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AIMA Journal of Management & Research, May 2016, Volume 10 Issue 2/4, ISSN 0974 – 497 Copy right© 2016

AJMR-AIMA [Type text] Page 1

Article No.20

STRATEGIC ENTREPRENEURIAL EDUCATION: ROLE

OF MANAGEMENT INSTITUTIONS IN NURTURING

YOUNG ENTREPRENEURS

Sovit

Student –PGDM Finance (2nd

Year), Prin L N Welingkar Institute of Management and

Research, Mumbai

Prof. Chitralekha Kumar

Asst. Professor, Prin. L N Welingkar Institute of Management and Research, Mumbai

Abstract: Job creation and employment have been a crucial part of the development agenda for decades.

Whether it is a developed economy or a developing economy, the creation of jobs has been the major goal of any

government. Educational Institution plays a major role in achieving this challenging goal of the government. Being

in the top hierarchy of education, the role of Management Institutions is not only limited to the task of providing

jobs but also to create Entrepreneurs, who could not only drive the economy but also improve the welfare of their

society. In a developing nation like India where as per the UN report, the World‘s Largest Youth population reside,

it is essential to think about something more than just creating new jobs. As Employment works on Demand and

Supply relationship and the larger Young population will demand for more jobs, there must be an equal supply of

Employers and since the other Educational Institutes are more focused on providing jobs to their students it is must

be the major assignment of The Management Institutes to focus on Entrepreneurial Education. Entrepreneurship is a

way of boosting economic competitiveness and promoting nation‘s development. In the present research paper, the

first part of the paper discusses on the importance and need of entrepreneurial education in India. The Second part of

the paper comprises of opinion surveys of selective management students in an attempt to study the ongoing

Education pedagogy adopted in Management institutions, to find out the ways how this pedagogy can be molded to

promote and create more young entrepreneurs. The researchers have also discussed some case lets of few

management students who are successful entrepreneurs today and stand as a source of inspiration for Management

institutions to design and enhance the Entrepreneurship Education programs and expand their student‘s expertise

and knowledge towards such programs.

Keywords: Entrepreneurial Education, Demand and Supply, Pedagogy

1. INTRODUCTION:

An Entrepreneur is an individual who establishes his own business or firm to earn the profits and

growth. The definition of Entrepreneurship as stated by Professor Howard Stevenson, the

godfather of entrepreneurship studies at Harvard Business School ―Entrepreneurship is the

pursuit of opportunity beyond resources controlled‖. Professor Arthur Cole defined

Entrepreneurship as purposeful activity to initiate, maintain and develop a profit-oriented

business. The activity is not just the creation of business, but also involves a dynamic process of

mission, vision and change. It constitutes energy and efforts to convert the ideas into solutions.

The solutions not only change the economic conditions of an individual but also strengthen the



economy and pull it out from the downturns. According to Global Entrepreneurship Monitor

2014 Global Report: Everywhere around the globe there are opportunities to be captured for

development, but their transformation into venturing depends on individual attributes ,social

values and the entrepreneurship ecosystem (from access to finance, education and R&D transfer,

to government policies and programs, as well as physical and professional

infrastructure).Individual attributes are Skills and Intentions of a person that inspires and

motivates him to start his own venture. Entrepreneurship is a challenging task and requires a

collective effort of Individual, his educational institute and the appropriate coordination of

Government policies and programs. An individual‘s environment influences and molds his

thought process, encourage innovation and provide adequate and timely support at every level of

venture creation. Entrepreneurial education creates a positive impact on the mindset of young

people. It has a key role to play in inculcation of Entrepreneurial Competency in the Indian

individuals. Today there are enormous personal, social and economical benefits of

entrepreneurship. These benefits can only be reaped if the management and other educational

institutes promote the entrepreneurial programs and courses in India so that the students can opt

to grab the profitable opportunities and boost the Economy. Present paper is an attempt to

understand the role of management institutions that encourage entrepreneurial education and

suggest ways to improve them.

2. LITERATURE REVIEW:

The area of entrepreneurial education has been subjected to a significant amount of prior

research. Peter F.Drucker (1984) in Harvard Business Review article mentioned that new

businesses and startups have formed the main driving force for the nation‘s economic growth.

These start-up ventures adopted new approaches for the market and posit a challenge to the

conventional businesses.

Plaschka and Welsch(1990) presented the framework for the development of entrepreneurship

education courses and programs. There are two dimensions of Entrepreneurship education- the

absolute number of Entrepreneurship courses and the degree to which these courses and

programs are integrated. Lena Lee and Poh-Kam Wong (2005) emphasized that the new

millennium will create greater environmental uncertainty and competition in the business. This

will demand more flexibility and innovativeness for the survival in highly competitive job

markets resulting in encouragement in societies to pursue entrepreneurial careers.

C. Mirjam van Praag and Peter H. Versloot (2007) studied the contribution of entrepreneurs to

the economy with reference of their significance in employment generation, fostering innovation,

promoting growth. The study concluded that entrepreneurs are more satisfied than employees

and entrepreneurial firms affect regional employment rates of all the companies in the region.

Entrepreneurship is a fundamental driver of productivity and can be determined based on self-

employment rate and business ownership rate. Entrepreneurship is a direct function of the level

of economic development in a nation as found out by Hugo Erken, Piet Donselaar and Roy

Thurik (2008). The report by European Commission (2012) studied the impact and effect of

entrepreneur education on entrepreneurship key competence, intentions towards



entrepreneurship, individual's employability and society and the economy. The report concluded

that Entrepreneurship alumni scored higher on key competencies.

The evolution of entrepreneurship education in India was explained by Anis ur Rehman and Dr.

Yasir Arafat Elahi (2012) in their research paper. The paper also focused on the challenges with

regard to the role of educational programs and the delivery systems for disseminating these

entrepreneurship education programs. Sanjay Manocha (2012) studied the innovation and

entrepreneurship simultaneously and included the examples of innovative entrepreneurs.

Innovation leads to the dynamics that governs the interaction between science, industry and

society. Dr. Deepti Maheshwari and Supriya Sahu (2013) focused on current scenario of

entrepreneurship in India, entrepreneurship challenges viz. Family challenges, Social challenges,

Technical challenges, Financial challenges and Policy challenges and discussed about how to en-

cash the possibilities and prospects to become a successful entrepreneur. Even though the

entrepreneurial educational institutes have increased now, but the teaching methodology by

academic researchers is still the traditional which requires the demand of more experienced

business teachers as explained by Thomas Hopkins and Howard Feldman (1989) in their article.

There are some issues faced by institutions to identify and attract the appropriate entrepreneur for

the teaching job but the paper has discussed and suggested the ways to come out of these issues

to promote the new approaches of entrepreneurial education.

Rashmi Bansal (2013), a writer and an entrepreneur in her book ―Take Me Home‖, presented the

stories of young entrepreneurs who founded their business opportunities in small towns of India.

The book showed how motivation, hard work and dedication can create success in the life. Also

the location is not important to build a business. Ronnie Screwvala (2015) in his book ―Dream

with your Eyes Open: An Entrepreneurial Journey‖, shared failures and triumphs that aims to

inspire a generation to dream big and grow the spirit of entrepreneurship and leadership. The

book discussed the need for an inspiring start-up nation. The existing literature highlights the

importance of entrepreneurial education towards business development and ownership. Thus

there is a need felt to identify strategic methods to strengthen the entire process that would in

turn boost the Indian economy.

3. RESEARCH METHODOLOGY:

3.1 Objectives of the Study:

Following are the objectives of the present research

1. To study the importance and need of entrepreneurial education in India

2. To study the opinion survey of management students to understand the ongoing education

pedagogy adopted in Management institutions

3. To discuss the case lets of successful entrepreneurs of India.

3.2 Research Design:

The researchers have followed a descriptive cum analytical approach in drafting the paper. The

need and importance of entrepreneurial education in India has been described in detail. Opinion



survey of the management students and case lets of some entrepreneurs are discussed to

understand the pedagogy of current education system.

3.3 Data Collection & sample Techniques:

Data has been collected from both Primary and Secondary sources. The secondary data has been

collected from newspaper articles, journals, magazines, books and various web portals. Primary

data has been collected by online survey and Personal Interview Survey. Convenient sampling

technique was used for the study. The respondents were encouraged to share their experiences

about the existing pedagogy and their expectations towards better entrepreneurial education.

4. Data analysis and interpretation:

4.1 IMPORTANCE AND NEED OF ENTREPRENEURSHIP EDUCATION IN INDIA: Entrepreneurship is a key aspect of any nation‘s economy and is the essential driver for

economic growth and employment generation. It makes the human lives more comfortable

through the introduction of new technologies, products and services. Entrepreneurs, through their

creativity and risk taking abilities, improve the world by innovation and help build a society that

is richer, socially adept and technically advanced. Entrepreneurship education is the formal

and structured approach to generate the entrepreneurial mindset in an individual. Though, an

individual can establish the firm without having a formal education, but the skills to manage the

workforce, finances and product markets can only be learnt if they are taught and guided by

someone who is already an expert of the domain. Some studies show that students who receive

entrepreneurship education are more likely to start their own companies.

In a country like India where as per the report, ―State of the Urban Youth, India 2012:

Employment, Livelihoods, Skills‖, India is set to become the youngest nation by 2020. Today,

there are 430 million young people in the age group 15-34 years. Every third person in the

country today is young. By 2020, 64 percent of the population will be in the working group, the

Entrepreneurship education has an immense role to play to provide job opportunities to the

youngsters. In our country, the number of graduates passing in a year is more than the number of

jobs created in the same year. If we talk about Engineering graduates, then out of 1.5 million

engineering graduates passing out every year, 20-33 % faces the risk of not getting a job at all.

This is a case of unemployment where demand for the jobs is more than the supply. But

unfortunately India is facing the situation of underemployment as well. Those graduates who end

up getting a job offer takes up the jobs which are well below their technical qualifications

(Source: dazeinfo article). The Union Budget 2015, announced various reforms in the budget that

would create more jobs in infrastructure, manufacturing and IT sector. Job portal naukri.com

predicted that 56 percent of the recruiters expect the creation of new jobs in IT sector (Source:

RTN.ASIA).But this is only one side of the coin. These new vacancies are created by firing the

already existing workforce. According to an article published in World Socialist Web ―major IT

firms have laid off thousands of workers in India recently. Many of the big giants have even

refused to provide the joining letters to many of the fresh graduates they had recruited through

campus placements‖. More of automation and Artificial Intelligence will bring down the number

of jobs further in this sector. The loss of the jobs creates unemployment in a nation which slows



down the economic growth and productivity and resulting in unequal distribution of income level

and living standards. Figure 1 shows how unemployment slows down the economic growth

Figure 1: Unemployment slows down the economic growth

Now since the jobs are not enough to cater every educated youth and even those who are

employed have a sense of fear of losing their job, there is a high need of creation of more

entrepreneurial firms which could provide employment to the growing young graduates. These

firms should be driven by Indian entrepreneurs who understand the situation of our country and

provide more and more employment opportunities to boost the economic growth of the nation.

Education in B-Schools is designed to create good employees instead of employers. Only

Entrepreneurship education can create employers in the country. Entrepreneurial education

generates the sense of self dependency and leadership in an individual which leads to the

opening of enterprises by these individuals. Entrepreneurship education learns to break the

monopoly created by the big industries. It helps in understanding the value of ‗Made in India‘

products and how these products and goods can be exported to increase the Foreign Exchange

reserve of the nation. Entrepreneurial education should not create those managers who only think

of cutting the organization cost and raising prices. They should create the managers who

understand the overall picture of the company. For the successful management of a business, an

entrepreneur needs to know all the aspects viz. Marketing, Finance, Human Resource

management and Operations. He must know the interconnection between these components.

Entrepreneurship education is the only source to make an individual to get aware of these fields.

Figure 2 represents the linkages between various management fields through entrepreneurship

education



Figure 2: Entrepreneurship education creates linkages between fields of management

If every student in India will think of only working under an employer, then soon there will be a

situation where there will not be any new firm which would provide jobs to the fresh graduates.

Imagine Larry Page and Sergey Brin, founder of Google, thought of taking the job after their

Ph.D. and would not invent the search engine and open their own corporate; the world of internet

would not progress the way it has reached the heights today. Google not only created the

innovative products, but also provided employment to thousands of employees. Some other

exemplary entrepreneurs are Bill Gates, founder of Microsoft, Ratan Tata, an Indian

Businessman and Chairman Emeritus of Tata Sons, who after completing his Advanced

Management program from Harvard Business School joined the Tata Steel and showed his

entrepreneurial skills and became the chairman of Tata Sons. Therefore a developing country

like India can pick up the pace of economic growth if the young generation understands the need

of creating employers. Only a well structured entrepreneurial education can inculcate the

entrepreneurial skills. As a result the role Entrepreneurship education becomes extremely

important.

4.2 OPINION SURVEY OF MANAGEMENT STUDENTS:

The management students are the right stakeholders who not only adopt the academic

curriculum, but also have some suggestions to the change which is better for the coming

generations to build a strong management career. Therefore, the researchers have chosen the

study based on the opinion survey of management students.

4.2.1 Survey Background:

i) Understanding and getting insights of the Education pedagogy adopted by institutions.

ii) Understanding the level of entrepreneurial education in the institutes.

iii) Understanding the opinion of students about entrepreneurial education as a necessity for

Indian economic growth.

4.2.2 Classification Scheme and Surveyed technique:



In view of this thought, researchers have identified certain question based on the secondary

research. These questions were circulated online in the form of Web Survey to 100 respondents

of different Management institutions across Mumbai region in the state of Maharashtra, India.

4.2.3 ANALYSIS AND INTERPRETATION:

On the basis of the answers provided by the respondents, the authors have plotted the graphs for

the clear representation of the responses.

Figure 3

Interpretation: Out of 100 respondents, 90 percent of the respondents knew the term

Entrepreneur. Out of those 90 respondents, 29 respondents have also mentioned that the

Entrepreneur has risk taking abilities. Since it was a multiple choice question and can have

multiple options so 12 percent of the respondents think that Entrepreneur is an individual who

works under an employer.

Figure 4

Interpretation: 59 percent of the respondents have Entrepreneur club in their institute. 21

percent of the respondents do not have any Entrepreneur club in their institute. The 20 percent of

the respondents were not even aware about the existence of any such cell or club.



Figure 5

Interpretation: 20 percent of the respondents mentioned that the Entrepreneurship club does

activity on a weekly basis. 18 percent of the respondents mentioned that Entrepreneurship club

does activity on monthly basis.8 percent and 4 percent of the respondents mentioned that the club

is active on quarterly and yearly basis respectively. 24 percent of the respondent‘s entrepreneur

club either does not exist or not active.

Figure 6

Interpretation: Only 37 percent of the respondents mentioned that their institution offers

Entrepreneurship program. 63 percent stated that there is no such type of course offered in their

institution.

Figure 7



Interpretation: 27 percent of the respondents cited that only theoretical learning is emphasized

while 20 percent of the respondents mentioned that practical learning is emphasized in their

institute. 47 percent of the respondents mentioned that both theoretical and practical concepts are

taught in their institute.

Figure 8

Interpretation: 1 represents lowest and 5 represents highest ratings. 69 percent of the

respondents think that the level of entrepreneurial education in their institute is below average

and only 31 percent of the respondents think that the level is above average.

Figure 9

Interpretation: Majority of the respondents agree that entrepreneurial education is very

necessary to boost the economic growth of India. While very few, only 6 percent of

the.respondents do not give importance to entrepreneurial education.



Figure 10

Interpretation: 60 percent of the respondents believe that there should be separate

entrepreneurial institutions in India, while 32 percent of the respondents believe that

entrepreneurial education should be provided along with the other Management courses. Very

few, 8 percent of the respondents do not feel any need for entrepreneurial education and

institutes.

Figure 11

Interpretation: Only 39 percent of the respondents mentioned that the faculty of their institutes

provide good support and encourage them to become entrepreneurs. For others, there is very less

support of the faculty for this type of teaching methodology.

Thus the major outcome of the above study shows that

1. In this era of education, there are still some students who are not aware of the term

Entrepreneur.

2. Still 40 percent of the colleges under study do not have any entrepreneur cells or clubs

incorporated.

3. 54 percent of the Entrepreneurship clubs either are inactive or conduct activities after a year

which means they are just made for the name sake.



4. There are only 37 percent of the institutions that offer some entrepreneurial or related courses

to the students.

5. There are 27 percent of the Management institutions which focus only on the theoretical

aspects of the education. No practical education is imparted to the students in these institutions.

6. Majority (94 %) of the students believe that entrepreneurship education can boost the

economic growth of India.

7. In more than 60 percent of the institutes the levels of guidance provide by the faculty towards

business startup and building activities is below average.

4.3 CASE STUDIES:

Researchers interacted with two entrepreneurs, who after finishing their formal process of

management education decided to start their own venture. They opted out from the Campus

placements. They had some dreams which could be fulfilled only by their entrepreneurial skills.

Today both have their own start-ups and are doing a phenomenal work in their fields. Both start-

ups have gained enough names in a very short period of time.

The two Entrepreneurs are 1. Mr. Munish Singla

2. Mrs. Simrat Bawa

4.3.1 Interaction with Munish Singla, M.D, Chakshu Food Products ,Bhuna Distt

Fatehabad, Haryana, India:

Mr. Munish Singla has done his MBA in Marketing from a management institution of Haryana.

He is the M.D. of Chakshu Food Products, which deals in the manufacturing and supplying of a

comprehensive collection of Ground spices, Blended spices, Seasonal spices and Bandhahi Hing.

It is a start-up incorporated in 2013. In just 1.5 years of incorporation the company has achieved

a Sales Turnover of around INR 3 crores. After completing his Bachelors in Pharmacy, he

worked for 1.5 years in an organization. He had some business ideas which prepared his mind to

come out of the job and enter into his own business. He was unaware of calculating the risk

factors, brand creation and management of Working Capital initially required. The ideas were

unidirectional. Moreover he wanted to learn some theoretical aspects of the Management, so that

he could apply them to his business and create synergies of theoretical concepts with the

practicality.

Mr. Munish mentioned that according to him Management institutes should focus more on

Industry tie-ups. The theoretical concepts taught to students are difficult to use in the actual

corporate environment. To strengthen the practicality, a virtual corporate environment needs to

be created where students can learn how the work is actually done in the companies. For

example the marketing students should be given sales target and field work and divide them into

teams to cover different areas of a city and sell the products. Appropriate Customer relation

behavior should be noted for each and every student. These types of programs inculcate a sense

of independent decision taking in a student and their success in these programs open the doors of

starting their own business. The company is not making profits of their own, but also

providing employment to 50 workers in different roles who are given a salary as per the



industry standards. The company currently has distribution in Haryana, Punjab, Delhi, Madhya

Pradesh and Uttarakhand. Till 2019 it will cover Pan India, thus will hire thousands of

employees resulting in more employment.

4.3.2 Mrs. Simrat Bawa, M.D, Sophic Services:

Mrs. Simrat Bawa is the Managing Director of Sophic Services, which is a mailing list solutions

provider and a sales augmentation company specialized in mailing list, email marketing,

database marketing, lead generation, demand generation, appointment setting and end to end

sales. (Source: Sophic service website).She has done her MBA in Finance and Marketing from a

reputed Business school of Punjab. The company was incorporated in 2013. The company

provides services to overseas clients. The company has one physical office located in Canada

also. Below are the details of the interactive conversation of the researchers with Mrs. Simrat

Bawa. After completing Bachelor of Science in Information Technology (IT), she joined M.B.A

program. After that she worked for 1 year in a company based out of Bengaluru. Then she

switched to another company and after working there for 4 months, she got a call from his

college classmate to start their own business. She mentioned that she liked the proposal and quit

the job to pursue the business with him. They both started with a team of 2 and now they have

grown to 20 employees. They have expanded their business to such a level that some of their

clients are Fortune 500 companies.

In the end, the researchers asked Ms. Simrat about the role her institute played in building her

entrepreneurial abilities and also whether she felt that there is a need for improvement of

entrepreneurial education in management institutions. Ms. Simrat replied to this saying that her

institute had good academia-industry relationships. We had industrial visits to corporate offices

of some good companies of India. There was an Intra institute competition among students

which required them to do Open market selling of the products and to earn the highest sale

targets. This program helped her and other students of the institution to understand their own

dreams and abilities. This was a life turning event and made her realized that she has the risk

taking abilities and appropriate people management skills for starting a business. Ms. Simrat felt

that Yes, there is a need for the improvement of Entrepreneurial Education pedagogy in the

Institutes of India. The practical education must be emphasized. Students self awareness and

decision making programs should be designed in a way that make a student understand his career

prospects whether to opt for the job or to create the jobs. There should be separate

Entrepreneurial Institutes focusing entirely on business activities and the course curriculum

should be designed in a way that makes a student a good entrepreneur with the complete

knowledge of his company‘s product and Operations.

5. ENTREPRENEURIAL INITIATIVES BY B- SCHOOLS IN INDIA:

Some of the prominent B-Schools of India have already incorporated some entrepreneurial

programs in their pedagogy. Some of the courses adopted by these institutes are: Business

Design, Business Analytics, Creativity, Innovation and Entrepreneurship and Business Taxation

(Source: Secondary data). These courses are electives which the interested students can opt and

open their own enterprise. According to Dr. Harsh Mishra, associate professor at the

Management Development Institute in Gurgaon , ―Courses and programmes on entrepreneurship



are mostly interdisciplinary and an MBA programme with entrepreneurial focus encourages

students to crystallize, test, self-critique and gain confidence in their own ideas to move

forward‖(Source: The Hindu).

There are some separate entrepreneurial institutions in India which focus entirely on

Entrepreneurial education. They are designed either by Government or some trust to cater the

need of Entrepreneurial education. One such institute is Indian Institute of Entrepreneurship,

Management and Technology (IIEMT). According to IIEMT research team, 95 percent of the

startups collapse within one year of establishment, of the remaining, 98 percent collapse within

three year, only 2 percent of the start-ups survive. To convert the statistics towards the favor of

Indian startups, their Entrepreneurship program is designed and conducted by a team of

entrepreneurs who have vast experience in the field of strategic consulting in every domain. The

mission of this program is to guide the entrepreneurs survive the first three years of business

establishment (Source: IIEMT website).On the similar lines in order to create Entrepreneurship

Ministry of Micro, Small and Medium enterprises established National Institute for

Entrepreneurship and Small Business Development(NIESBUD) which provides Management

Development programs(MDP) ,Entrepreneurship Development programs(EDP). The institute

also offers Global Programs such as Small Business Planning and Promotion (SBPP) , Project

Management Training and Certification(PMTC) ,Innovation Leadership for Organization

Growth and Excellence(ILOGE). (Source: NIESBUD Website)

6. SCOPE AND IMPLICATIONS

The management institutions need to work on a new strategic approach towards the

entrepreneurial education. The curriculum should be molded in a way that provides both job

related and new business startup opportunities to the students. Education should create new

opportunities for self-expression. Once a student gets an opportunity to express the self, it

becomes easier to identify a best fitted option to productively/creatively engage with. The B-

Schools must develop case studies in relevance to entrepreneurship practices adopted in India.

Students will not only get benefits and insights of the entrepreneurship, but also get the clearer

knowledge of their role as facilitators of the economic, social as well as personal growth in the

way they do business. There needs to build the ecosystem which contains multiple stakeholders

that play a key role for building the Entrepreneurial ecosystem. The first and foremost key

players are educational institutes. The next important players are already established businesses.

Policy-makers at the international, national, regional and local levels all have important roles to

play in formulating the growth friendly legal and support frameworks to encourage

entrepreneurship. Figure 12 describes the various stakeholders of Entrepreneurial ecosystem.



Figure 12 (Source: World Economic Forum, 2009)

7. PROPOSED MEASURES

Some of the steps that management institutes can take to build the entrepreneurial ecosystem are:

i. Selection of appropriate candidates: Every candidate does not have the potential to become

an entrepreneur. It is quite a challenging task to find the right candidate with the right potential.

Therefore the B-Schools should select those candidates with appropriate selection procedures.

Psychometric tests, Written Ability Tests, Creativity Tests, Group Discussions and Interview are

some of the procedures which can be used for selection

ii. Provide Funding to the Business Solutions of the Students: There are always some creative

students in an institute who shows an exemplary display of their ideas and convert them into the

working models and protocols. They want to establish their own enterprise, but the major

problem they face is lack of support in terms of Capital required to start a firm. By not getting

the timely support, they drop out the plan of firm establishment and thus their creativity is lost.

The management of the institute should evaluate the solutions and provide the initial funding to

the students. This approach has benefits to the student, institute as well as the economy of the

country. The institute can build its ranking parameters and students will more likely to take the

admission in the institute.

iii.Industry tie-ups: Practical knowledge is necessary to become a successful entrepreneur.

College teaching methodology can only provide theoretical concepts. Students should have visits

to corporate offices of the companies. The more they get aware of the corporate culture, the more

they could relate the theoretical concepts and apply them in the real situations. Therefore, the B-

schools should have strong collaboration with the industries. The officials from the various

industries should be called in by the management during the Management fests of the colleges.

In this way they will get aware of the college pedagogy and the leadership level of the students

and provide them suitable internships and job related opportunities.

iv. Establishment of Entrepreneurial Cells or Clubs: Along with the other extracurricular

activities clubs, E-cells should be formed with the combined effort of faculty and the students.



The activities of the cell should be scheduled on the weekly basis. Some successful entrepreneurs

should be invited for the guest lecture so that the students get inspiration from them. The other

activities include learning the concepts of valuation of the companies, leadership qualities,

economics article reading and open market selling of products. The clubs should be active

throughout the year.

v. Opening of Research Centers and Innovation labs: Innovation and Entrepreneurship goes

hand in hand. The students should have the innovation capabilities which generate new ideas.

The institutes should open research centers and innovation labs. The operating faculty of these

labs should be the specialized one, typically the experienced entrepreneurs who know the value

of innovation. They should inculcate the risk taking and opportunity perceiving abilities in the

students.

vi. Setting up of Business Incubators: Business incubators are organizations geared toward

speeding up the growth and success of startup and early stage companies. They are often a good

path to capital from angel investors, state governments, economic-development coalitions and

other investors. (Source: Enterprise.com). Centre for Innovation Incubation and Entrepreneurship

was setup by IIM Ahmedabad with support from the Government of India and Gujarat

Government and operates through an autonomous not-for-profit entity(Source:Inc42 magazine).

Institutes should have their own incubators for the student startups. These incubators should have

tie ups with big industries and venture capitalists which can provide the funds and absorb the

business solution of the students.

vii. Teach Business plans: The students should be taught not only how to write an impressive

resume to find a good job, but also how to write business and financial plans to run their own

business and to provide the jobs.

viii. Create Financial literates: Management institutions teach more of scholastic education and

less of financial literacy which is most required to understand the value of savings and creation

of more assets. A lot of highly educated and professionally intelligent businessmen are financial

illiterate. They only know how to make money, but during the economic downturns they struggle

financially and could not understand and come out with the solutions due to financial illiteracy.

A financial aptitude is required to be taught in management institutions which include teaching

of the money concepts; how to make money as well as how to spend that money judiciously.

8. CONCLUSION: Educational institutes have a substantial role to play in promoting entrepreneurship. The

economic growth of a developing country like India depends upon the young entrepreneurs as

well as the institutes and the driver of the entrepreneurship programs in those institutes. The

findings proved that most of the institutes are still not able to provide the practical aspects of

entrepreneurial courses. Though majority of the management students believe that

entrepreneurial education can boost the economic growth of the country, still very few

management institutions provide entrepreneurial programs or courses. Even those institutes

which provide these programs lack in the teaching methodology and the pedagogy design. The



education is still taught in traditional ways of learning without the proper exposure of industries

working practices by domain experts. Some institutes have taken the initiatives of opening the E-

cells or Entrepreneurship clubs but are not giving attentions towards their activities and that is

the reason the clubs of these institutions are inactive. India needs more number of management

institutes which could provide world class entrepreneurial education to the students. Institutions

should discuss the case studies of young entrepreneurs to their students so that they could

evaluate themselves and build the entrepreneurial spirits. Therefore it is the combined effort of

the individual, his institute, faculty as well as the society to create more entrepreneurs and boost

the economic growth of India.

8. LIMITATIONS:

1. The sample size for present study is limited to 100 respondents only, thus it can be expanded

for all future researches in the similar domain.

2. The primary data analysis is based on the assumption that the respondents have responded to

the questions of the authors in an unbiased way.

3. The questions of the online survey have been based on the author‘s experience, guided by the

secondary data available to the authors.

9. ACKNOWLEDGEMENT:

We are thankful to Prof. Dr. Uday Salunkhe Sir, for providing us all the support towards

conducting this research.

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