An entrepreneurial environment is where the knowledge-based businesses have emerged as a influential tool for economic development, creating employability and competitiveness. In this context, Technical Universities plays a vital role as knowledge and Skill producers nurturing entrepreneurial qualities in mind of budding business people.
The main challenge for Technical Universities is to identify how many students can be identified as future potential entrepreneurs, the contributions that can be made by universities towards their development. What are the links between business creation, university activities and economic development of our country?
The growth of the Indian economy lies on entrepreneurs. There is a need for developing entrepreneurship among the technical institutions from the starting of the education. In addition to the students exposed to core thrust areas of specialization, they should be equipped with the entrepreneurship skills through program like business incubators. This not only offers self-employment but also teaches to earn at young age. The potential skills of the students should be identified and eventually mold them to start their own business after their core education. Thus, it is essential for institutions to set up Entrepreneurship cell and Incubation centers in their campuses and programs should be organized in the engineering institutions to help students to enhance their lateral thinking towards creativity and innovation and promote them to enthusiastically start their entrepreneurial venture at young age. Education is of paramount for an individual who wants to bring his idea successfully into the market. And Entrepreneurship cell of an institution can help these individual in nurturing and developing necessary skills and competencies.
Over the last five decades, the Micro Small and Medium Enterprises (MSME) sector has arisen as a vibrant and active sector of the Indian economy. It plays a crucial role in providing employment opportunities at relatively lower capital cost than large industries and also supports in industrialization of lower economic strata, thus, reducing the regional imbalances and guaranteeing identical distribution of national income and wealth. Ministry of Micro, Small and Medium Enterprises (MoMSME) endorses the development of micro and small enterprises in India with the aim of creating self-employment opportunities. Thus, the scope towards progress for of Budding entrepreneurs is very wide.
The Indian economy needs emergence of new, innovative and enthusiastic entrepreneurs and education is an important factor in developing entrepreneurial competencies in individuals. India is a young country with average of about 63 per cent population currently being in the working age group of 15 to 59 years. Research states that entrepreneurship prevalence rates are highest in the 25-34 age groups. But this advantage could become a barrier if the youth is not able to develop the appropriate entrepreneurial skills. The educational institutes have a major role to play in this.
After 1991, when India opened its economy to the world a greater emphasis has been laid down upon the start-ups. Attempts at various levels have been made to promote entrepreneurship among individuals. Regrettably, the education system in India prepares individuals to pursue traditional employment rather than inculcating the confidence to do something that one adores. The curriculum in universities is designed such that it results in an individual as a “job seeker and not job provider”. Universities need to differentiate between their related business and entrepreneurial courses.
Entrepreneurship is the need of hour and Technical Institutions play a vital role to fuel entrepreneurship in the youth. There is a need for higher educational institutions to move away from conventional memory-based learning methodology to a system that is more focused to foster creativity and innovation.