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Posted on July 26, 2021
Is entrepreneurial education really important? Why?
Entrepreneurs are vastly considered as the national assets, and they are highly motivated and recompensed to the grooviest possible extent. Entrepreneurs are important reason for our lifestyle as they can change the way of people’s living and work.
A successful Entrepreneurs can create revolutions which can improve our lifestyle and standard of living. To make it clear, by launching new business using their wealth or entrepreneurial ventures, the entrepreneurs also create jobs which in turn change the lifestyle of people who get the jobs there and this condition will flourish the wealth of the society successively.
Places where there is a higher level of entrepreneurship capital holds higher levels of productivity and output, and places where there is lacking entrepreneurship capital generates lower levels of productivity and output. The capital of Entrepreneurship is determined as “a place’s financing with factors advantageous to the creation of new businesses” and it provides a positive impact on the country’s economic production.
Entrepreneurship education is an important way for entrepreneurs to acquire resources, enhance innovative ability and innovative personality, and build multi-level learning channels for entrepreneurs by integrating various knowledge and value systems.
What is Entrepreneurial Education
Entrepreneurship education is a type of education that focuses on the development of attributes or skills. This education enables the understanding of opportunities. Entrepreneurship Education is different from the management education as it focuses on the best way to manage, control and operate existing hierarchies. However, both the education proceeds towards an interest in attaining “profit” in some or the other form.
Although a college degree is not mandatory for entrepreneurship, attending college can be very helpful, as it teaches you soft skills like ownership, accountability, time management, prioritizing and emotional maturity.
Before discussing about the importance of entrepreneurial education, let’s have a look on how Entrepreneurs are important for the development of our nation
Entrepreneurs create new ventures
Innovative offerings by entrepreneurs, in the form of new services and goods, result in new job openings, and this leads to a cascading effect in the economy. The stimulation of any business sectors or related businesses which helps the new business to grow will boost the economic development of the nation.
Entrepreneurs add to National Income
Entrepreneurial growth literally generates new wealth to the nation. Businesses that are already existing may remain limited to the scope of markets and may increase the sales and income. But new, innovative and improved offerings, products or services or technologies from new entrepreneurs create new markets to develop and generates new wealth.
This results in the cascading effect of increased job openings and high range of income that contributes better national income through higher tax revenue. The revenue earned through tax can be used by the government to invest in other developing process or struggling sectors and also used in human capital, in this way the economy of the nation will increase.
Entrepreneurs also create social change
With their innovative and unique offerings of new services and goods, the entrepreneurs support freedom by reducing addiction on technologies and obsolete systems. At the end, this results in an improved lifestyle or state of living, greater morale and provides economic freedom.
Entrepreneur helps in community development
Entrepreneurs usually bring up entrepreneurial ventures by combining with other like-minded individuals. They usually show interest in investing in community development projects and also willingly provide financial support to many local charities. This enables further development of the nation beyond their own business and profits.
Importance of Entrepreneurial Education
Having entrepreneurship will be the accelerator for high-value job-creation and also support to economic growth and development in India. The main significance of Entrepreneurial education in order to help the start-up entrepreneurs and to reduce the failures faced by them.
Is entrepreneurial education very important? How it helps to avoid start-up failure?
Most of the academicians and researchers strongly believe that entrepreneurship cannot be taught like an academics because it can only be taught through ‘try-fail-learn-repeat’ and that is an experience not an education. Yes! it is true, but an improved practice model like ‘learn-practice-try-fail (LESS)-repeat’ can teach the Entrepreneurial Education. Therefore, an entrepreneurship learning program can be created and taught to anybody and it will surely have a great impact on the start-ups entrepreneurs and entrepreneurs who wants to develop their business to the next stage.
The following components are considered as the learning goals in Entrepreneurial Education:
- Entrepreneurial Performance
- Entrepreneurial Skills
- Business Skills.
Many types of proven studies and research have shown that education or teaching through experiential form can increase the performance of the entrepreneurs. Motivation, entrepreneurial skills and business skills are three important components which provide a firm foundation for the entrepreneurs who start up their business. This model of education will be very useful for all type of management from start-ups to small businesses to grown businesses management.
Why Entrepreneurial Education is needed
The Entrepreneurial Education is just similar to other business degrees. The education system creates differentiation between creativity and innovation aspects, which it helps the students who undergo this education be a precursor to new business development.
This education train you the ability to develop multiple opportunities and ideas and also the ability to make it all real. And it also helps the entrepreneur to think in all possible ways and find the best way to develop business with full potential.
This education is essential for entrepreneurs as it teaches how to handle failures and how to introduce new products or services and how to promote them in the market. This type of approach is called Corporate Entrepreneurship or Intrapreneurship.
Entrepreneurs are also being educated with strong developing skills such as problem solving and risk-taking that alleviate achievement of business goals and development.
Whether startup owners or growing business entrepreneurs, the challenge faced by them all are the same and much bigger than what we generally assume. It’s censoriously important for future entrepreneurs to know what kind of problems or issues the business owners are getting into. Right kind of education about the professional business development and core pillars of entrepreneurship are very necessary for all Entrepreneurs to handle their business pressures.
Stable mindset, developing skills, knowledge and tools for handling the business are very important for any entrepreneur to manage their business. Therefore, Entrepreneurial Education not only educate the person about the management and business skills but also about the mental preparedness to tackle the challenges and also it educates from planning the resources to overcome.