs topromote self-employment is build on thenotion that entrepreneurship or certainfacets of it can be taught or at least encouragedby these programs. The accepted notion is thateducation can serve as a preparatory functionin relation to new venture initiation or start upwhereby the transfer of knowledge and theacquisition and development of relevant skillsare expected to increase the propensity, selfefficacyand effectiveness of the potentialentrepreneur (Jack & Anderson, 1999)Fostering entrepreneurship in highereducation means that entrepreneurshipshould be incorporated in various subjects inorder to provide students with specifictraining on how to start and run a business.The need to revise and update existingeducational curricula to respond to profoundand multifaceted changes occurring in theworld today is widely recognized.TEACHING AND ENTREPRENEURSHIP:While Entrepreneurship has been introducedas a course in a number of business schoolcurricula, there needs to be a greater thrust inmaking Entrepreneurship a priority subject.Other aspects of Entrepreneurship such asbusiness ethics, early enterprisemanagement, aspects of scaling up, Indiancorporate law and relevant international laws,should also be a part of such curricula.However, many students and graduatesperceive several obstacles that oppose againstbusiness start-ups, such as lack of experienceor lack of finance, which block the path towardtheir preferred choice. The problem of thisinconsistency may lie in the presentcurriculums, which have focused almostentirely on the needs of aspiring middle andfunctional managers rather than the needs ofaspiring entrepreneurs. Entrepreneurshipeducation and training needs to be localized,i.e. researching the local environment andcircumstances which will in some way86 Indira Management Review - Jan 2013