Entrepreneurship Education And Its Significance In The Present Times

In the Post-COVID world, newer opportunities have emerged for which the entrepreneur should be agile enough to accept the challenge.

Notwithstanding the overall COVID-19 pandemic, entrepreneurs need to confront another stark reality of an unprecedented downturn lumbering the global economy. In the current stage where our collective optimism is focused on flattening the COVID-19 spread curve, we also need to rethink ways of empowering the economy which has come to a disquieting pause. In one of his addresses to the nation amid the pandemic, the Prime Minister announced measures for a self-reliant India that is helmed by local businesses. This directive makes the role of new-age entrepreneurs imperative in restoring the pace of the economy.  

Coined as 'Atmanirbhar Baharat,' the directives has a substantial focus on the necessity and importance of entrepreneurial education. Entrepreneurs with the right amount of training will be better equipped to recognize and make the most of emerging opportunities. Entrepreneurship education is one of the most significant sectors that has been instrumental in establishing entrepreneurship as a viable career. 

The current state of the economy point towards the need to usher sustainable enterprises that are diverse and look at addressing the core challenges facing the country. In addition, it can solve the employment issue, which is of great concern, given the pandemic and its adverse impact on new entrants to the job markets. According to data from the Center for Monitoring Indian Economy, joblessness shot up from 8.4% in mid-March 2020 to 23% toward the beginning of April 2020. In this context, entrepreneurship education can play a key role in identifying and nurturing such aspirants.   

Entrepreneurship in India was limited to family businesses until a decade ago. However, the ecosystem today is different and is favourable towards first-gen enterprises or start-ups that want to build a business. In coming days, strengthening this ecosystem will ensure that the country moves into the next phase of ‘innovation-driven.’ This will require suitable policy measures as well as training to not only scale up but sustain a business. This is a crucial step for any economy that marks its transference from job-creators to job-generators. 

Entrepreneurship education has picked up pertinence over a period of time and is genuinely necessary to direct future entrepreneurs, particularly now. Entrepreneurship education is taking the lead by not just guiding schools and institutes to make industry-ready entrepreneurs, but by also steering students towards innovation. Following on the mantra of Atmanirbharta, entrepreneurship education inculcates critical and lateral thinking in entrepreneurs and entrepreneurial managers. It nurtures their ambitions and enables new ventures through an academically rigorous, directly relevant and highly practical learning experience. Often, it helps to leverage the strengths of family business management and successfully implement practices that drive high performance, shareholder loyalty and healthy family relationships. 

A holistic entrepreneurship education program consists of: 

  1. New Enterprise Creation (NEC): The objective of this specialization is to prepare students in identifying, initiating, managing and growing a business enterprise.  

  1. Family Business Management (FBM): The objective of this specialization is to develop individuals as enterprising, knowledgeable successors/ owners of their family businesses for competitive and sustainable growth. Established principles and practices of managing and growing family businesses are dealt in-depth.  

  1. Social Entrepreneurship (SE): The objective of this specialization is to provide students with a new orientation and way of thinking to organise and lead sustainable development through social innovation and entrepreneurship. 

In the Post-COVID world, newer opportunities have emerged for which the entrepreneur should be agile enough to accept the challenge. This skill of identifying opportunities in any scenario is very essential for entrepreneurial growth. Hence, it is the right time to invest in career and upgrade oneself when the economy is going through a turbulent phase. The time is also opportune as there is strong support available through ‘Atmanirbhar Bharat’ initiative that will tremendously benefit the MSMEs. 

A balanced and viable educational practice is what is required for the capacity building of young entrepreneurs. It is time to sharpen one’s entrepreneurial potential and convert it into an advantage. Entrepreneurs of tomorrow will contribute tremendously in terms of raising the GDP, increasing employment, salvaging the dwindling economy and creating a self-reliant India. The increased number of entrepreneurs will also largely contribute in the form of higher tax revenue, which will enable the government in deploying revenue in sectors that are in dire need of it.   

Disclaimer: The views expressed in the article above are those of the authors' and do not necessarily represent or reflect the views of this publishing house

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