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Strategies For Promoting Entrepreneurship And Creating Student Start-Ups

Entrepreneurship is the need of the hour and there cannot be better than the present time. In this context the educational institutions must gear-up

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Perspective

Entrepreneur is an individual who bears the risk of operating business in the face of uncertainty about the future conditions. Whereas entrepreneurship is a philosophy or process through which an entrepreneur seeks innovation and employment. It is the process of creating something different with value by devoting the necessary time and effort, assuming the accompanying financial, psychic, social risks and receiving the resulting rewards of monetary and personal satisfaction and independence. 

Entrepreneurship is one of the increasingly popular fields in today’s evolving business scene. Entrepreneurs are frequently thought of as national assets to be cultivated, motivated, and remunerated to the greatest possible extent. Understanding the basics of entrepreneurship and innovation can position students to succeed in today’s dynamic market. It can also benefit students to cultivate unique skills and enable them to think outside the box. Identifying the strategies for entrepreneurship can help the students to gain the skills, confidence, and competitive edge needed to succeed in an ever-changing business landscape. Moreover, it ensures social justice and stimulates the economy. 

Do you know?

Entrepreneurial spirit of people is greatly responsible for economic development of any country. There is no resource including diamond mines as valuable as human resource. South Africa and a few other African countries despite their fertile gold and diamond mines have remained poor/relatively poor, where as Japan with literally no natural resources and having suffered devastation during WW–II became a developed country in just three decades. Therefore, if a country allows its human resources to be unutilized/underutilized (unemployment/disguised unemployment), its economic development would be severely hampered.

What is out understanding?

There are several ways to explore the subject. In a query driven world, the best way is to explore via counter intuitive questions. In a globally connected and hyper competitive world, where the opportunities are just not local, the challenges may be unique at one site, but may draw in similarities from global experiences. As authors we draw a common narration on queries. 

The key questions which may be explored from the above theme are as follows:

  1. What are the different skills required by an entrepreneur to be successful?
  2. What challenges may occur while establishing start-ups and how to deal with them?
  3. How can learning entrepreneurship will help the students to start their own set-ups?
  4. What are the various strategies for promoting entrepreneurship in India?

What we see?

In view of the rising tendency among student community to take up executive jobs rather than pursuing entrepreneurship, there are several dimensions that may encourage students and promote entrepreneurship among students, especially in post pandemic situation. 

Some pull factors of entrepreneurship are perception of advantages where a person feels that he can earn better in terms of overall gains like money, status, security, future, etc. As an entrepreneur these are better than working as an employee, while spotting an opportunity and exploit for larger gains. 

The eco-system in India is progressively supportive for entrepreneurial ventures. The rising success of new age start-ups with institutional support lie infrastructure, business incubators, seed funding, angel funding and venture capitalists can be witnessed. These have started setting in newer opportunities that can be exploited by the incumbent entrepreneurs.

Some of the push factors are job dissatisfaction, layoffs, retirement and boredom as an employee. 

There are vital provisions by National Innovation and Start Up Policy 2020 for the benefit of students, aspiring to be an entrepreneur. The question is how to motivate students to go for entrepreneurial ventures considering the risks involved? The response is education and training with hand holding by e-cells and incubation centres.

Outlook

Entrepreneurship is the need of the hour and there cannot be better than the present time. In this context the educational institutions must gear-up. Their system must balance curriculum to enhance students’ participation in entrepreneurial activities. There is a much need to influence the entrepreneurial mindset, the idea of infusing entrepreneurship into education, women entrepreneurship and start-up creation. It takes immense persuasion and resilience to be a successful entrepreneur, while making a difference in lives of others. There is a power of passion in the entrepreneurial journey and the consensus is that any business with clear goals and steps can only reach the set goals. Early start-up failures from others can provide tips to the students to succeed in the long run. Regarding the opportunity identification, industry trends, insights and thinking out-of-the-box become a critical to setting up an enterprise. 

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. Unless otherwise noted, the author is writing in his/her personal capacity. They are not intended and should not be thought to represent official ideas, attitudes, or policies of any agency or institution.


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Prof (Dr) Manoj Joshi

Dr. Manoj Joshi is a Fellow Institution of Engineers, Professor of Strategy, Director, Centre for VUCA Studies, Amity University, with 30+ years of experience in industry & research. He has authored 100+ articles, co-authored four books “VUCA in Start-ups” “The VUCA Company”, “The VUCA Learner”, “Technology Business Incubators” and is also on the Editorial Board of several international refereed Journals.

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Dr Aseem Chauhan

Dr. Aseem Chauhan is a Founding Trustee of the Amity Education Group and currently serves as Chancellor Amity University. He is an institution-builder with a vision to help make Amity one of the leading education providers in the world. Dr. Chauhan is the founder CEO of Amity Innovation Incubator.

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Dr Ashok Kumar

Dr. Ashok Kumar is Ph.D with professional qualifications in Business Management & Demography with advanced training in Management at Ashorne Hill College of Management, UK and has authored books and papers. He is a consultant with Centre for VUCA Studies, Amity University and has 47 years of experience as Professor of IIM Indore, Professor at Amity University and GM in SAIL.

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