Education in entrepreneurship is all about learning and honing one’s skill-sets to understand the foundation of various business ventures and the model of business operations and management.

Entrepreneurship is a multi-faceted phenomenon that does not limit itself to the mere creation of a business. Entrepreneurship, in the new era, means an enterprising process involving vision, reformation, and creation. We are in the seventh decade of our Independence, and our country is going through some major transformations, not only economic but also in the way we think and perceive growth and the means to achieve it. The youth of the country is seeking a different development path than the traditional ones that exist. It is more about building something of value and following one’s heart and taking the risk to start and develop something new.  

Entrepreneurship is all about innovation and building creative solutions that ultimately lead to new opportunities for the country. A country’s economic and strategic growth is very much related to the number of entrepreneurs the country produces every year and the vision these entrepreneurs carry forward. Colleges and universities have acknowledged that entrepreneurship management is crucial to bring in the next revolutionary change. Hence courses have been tailored to select, support, guide, motivate, train and prepare budding entrepreneurs for the global market.  

The best part about an entrepreneurship degree is that it does not limit one to a particular field, industry, market or even nature of business. Having an entrepreneurial mindset also does not mean that one has to start or develop a business of their own. Education in entrepreneurship is all about learning and honing one’s skill-sets to understand the foundation of various business ventures and the model of business operations and management. This knowledge comes in handy when looking for a career with the Government, Social Sector, Education Sector and Administration. One can choose to be an innovator, an analyst or a consultant, depending on their area of expertise. This freedom of choice is what makes this field of education and career so lucrative.  

The new India Business Model, to a large extent, depends on how well our entrepreneurial culture is booming in the economy. Let us see how:  

• New business ventures bring employment opportunities: The more we venture into new sectors and markets, the more work is generated for the mass. This, in itself, is a great lift to the economy since the unemployment rate goes down. 

• Better foreign trade options: The more solutions we develop, the easier it becomes for a country to attract foreign exchange. Every country wants to invest in an economy that supports new ventures and developments. The more solutions we have to offer, the higher the demand for our solutions by global organizations. 

• Technological advancement: Entrepreneurs have a knack to bring forth creative and digital savvy solutions to existing or new problems. It helps the workforce to become technology savvy, and hence a better-skilled workforce is created 

• Dissolves monopoly: New business ventures and healthy competition keeps the supply at bay and hence neutralizes the monopoly of an organization over the market. It is crucial to always balance out a nation’s economy and avoids huge supply gaps 

• Better social reforms: An entrepreneur is seldom biased and looks for opportunities to grow the weaker part of the society. This characteristic helps them look beyond the caste, creed, and religion of a sector of people and hire them solely based on their skills 

• Bring forth the culture of innovation: In the current scenario, innovation is the only path to success. The best way to encourage innovation is to encourage entrepreneurs who are looking at problems and designing the most effective and sustainable solutions to benefits the masses  

The Government, the private sector organizations and the educational institutes should come together to promote and develop entrepreneurial education and mindset in the country. The best way to nurture an economy is to create an optimum breeding ground for future entrepreneurs. 

Disclaimer: The views expressed in the article above are those of the authors' and do not necessarily represent or reflect the views of this publishing house