By Sahil Gupta
With the emergence of entrepreneurship and National Education Policy 2020, Higher Educational Institutions (HEI) are increasingly restructuring and realigning their role in the Indian economy. Entrepreneurship is rapidly emerging as an area of study in developing nations and it continues to assume a greater eminence specifically in the Indian context.
The business world is in a state of perpetual dynamism. The emerging paradigms have a great bearing on the business models, industry growth, employment opportunities, social welfare and global economic competitiveness. HEIs as the conservators of knowledge in society have an exclusive role in developing a nation like India. By empowering learners with the right set of knowledge, skills and values, these institutions have a key responsibility in building the human capital. They cater to the socio-economic needs of the country while guarding social justice and democratic values. Entrepreneurial training and talent development is one of the many means to this end.
To create an environment of self-sufficiency further interventions are required to establish centres of learning and enhance the capabilities of the pre-existing ones. Although our country is trying to intensify entrepreneurial capabilities there are still numerous challenges that need to be overcome.
As per the Global Entrepreneurship Monitor (GEM) 2022, the biggest threat faced by the nation is the low level of comprehensive education and training. Accordingly, a crucial performance area must be to boost the level of comprehensive education and training by encouraging the concept of entrepreneurship as a workable choice.
In addition, HEIs act as a bridge between the skill-knowledge gap in the society. They are the agents of change and play a major role in regional innovation systems. HEIs aim at nurturing the requisite competencies in the workforce to make them industry-ready for the highly competitive environment.
In this regard, the HEIs should focus on inculcating an entrepreneurial mindset. Further, they should also attempt at developing various entrepreneurial initiatives both at local and international level. Such initiatives should be promoted and supported by the government authorities to ensure a more holistic environment and enhancement of the entrepreneurial acumen.
Inclination towards entrepreneurship at higher educational institutions helps in meaningful entrepreneurship and can make a significant contribution in creating awareness for the same. This will also act as a motivator to fight with the fear of failure among potential entrepreneurs.
The education imparted by HEIs will ensure that the students are aware of the risks and rewards associated with starting their business venture. In this manner, the students will have a better understanding of the stakeholders involved with their businesses and their expectations thereof. Above all, HEIs should promote a sense of interconnectedness among the students, academics and corporate sector with respect to entrepreneurial endeavours.
Learning groups could be established which would go a long way to sustain a climate of learning. In these groups, students would inspire each other and assist each other, with the guidance of academic staff, to succeed with a business venture.
Entrepreneurship is one of the major contributors to economic growth. The role of higher institutions becomes quite crucial in inculcating the spirit of entrepreneurship among graduates via effective implementation through courses and entrepreneurial activities. Even studies support the same. The HEIs have a great potential and can provide a platform to the budding entrepreneurial minds to realise their true potential.
The author is associate professor at Jaipuria School of Business, Ghaziabad. Views are personal.