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AIMA Journal of Management & Research, May 2016, Volume 10 Issue 2/4, ISSN 0974 – 497 Copy right© 2016
AJMR-AIMA [Type text] Page 1
Article No.20
STRATEGIC ENTREPRENEURIAL EDUCATION: ROLE
OF MANAGEMENT INSTITUTIONS IN NURTURING
YOUNG ENTREPRENEURS
Sovit
Student –PGDM Finance (2nd
Year), Prin L N Welingkar Institute of Management and
Research, Mumbai
Prof. Chitralekha Kumar
Asst. Professor, Prin. L N Welingkar Institute of Management and Research, Mumbai
Abstract: Job creation and employment have been a crucial part of the development agenda for decades.
Whether it is a developed economy or a developing economy, the creation of jobs has been the major goal of any
government. Educational Institution plays a major role in achieving this challenging goal of the government. Being
in the top hierarchy of education, the role of Management Institutions is not only limited to the task of providing
jobs but also to create Entrepreneurs, who could not only drive the economy but also improve the welfare of their
society. In a developing nation like India where as per the UN report, the World‘s Largest Youth population reside,
it is essential to think about something more than just creating new jobs. As Employment works on Demand and
Supply relationship and the larger Young population will demand for more jobs, there must be an equal supply of
Employers and since the other Educational Institutes are more focused on providing jobs to their students it is must
be the major assignment of The Management Institutes to focus on Entrepreneurial Education. Entrepreneurship is a
way of boosting economic competitiveness and promoting nation‘s development. In the present research paper, the
first part of the paper discusses on the importance and need of entrepreneurial education in India. The Second part of
the paper comprises of opinion surveys of selective management students in an attempt to study the ongoing
Education pedagogy adopted in Management institutions, to find out the ways how this pedagogy can be molded to
promote and create more young entrepreneurs. The researchers have also discussed some case lets of few
management students who are successful entrepreneurs today and stand as a source of inspiration for Management
institutions to design and enhance the Entrepreneurship Education programs and expand their student‘s expertise
and knowledge towards such programs.
Keywords: Entrepreneurial Education, Demand and Supply, Pedagogy
1. INTRODUCTION:
An Entrepreneur is an individual who establishes his own business or firm to earn the profits and
growth. The definition of Entrepreneurship as stated by Professor Howard Stevenson, the
godfather of entrepreneurship studies at Harvard Business School ―Entrepreneurship is the
pursuit of opportunity beyond resources controlled‖. Professor Arthur Cole defined
Entrepreneurship as purposeful activity to initiate, maintain and develop a profit-oriented
business. The activity is not just the creation of business, but also involves a dynamic process of
mission, vision and change. It constitutes energy and efforts to convert the ideas into solutions.
The solutions not only change the economic conditions of an individual but also strengthen the
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economy and pull it out from the downturns. According to Global Entrepreneurship Monitor
2014 Global Report: Everywhere around the globe there are opportunities to be captured for
development, but their transformation into venturing depends on individual attributes ,social
values and the entrepreneurship ecosystem (from access to finance, education and R&D transfer,
to government policies and programs, as well as physical and professional
infrastructure).Individual attributes are Skills and Intentions of a person that inspires and
motivates him to start his own venture. Entrepreneurship is a challenging task and requires a
collective effort of Individual, his educational institute and the appropriate coordination of
Government policies and programs. An individual‘s environment influences and molds his
thought process, encourage innovation and provide adequate and timely support at every level of
venture creation. Entrepreneurial education creates a positive impact on the mindset of young
people. It has a key role to play in inculcation of Entrepreneurial Competency in the Indian
individuals. Today there are enormous personal, social and economical benefits of
entrepreneurship. These benefits can only be reaped if the management and other educational
institutes promote the entrepreneurial programs and courses in India so that the students can opt
to grab the profitable opportunities and boost the Economy. Present paper is an attempt to
understand the role of management institutions that encourage entrepreneurial education and
suggest ways to improve them.
2. LITERATURE REVIEW:
The area of entrepreneurial education has been subjected to a significant amount of prior
research. Peter F.Drucker (1984) in Harvard Business Review article mentioned that new
businesses and startups have formed the main driving force for the nation‘s economic growth.
These start-up ventures adopted new approaches for the market and posit a challenge to the
conventional businesses.
Plaschka and Welsch(1990) presented the framework for the development of entrepreneurship
education courses and programs. There are two dimensions of Entrepreneurship education- the
absolute number of Entrepreneurship courses and the degree to which these courses and
programs are integrated. Lena Lee and Poh-Kam Wong (2005) emphasized that the new
millennium will create greater environmental uncertainty and competition in the business. This
will demand more flexibility and innovativeness for the survival in highly competitive job
markets resulting in encouragement in societies to pursue entrepreneurial careers.
C. Mirjam van Praag and Peter H. Versloot (2007) studied the contribution of entrepreneurs to
the economy with reference of their significance in employment generation, fostering innovation,
promoting growth. The study concluded that entrepreneurs are more satisfied than employees
and entrepreneurial firms affect regional employment rates of all the companies in the region.
Entrepreneurship is a fundamental driver of productivity and can be determined based on self-
employment rate and business ownership rate. Entrepreneurship is a direct function of the level
of economic development in a nation as found out by Hugo Erken, Piet Donselaar and Roy
Thurik (2008). The report by European Commission (2012) studied the impact and effect of
entrepreneur education on entrepreneurship key competence, intentions towards
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entrepreneurship, individual's employability and society and the economy. The report concluded
that Entrepreneurship alumni scored higher on key competencies.
The evolution of entrepreneurship education in India was explained by Anis ur Rehman and Dr.
Yasir Arafat Elahi (2012) in their research paper. The paper also focused on the challenges with
regard to the role of educational programs and the delivery systems for disseminating these
entrepreneurship education programs. Sanjay Manocha (2012) studied the innovation and
entrepreneurship simultaneously and included the examples of innovative entrepreneurs.
Innovation leads to the dynamics that governs the interaction between science, industry and
society. Dr. Deepti Maheshwari and Supriya Sahu (2013) focused on current scenario of
entrepreneurship in India, entrepreneurship challenges viz. Family challenges, Social challenges,
Technical challenges, Financial challenges and Policy challenges and discussed about how to en-
cash the possibilities and prospects to become a successful entrepreneur. Even though the
entrepreneurial educational institutes have increased now, but the teaching methodology by
academic researchers is still the traditional which requires the demand of more experienced
business teachers as explained by Thomas Hopkins and Howard Feldman (1989) in their article.
There are some issues faced by institutions to identify and attract the appropriate entrepreneur for
the teaching job but the paper has discussed and suggested the ways to come out of these issues
to promote the new approaches of entrepreneurial education.
Rashmi Bansal (2013), a writer and an entrepreneur in her book ―Take Me Home‖, presented the
stories of young entrepreneurs who founded their business opportunities in small towns of India.
The book showed how motivation, hard work and dedication can create success in the life. Also
the location is not important to build a business. Ronnie Screwvala (2015) in his book ―Dream
with your Eyes Open: An Entrepreneurial Journey‖, shared failures and triumphs that aims to
inspire a generation to dream big and grow the spirit of entrepreneurship and leadership. The
book discussed the need for an inspiring start-up nation. The existing literature highlights the
importance of entrepreneurial education towards business development and ownership. Thus
there is a need felt to identify strategic methods to strengthen the entire process that would in
turn boost the Indian economy.
3. RESEARCH METHODOLOGY:
3.1 Objectives of the Study:
Following are the objectives of the present research
1. To study the importance and need of entrepreneurial education in India
2. To study the opinion survey of management students to understand the ongoing education
pedagogy adopted in Management institutions
3. To discuss the case lets of successful entrepreneurs of India.
3.2 Research Design:
The researchers have followed a descriptive cum analytical approach in drafting the paper. The
need and importance of entrepreneurial education in India has been described in detail. Opinion
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survey of the management students and case lets of some entrepreneurs are discussed to
understand the pedagogy of current education system.
3.3 Data Collection & sample Techniques:
Data has been collected from both Primary and Secondary sources. The secondary data has been
collected from newspaper articles, journals, magazines, books and various web portals. Primary
data has been collected by online survey and Personal Interview Survey. Convenient sampling
technique was used for the study. The respondents were encouraged to share their experiences
about the existing pedagogy and their expectations towards better entrepreneurial education.
4. Data analysis and interpretation:
4.1 IMPORTANCE AND NEED OF ENTREPRENEURSHIP EDUCATION IN INDIA: Entrepreneurship is a key aspect of any nation‘s economy and is the essential driver for
economic growth and employment generation. It makes the human lives more comfortable
through the introduction of new technologies, products and services. Entrepreneurs, through their
creativity and risk taking abilities, improve the world by innovation and help build a society that
is richer, socially adept and technically advanced. Entrepreneurship education is the formal
and structured approach to generate the entrepreneurial mindset in an individual. Though, an
individual can establish the firm without having a formal education, but the skills to manage the
workforce, finances and product markets can only be learnt if they are taught and guided by
someone who is already an expert of the domain. Some studies show that students who receive
entrepreneurship education are more likely to start their own companies.
In a country like India where as per the report, ―State of the Urban Youth, India 2012:
Employment, Livelihoods, Skills‖, India is set to become the youngest nation by 2020. Today,
there are 430 million young people in the age group 15-34 years. Every third person in the
country today is young. By 2020, 64 percent of the population will be in the working group, the
Entrepreneurship education has an immense role to play to provide job opportunities to the
youngsters. In our country, the number of graduates passing in a year is more than the number of
jobs created in the same year. If we talk about Engineering graduates, then out of 1.5 million
engineering graduates passing out every year, 20-33 % faces the risk of not getting a job at all.
This is a case of unemployment where demand for the jobs is more than the supply. But
unfortunately India is facing the situation of underemployment as well. Those graduates who end
up getting a job offer takes up the jobs which are well below their technical qualifications
(Source: dazeinfo article). The Union Budget 2015, announced various reforms in the budget that
would create more jobs in infrastructure, manufacturing and IT sector. Job portal naukri.com
predicted that 56 percent of the recruiters expect the creation of new jobs in IT sector (Source:
RTN.ASIA).But this is only one side of the coin. These new vacancies are created by firing the
already existing workforce. According to an article published in World Socialist Web ―major IT
firms have laid off thousands of workers in India recently. Many of the big giants have even
refused to provide the joining letters to many of the fresh graduates they had recruited through
campus placements‖. More of automation and Artificial Intelligence will bring down the number
of jobs further in this sector. The loss of the jobs creates unemployment in a nation which slows
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down the economic growth and productivity and resulting in unequal distribution of income level
and living standards. Figure 1 shows how unemployment slows down the economic growth
Figure 1: Unemployment slows down the economic growth
Now since the jobs are not enough to cater every educated youth and even those who are
employed have a sense of fear of losing their job, there is a high need of creation of more
entrepreneurial firms which could provide employment to the growing young graduates. These
firms should be driven by Indian entrepreneurs who understand the situation of our country and
provide more and more employment opportunities to boost the economic growth of the nation.
Education in B-Schools is designed to create good employees instead of employers. Only
Entrepreneurship education can create employers in the country. Entrepreneurial education
generates the sense of self dependency and leadership in an individual which leads to the
opening of enterprises by these individuals. Entrepreneurship education learns to break the
monopoly created by the big industries. It helps in understanding the value of ‗Made in India‘
products and how these products and goods can be exported to increase the Foreign Exchange
reserve of the nation. Entrepreneurial education should not create those managers who only think
of cutting the organization cost and raising prices. They should create the managers who
understand the overall picture of the company. For the successful management of a business, an
entrepreneur needs to know all the aspects viz. Marketing, Finance, Human Resource
management and Operations. He must know the interconnection between these components.
Entrepreneurship education is the only source to make an individual to get aware of these fields.
Figure 2 represents the linkages between various management fields through entrepreneurship
education
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Figure 2: Entrepreneurship education creates linkages between fields of management
If every student in India will think of only working under an employer, then soon there will be a
situation where there will not be any new firm which would provide jobs to the fresh graduates.
Imagine Larry Page and Sergey Brin, founder of Google, thought of taking the job after their
Ph.D. and would not invent the search engine and open their own corporate; the world of internet
would not progress the way it has reached the heights today. Google not only created the
innovative products, but also provided employment to thousands of employees. Some other
exemplary entrepreneurs are Bill Gates, founder of Microsoft, Ratan Tata, an Indian
Businessman and Chairman Emeritus of Tata Sons, who after completing his Advanced
Management program from Harvard Business School joined the Tata Steel and showed his
entrepreneurial skills and became the chairman of Tata Sons. Therefore a developing country
like India can pick up the pace of economic growth if the young generation understands the need
of creating employers. Only a well structured entrepreneurial education can inculcate the
entrepreneurial skills. As a result the role Entrepreneurship education becomes extremely
important.
4.2 OPINION SURVEY OF MANAGEMENT STUDENTS:
The management students are the right stakeholders who not only adopt the academic
curriculum, but also have some suggestions to the change which is better for the coming
generations to build a strong management career. Therefore, the researchers have chosen the
study based on the opinion survey of management students.
4.2.1 Survey Background:
i) Understanding and getting insights of the Education pedagogy adopted by institutions.
ii) Understanding the level of entrepreneurial education in the institutes.
iii) Understanding the opinion of students about entrepreneurial education as a necessity for
Indian economic growth.
4.2.2 Classification Scheme and Surveyed technique:
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In view of this thought, researchers have identified certain question based on the secondary
research. These questions were circulated online in the form of Web Survey to 100 respondents
of different Management institutions across Mumbai region in the state of Maharashtra, India.
4.2.3 ANALYSIS AND INTERPRETATION:
On the basis of the answers provided by the respondents, the authors have plotted the graphs for
the clear representation of the responses.
Figure 3
Interpretation: Out of 100 respondents, 90 percent of the respondents knew the term
Entrepreneur. Out of those 90 respondents, 29 respondents have also mentioned that the
Entrepreneur has risk taking abilities. Since it was a multiple choice question and can have
multiple options so 12 percent of the respondents think that Entrepreneur is an individual who
works under an employer.
Figure 4
Interpretation: 59 percent of the respondents have Entrepreneur club in their institute. 21
percent of the respondents do not have any Entrepreneur club in their institute. The 20 percent of
the respondents were not even aware about the existence of any such cell or club.
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Figure 5
Interpretation: 20 percent of the respondents mentioned that the Entrepreneurship club does
activity on a weekly basis. 18 percent of the respondents mentioned that Entrepreneurship club
does activity on monthly basis.8 percent and 4 percent of the respondents mentioned that the club
is active on quarterly and yearly basis respectively. 24 percent of the respondent‘s entrepreneur
club either does not exist or not active.
Figure 6
Interpretation: Only 37 percent of the respondents mentioned that their institution offers
Entrepreneurship program. 63 percent stated that there is no such type of course offered in their
institution.
Figure 7
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Interpretation: 27 percent of the respondents cited that only theoretical learning is emphasized
while 20 percent of the respondents mentioned that practical learning is emphasized in their
institute. 47 percent of the respondents mentioned that both theoretical and practical concepts are
taught in their institute.
Figure 8
Interpretation: 1 represents lowest and 5 represents highest ratings. 69 percent of the
respondents think that the level of entrepreneurial education in their institute is below average
and only 31 percent of the respondents think that the level is above average.
Figure 9
Interpretation: Majority of the respondents agree that entrepreneurial education is very
necessary to boost the economic growth of India. While very few, only 6 percent of
the.respondents do not give importance to entrepreneurial education.
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Figure 10
Interpretation: 60 percent of the respondents believe that there should be separate
entrepreneurial institutions in India, while 32 percent of the respondents believe that
entrepreneurial education should be provided along with the other Management courses. Very
few, 8 percent of the respondents do not feel any need for entrepreneurial education and
institutes.
Figure 11
Interpretation: Only 39 percent of the respondents mentioned that the faculty of their institutes
provide good support and encourage them to become entrepreneurs. For others, there is very less
support of the faculty for this type of teaching methodology.
Thus the major outcome of the above study shows that
1. In this era of education, there are still some students who are not aware of the term
Entrepreneur.
2. Still 40 percent of the colleges under study do not have any entrepreneur cells or clubs
incorporated.
3. 54 percent of the Entrepreneurship clubs either are inactive or conduct activities after a year
which means they are just made for the name sake.
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4. There are only 37 percent of the institutions that offer some entrepreneurial or related courses
to the students.
5. There are 27 percent of the Management institutions which focus only on the theoretical
aspects of the education. No practical education is imparted to the students in these institutions.
6. Majority (94 %) of the students believe that entrepreneurship education can boost the
economic growth of India.
7. In more than 60 percent of the institutes the levels of guidance provide by the faculty towards
business startup and building activities is below average.
4.3 CASE STUDIES:
Researchers interacted with two entrepreneurs, who after finishing their formal process of
management education decided to start their own venture. They opted out from the Campus
placements. They had some dreams which could be fulfilled only by their entrepreneurial skills.
Today both have their own start-ups and are doing a phenomenal work in their fields. Both start-
ups have gained enough names in a very short period of time.
The two Entrepreneurs are 1. Mr. Munish Singla
2. Mrs. Simrat Bawa
4.3.1 Interaction with Munish Singla, M.D, Chakshu Food Products ,Bhuna Distt
Fatehabad, Haryana, India:
Mr. Munish Singla has done his MBA in Marketing from a management institution of Haryana.
He is the M.D. of Chakshu Food Products, which deals in the manufacturing and supplying of a
comprehensive collection of Ground spices, Blended spices, Seasonal spices and Bandhahi Hing.
It is a start-up incorporated in 2013. In just 1.5 years of incorporation the company has achieved
a Sales Turnover of around INR 3 crores. After completing his Bachelors in Pharmacy, he
worked for 1.5 years in an organization. He had some business ideas which prepared his mind to
come out of the job and enter into his own business. He was unaware of calculating the risk
factors, brand creation and management of Working Capital initially required. The ideas were
unidirectional. Moreover he wanted to learn some theoretical aspects of the Management, so that
he could apply them to his business and create synergies of theoretical concepts with the
practicality.
Mr. Munish mentioned that according to him Management institutes should focus more on
Industry tie-ups. The theoretical concepts taught to students are difficult to use in the actual
corporate environment. To strengthen the practicality, a virtual corporate environment needs to
be created where students can learn how the work is actually done in the companies. For
example the marketing students should be given sales target and field work and divide them into
teams to cover different areas of a city and sell the products. Appropriate Customer relation
behavior should be noted for each and every student. These types of programs inculcate a sense
of independent decision taking in a student and their success in these programs open the doors of
starting their own business. The company is not making profits of their own, but also
providing employment to 50 workers in different roles who are given a salary as per the
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industry standards. The company currently has distribution in Haryana, Punjab, Delhi, Madhya
Pradesh and Uttarakhand. Till 2019 it will cover Pan India, thus will hire thousands of
employees resulting in more employment.
4.3.2 Mrs. Simrat Bawa, M.D, Sophic Services:
Mrs. Simrat Bawa is the Managing Director of Sophic Services, which is a mailing list solutions
provider and a sales augmentation company specialized in mailing list, email marketing,
database marketing, lead generation, demand generation, appointment setting and end to end
sales. (Source: Sophic service website).She has done her MBA in Finance and Marketing from a
reputed Business school of Punjab. The company was incorporated in 2013. The company
provides services to overseas clients. The company has one physical office located in Canada
also. Below are the details of the interactive conversation of the researchers with Mrs. Simrat
Bawa. After completing Bachelor of Science in Information Technology (IT), she joined M.B.A
program. After that she worked for 1 year in a company based out of Bengaluru. Then she
switched to another company and after working there for 4 months, she got a call from his
college classmate to start their own business. She mentioned that she liked the proposal and quit
the job to pursue the business with him. They both started with a team of 2 and now they have
grown to 20 employees. They have expanded their business to such a level that some of their
clients are Fortune 500 companies.
In the end, the researchers asked Ms. Simrat about the role her institute played in building her
entrepreneurial abilities and also whether she felt that there is a need for improvement of
entrepreneurial education in management institutions. Ms. Simrat replied to this saying that her
institute had good academia-industry relationships. We had industrial visits to corporate offices
of some good companies of India. There was an Intra institute competition among students
which required them to do Open market selling of the products and to earn the highest sale
targets. This program helped her and other students of the institution to understand their own
dreams and abilities. This was a life turning event and made her realized that she has the risk
taking abilities and appropriate people management skills for starting a business. Ms. Simrat felt
that Yes, there is a need for the improvement of Entrepreneurial Education pedagogy in the
Institutes of India. The practical education must be emphasized. Students self awareness and
decision making programs should be designed in a way that make a student understand his career
prospects whether to opt for the job or to create the jobs. There should be separate
Entrepreneurial Institutes focusing entirely on business activities and the course curriculum
should be designed in a way that makes a student a good entrepreneur with the complete
knowledge of his company‘s product and Operations.
5. ENTREPRENEURIAL INITIATIVES BY B- SCHOOLS IN INDIA:
Some of the prominent B-Schools of India have already incorporated some entrepreneurial
programs in their pedagogy. Some of the courses adopted by these institutes are: Business
Design, Business Analytics, Creativity, Innovation and Entrepreneurship and Business Taxation
(Source: Secondary data). These courses are electives which the interested students can opt and
open their own enterprise. According to Dr. Harsh Mishra, associate professor at the
Management Development Institute in Gurgaon , ―Courses and programmes on entrepreneurship
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are mostly interdisciplinary and an MBA programme with entrepreneurial focus encourages
students to crystallize, test, self-critique and gain confidence in their own ideas to move
forward‖(Source: The Hindu).
There are some separate entrepreneurial institutions in India which focus entirely on
Entrepreneurial education. They are designed either by Government or some trust to cater the
need of Entrepreneurial education. One such institute is Indian Institute of Entrepreneurship,
Management and Technology (IIEMT). According to IIEMT research team, 95 percent of the
startups collapse within one year of establishment, of the remaining, 98 percent collapse within
three year, only 2 percent of the start-ups survive. To convert the statistics towards the favor of
Indian startups, their Entrepreneurship program is designed and conducted by a team of
entrepreneurs who have vast experience in the field of strategic consulting in every domain. The
mission of this program is to guide the entrepreneurs survive the first three years of business
establishment (Source: IIEMT website).On the similar lines in order to create Entrepreneurship
Ministry of Micro, Small and Medium enterprises established National Institute for
Entrepreneurship and Small Business Development(NIESBUD) which provides Management
Development programs(MDP) ,Entrepreneurship Development programs(EDP). The institute
also offers Global Programs such as Small Business Planning and Promotion (SBPP) , Project
Management Training and Certification(PMTC) ,Innovation Leadership for Organization
Growth and Excellence(ILOGE). (Source: NIESBUD Website)
6. SCOPE AND IMPLICATIONS
The management institutions need to work on a new strategic approach towards the
entrepreneurial education. The curriculum should be molded in a way that provides both job
related and new business startup opportunities to the students. Education should create new
opportunities for self-expression. Once a student gets an opportunity to express the self, it
becomes easier to identify a best fitted option to productively/creatively engage with. The B-
Schools must develop case studies in relevance to entrepreneurship practices adopted in India.
Students will not only get benefits and insights of the entrepreneurship, but also get the clearer
knowledge of their role as facilitators of the economic, social as well as personal growth in the
way they do business. There needs to build the ecosystem which contains multiple stakeholders
that play a key role for building the Entrepreneurial ecosystem. The first and foremost key
players are educational institutes. The next important players are already established businesses.
Policy-makers at the international, national, regional and local levels all have important roles to
play in formulating the growth friendly legal and support frameworks to encourage
entrepreneurship. Figure 12 describes the various stakeholders of Entrepreneurial ecosystem.
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Figure 12 (Source: World Economic Forum, 2009)
7. PROPOSED MEASURES
Some of the steps that management institutes can take to build the entrepreneurial ecosystem are:
i. Selection of appropriate candidates: Every candidate does not have the potential to become
an entrepreneur. It is quite a challenging task to find the right candidate with the right potential.
Therefore the B-Schools should select those candidates with appropriate selection procedures.
Psychometric tests, Written Ability Tests, Creativity Tests, Group Discussions and Interview are
some of the procedures which can be used for selection
ii. Provide Funding to the Business Solutions of the Students: There are always some creative
students in an institute who shows an exemplary display of their ideas and convert them into the
working models and protocols. They want to establish their own enterprise, but the major
problem they face is lack of support in terms of Capital required to start a firm. By not getting
the timely support, they drop out the plan of firm establishment and thus their creativity is lost.
The management of the institute should evaluate the solutions and provide the initial funding to
the students. This approach has benefits to the student, institute as well as the economy of the
country. The institute can build its ranking parameters and students will more likely to take the
admission in the institute.
iii.Industry tie-ups: Practical knowledge is necessary to become a successful entrepreneur.
College teaching methodology can only provide theoretical concepts. Students should have visits
to corporate offices of the companies. The more they get aware of the corporate culture, the more
they could relate the theoretical concepts and apply them in the real situations. Therefore, the B-
schools should have strong collaboration with the industries. The officials from the various
industries should be called in by the management during the Management fests of the colleges.
In this way they will get aware of the college pedagogy and the leadership level of the students
and provide them suitable internships and job related opportunities.
iv. Establishment of Entrepreneurial Cells or Clubs: Along with the other extracurricular
activities clubs, E-cells should be formed with the combined effort of faculty and the students.
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The activities of the cell should be scheduled on the weekly basis. Some successful entrepreneurs
should be invited for the guest lecture so that the students get inspiration from them. The other
activities include learning the concepts of valuation of the companies, leadership qualities,
economics article reading and open market selling of products. The clubs should be active
throughout the year.
v. Opening of Research Centers and Innovation labs: Innovation and Entrepreneurship goes
hand in hand. The students should have the innovation capabilities which generate new ideas.
The institutes should open research centers and innovation labs. The operating faculty of these
labs should be the specialized one, typically the experienced entrepreneurs who know the value
of innovation. They should inculcate the risk taking and opportunity perceiving abilities in the
students.
vi. Setting up of Business Incubators: Business incubators are organizations geared toward
speeding up the growth and success of startup and early stage companies. They are often a good
path to capital from angel investors, state governments, economic-development coalitions and
other investors. (Source: Enterprise.com). Centre for Innovation Incubation and Entrepreneurship
was setup by IIM Ahmedabad with support from the Government of India and Gujarat
Government and operates through an autonomous not-for-profit entity(Source:Inc42 magazine).
Institutes should have their own incubators for the student startups. These incubators should have
tie ups with big industries and venture capitalists which can provide the funds and absorb the
business solution of the students.
vii. Teach Business plans: The students should be taught not only how to write an impressive
resume to find a good job, but also how to write business and financial plans to run their own
business and to provide the jobs.
viii. Create Financial literates: Management institutions teach more of scholastic education and
less of financial literacy which is most required to understand the value of savings and creation
of more assets. A lot of highly educated and professionally intelligent businessmen are financial
illiterate. They only know how to make money, but during the economic downturns they struggle
financially and could not understand and come out with the solutions due to financial illiteracy.
A financial aptitude is required to be taught in management institutions which include teaching
of the money concepts; how to make money as well as how to spend that money judiciously.
8. CONCLUSION: Educational institutes have a substantial role to play in promoting entrepreneurship. The
economic growth of a developing country like India depends upon the young entrepreneurs as
well as the institutes and the driver of the entrepreneurship programs in those institutes. The
findings proved that most of the institutes are still not able to provide the practical aspects of
entrepreneurial courses. Though majority of the management students believe that
entrepreneurial education can boost the economic growth of the country, still very few
management institutions provide entrepreneurial programs or courses. Even those institutes
which provide these programs lack in the teaching methodology and the pedagogy design. The
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AJMR-AIMA [Type text] Page 16
education is still taught in traditional ways of learning without the proper exposure of industries
working practices by domain experts. Some institutes have taken the initiatives of opening the E-
cells or Entrepreneurship clubs but are not giving attentions towards their activities and that is
the reason the clubs of these institutions are inactive. India needs more number of management
institutes which could provide world class entrepreneurial education to the students. Institutions
should discuss the case studies of young entrepreneurs to their students so that they could
evaluate themselves and build the entrepreneurial spirits. Therefore it is the combined effort of
the individual, his institute, faculty as well as the society to create more entrepreneurs and boost
the economic growth of India.
8. LIMITATIONS:
1. The sample size for present study is limited to 100 respondents only, thus it can be expanded
for all future researches in the similar domain.
2. The primary data analysis is based on the assumption that the respondents have responded to
the questions of the authors in an unbiased way.
3. The questions of the online survey have been based on the author‘s experience, guided by the
secondary data available to the authors.
9. ACKNOWLEDGEMENT:
We are thankful to Prof. Dr. Uday Salunkhe Sir, for providing us all the support towards
conducting this research.
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