Entrepreneurship and Education

Towards the end of the sixties, two significant contributions were made in the field of entrepreneurship .One was that there is a positive linkage between entrepreneurship and economic development and the other was regarding the emergence of a strong hypothesis that entrepreneurship can be developed through planned efforts. Consequently planners realized that absence of a strong entrepreneurial base acts as a serious handicap in the industrial development of a region. The identification and development of first generation entrepreneurs through Entrepreneurial Development Programmes is an important strategy.

There is a growing realization that presence of resources and favorable government policies cannot automatically manufacture economic development. It is the entrepreneurial spirit of the people, which can transform the economy of that region. Both the quantity and quality of entrepreneurs are of utmost significance for achieving the goal of economic development. The myth that entrepreneurs are born with some innate traits is fortunately no longer held. You will learn more about this in the lesson on motivation. Many research studies have brought out that entrepreneurship can be taught and learned. Entrepreneurship is a discipline and like all disciplines it has models, processes and case studies, which can help an individual to study this subject. The necessary competencies required of a successful entrepreneur can be acquired through training and development.

Numerous courses in entrepreneurship are being taught all over the world in schools and colleges, seminars and conferences are being organized and EDPs are being conducted. The thinking today is why just create managers why not create people who can absorb managers. One can acquire the traits and learn the skills for becoming an entrepreneur e.g. a person can learn to be achievement oriented, self- confident, perseverant etc. which are all part of the characteristics of a successful entrepreneur.

Usually the model used for entrepreneurial education has three phases:

Stimulatory Phase- This phase involves planned publicity for opportunities, motivation training and help and guidance in selection of product or service.

Support Phase- This provides help in registration of units, arrangement of finance as well as land, sheds, power, water, common facility centers etc. Help is also provided in marketing of products.

Sustenance Phase- Once the enterprise is set up then help is provided for modernization, diversification, additional finance etc.