Management education acts as a fertile ground to develop entrepreneurial skills, independent thinking, ability to spot the opportunities, risk taking ability etc. For students driven to be entrepreneurs, a good blend of theoretical grounding and practical exposure and interaction with entrepreneurs could be a boon. To instill confidence in their ideas classroom education and attitudinal training in entrepreneurship should go hand in hand.
To do so, the students would extensively need to be exposed to real life situations by giving them an opportunity to participate in business plan competitions on a regular basis, handling live industry projects often. Successful entrepreneurs can also be roped in, to share their experiences with the students about the challenges faced by them, opportunities in the market, knowledge about financial assistance. More and more interaction with entrepreneurs through guest lectures and seminars/conferences and close association with senior managers in high growth, innovative companies would go a long way in enlightening the future entrepreneurs. Being associated with entrepreneurs would allow students strategic inputs to start their independent ventures.
Since the job market is likely to reach saturation, the inventory of available jobs may be exhausted soon. Creating entrepreneurs would go a long way towards the development of the economy as well as job creation. The education sector, by encouraging entrepreneurial spirit could itself become an established growth industry. It could provide a hunting ground to discover the hidden entrepreneurs from amongst the otherwise academically talented crop of students.
Management education remains a crucial opportunity for aspiring entrepreneurs for the following reasons:
1. Providing access to versatile relationships
Many universities and educational institutions are contributing to their local startup ecosystem through incubator and accelerator programs. These programs connect young entrepreneurs to real startup resources that are harder to come by when you are starting out on your own. In some cases it leads to job opportunities and access to funding for student-led projects.
2. Enhancing skills through student diversity
MBA and BBA programs offer the opportunity to both work with different personalities on projects and interact with students from different cultures. Learning how to manage groups of people who don’t always agree will be a key to creating a positive work environment in your company.
3. Inculcating leadership qualities and management skills
Half of all businesses fail by their fifth year, and only 80 percent make it past the first. The exposure to entrepreneurship and other management courses that teach skills like leading others in a business setting are vital for succeeding in the competitive environment.
Entrepreneurs are good at identifying ways to make the most of opportunities, so a good management education helps them tap those opportunities more effectively. With their concentration of resources and growing emphasis on providing entrepreneurial experiences, colleges, universities, and other educational programs are the right first step for budding entrepreneurs and leaders looking to make it big in the corporate world.
(The above article is a summary of two research articles and The Forbes Magazine)
1.Waraich, S. B., & Sharma, R. MANAGEMENT EDUCATION AND ENTREPRENEURSHIP.
2.Gangaiah, B., & Viswanath, J. (2014). Impact of Indian management education in developing entrepreneurial aspirations and attitudes among management students. Asia Pacific Journal of Research, 1.
Authored by Dr. Jayashree Vispute Assistant Prof & HoD CM Department, Vishwakarma University, Pune