In this era of economic ascendance, the world of entrepreneurship has gained greater importance than ever. Entrepreneurs are at the core of economic growth, for countries and the world at large. However, the role played by them and their skillsets transcend the limitations of economic outcome. Modern entrepreneurs are known for using technology and innovative thinking to solve everyday problems. They have the power to change the way people live, work and enjoy quality of life. With such an all-pervasive nature of entrepreneurship, it has become important that the seeds of business leadership, and the traits of great entrepreneurs be imbibed by learners at an early stage. While higher education, college degrees, and technical certifications are essential to gain specific knowhow and functional expertise, the shaping of an entrepreneurial mindset begins much sooner. The foundational training of problem-solving, risk-taking, flexibility, diversity of thought, and creative application of ideas to solve real world challenges, I think, should commence before joining an MBA or even completing one's high-school or middle-school education.
Schools often face a lot of criticism for over-emphasizing on template-based education where students are not provided with ample scope for fresh thoughts, and opportunities to go beyond the curricula. Without denying or undermining the importance of formal education, and the need for schools to ensure that the students are well versed with languages, mathematics, principles of science and other subjects, it is also critical that they integrate entrepreneurial learning into their educational framework.
The Impact of Entrepreneurial Education on Students
Entrepreneurial education aims at incubating young learners in a way that they are able to use their mental abilities and acquire the experience for handling real-world challenges. Instead of cocooning students and discouraging exposure to the world of business, this priority integration of business schools would enable school students hailing from different socio-economic backgrounds to have an equal access to creative and out-of-the-box thinking, and taking a shot at entrepreneurship in the future. Instead of seeing business opportunities as suitable for some, school-level exposure to entrepreneurial thoughts presents a number of opportunities, and fosters social justice among students. All learners feel equally empowered, and are encouraged to test their thoughts and interpersonal skills in a way that would eventually create a major economic stimulation. For instance, in the current system, perhaps one out of ten students would contemplate entrepreneurship at the middle-school level. However, if the development of an entrepreneurial mindset is made a part of the curriculum, then perhaps all ten would be inclined towards it. Eventually, there would be a much larger percentage of those who would actually go on to create economic opportunities for themselves and many others. Another key aspect of entrepreneurial learning is that it will encourage development of traits such as innovative thinking, problem-solving, taking calculated risks, and bringing about socio-economic change through collaborative efforts. Students empowered with such learning will be more effective in any role they take up in their professional lives. As business founders, corporate workforce, social entrepreneurs or even administrators, they are bound to be more aware of the social needs, and the methodologies that can be adopted to solve challenges.
“All learners feel equally empowered, and are encouraged to test their thoughts and interpersonal skills in a way that would eventually create a major economic stimulation”
Role of Academic Institutions
There is a need for schools and colleges to revisit their approach towards curriculum and the way education is imparted at present. There is also a need to reform teaching methodologies by empowering students with knowledge, providing them with the tools for challenges that they need to resolve. When young learners endeavour to utilize the resources and the inputs provided and solve problems that lie before them, there is a greater likelihood of collaboration and of students developing the ability to solve everyday global issues. For instance, there could be an opportunity to observe and improve upon the supply chain equation in one domain, develop sustainable business practices or ideation of community-based solutions. Through entrepreneurial learning, students can gradually learn skills that would equip them to handle evolving and unforeseen situations in a dynamic world. Not only that, those with diverse interests and skillsets can be identified and groomed at the right age to ensure that no talent is lost due to the emphasis on existing grade-based academic approach. Time and again, the world has seen great scientists, entrepreneurs, administrators and social leaders emerge from the category of students that didn't go to elite business schools or colleges.
To further motivate, direct and mentor the young students, there should be a stronger collaboration between the academia and industry. Greater involvement of business leaders and educationists to strategically revamp the curriculum is essential to bring about the much-needed change that will benefit all stakeholders in the years ahead!
Business schools need to help students and faculty develop themselves both intellectually and emotionally. A business school shouldn't simply generate new knowledge; it should establish and share its core identity and its ethical compass. Emotional grounding unifies a business school around a common undertaking. Without a common cause, faculty would simply be an amalgamation of individuals pursuing self-interested goals without considering how they fit the business school overall.
Business education should empower students to engage the world's possibilities; it shouldn't just prepare them to get jobs. By offering a mix of technical knowledge and emotional motivation, great business schools will teach students how to dream the impossible in ways that are grounded in the possible.
Dr. Yaj Medury, Vice Chancellor, Mahindra University
Dr. Medury is an acclaimed academician and a seasoned professional with more than three decades of opulent academic and administrative experience. He has developed academic partnerships with Georgia Tech for Engineering, Johnson Business Cornell University for Management, Cornell Law School for Law, Babson College US for Entrepreneurship and others.
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