What is the Need for Entrepreneurship Education: Why Entrepreneurs are in Demand?

Entrepreneurs are the backbone of any flourishing economy. We need entrepreneurs because they create sustainable livelihoods.  Entrepreneurs are more often regarded as valuable national assets. They are therefore to be supported and nurtured for producing positive economic value. Entrepreneurs can improve our standard of living through their innovative products and services. They also create enabling conditions for a prosperous society.

According to The Indus Entrepreneurs (TiE) which is the world’s largest not-for-profit network of entrepreneurs, each entrepreneur has the potential of creating approximately 30 jobs. Roopa Unnikrishnan, President of TiE New York believes that significant involvement of young start-ups in social entrepreneurship has influenced liberalization of key economic sectors in India and other emerging economies. It is interesting to note that TiE is credited with building economic wealth estimated at $200 billion.

Global Study on Entrepreneurship Development Framework

According to a research conducted by The Global Entrepreneurship and Development Institute, it was found that “USA is a world leader when it comes to supporting its entrepreneurs with respect to business formation, expansion, and growth. Countries like Canada, Australia, came second and third respectively according to the statistics.” The study further projected that the “future of African economy depends largely on its entrepreneurs as well as government policies on entrepreneurship.”

The Indian Context: Government Plans to Boost Entrepreneurship Education

In the Indian context, entrepreneurs are even more crucial for making the ‘Make in India’ brand more acceptable if India has to become a manufacturing hub of the world. The present government led by Prime Minister Shri Narendra Modi is very keen to promote emerging entrepreneurs to boost employment and accelerate India’s rate of growth. To do this, the government is focusing on Entrepreneurship education to create a pool of trained and highly skilled entrepreneurs.

Under the Pradhan Mantri Yuva Yojna (PMYY) launched by the Ministry of Skill Development and Entrepreneurship during November, 2016, the government aims at providing online Entrepreneurship Education to about 15 lakh students across the country through 3050 Project Institutes during five years time span. The Scheme aims at creating an enabling ecosystem for entrepreneurship development through entrepreneurship education and training.

“The five-year Scheme is expected to witness setting up of more than 23,000 enterprises thus resulting into creation of more than 2.30 lakhs direct and indirect jobs in the country.”

Fostering Entrepreneurship Education at ISBR

ISBR realized the importance of entrepreneurship education in nation building at an early stage. With an aim to provide students with necessary knowledge, skills and motivation to help them in setting up a business, ISBR started offering two years full-time AICTE approved PGDM program in Entrepreneurship. ISBR encourages student entrepreneurs to best position themselves by spotting right opportunities that will help them launch a successful startup career. Throughout the course, budding entrepreneurs are guided on how to Incubate & nurture an Idea into a business enterprise of global reach.

Besides, the two year regular program, the Institute also offers one year PGDM program in Entrepreneurship.

Uniqueness of the program

As a student entrepreneur at ISBR, you have access to a vast network of subject matter experts and startup owners. On the other hand, there are well connected expert faculty members helping you with introductions to contacts who can help grow your business and raise initial startup capital.

Start up Events & Meets at ISBR

To foster entrepreneurial culture among its students, ISBR regularly organizes startup events and meets. ‘Startup Spirits’ is one such event which is attended by students in large numbers. The event has been a huge success in promoting entrepreneurial spirit among students. Students at the end of the program are rewarded for their start up ideas. In fact as a positive development of this initiative, one such idea ‘Bake My Wish’ (www.bakemywish.com) is currently a successful startup with funding support from the event judges. Likewise, ‘Genie Wallet’ is another startup idea of ISBR students that has been supported by the jury.

NSRCEL (N S Raghvan Centre for Entrepreneurial Learning), the startup hub at IIM Bangalore is one of the startup bodies and juries of ‘Startup Spirits’ along with GLC (Global Luxury Culture).

Recommended Read……………

The startup ecosystem in India is now amplified by a range of incubators, investors, startup platforms, competitions, awards and even government grants. For further information on entrepreneurship, readers are recommended to explore more about platforms such as the National Entrepreneurship Network, Indus Entrepreneurs, Indian Angel Network, T Labs, Startup Village, Startup Centre, Tata First Dot, Bloomberg Pitch, Power of Ideas (IIM, DST), YourStory and Entrepreneur India etc.


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