The world is changing its conventional attitudes slowly and gradually when new norms are entering into the global hub. The breaking down of conventional tradition is accompanied by the introduction of new pathways meant for learning in unconventional ways. Things are getting ready according to the modern demands. The new ways of learning in fields that were once alien have been introduced and one of them is entrepreneurship.
Entrepreneurship in the modern world
It would be true if we say that entrepreneurship is not just an act of setting up new businesses incorporating individual skills but it is rather a chance to learn things in a disciplined pattern essential for the growth in the global market. These days, this concept no longer sticks to its basic definition but allows all intellectuals, business experts, and financial scientists to devise theories and traditions out of the very concept. Today, it is not just limited to a few individuals but is sustaining its life in the young minds.
Dimensions of entrepreneurship
The concept that was earlier a single-dimensional thought pattern has become dimensionless because now there are thoughts that decide the path. It is the innovation in this century which has persuaded many minds to stand alone on their own. The unconventional businesses are getting acclaimed because of the innovative thought pattern that is responsible for their creation. The presence of various incubation centers, learning from the experience of the topmost acknowledged players of the field, and getting picked up by the innovative lot are responsible for this mini-revolution.
Entrepreneurship Education (EE)
Today entrepreneurship looks totally different because much has been done for its evolution. Now, we do not just find a concept lying along provoking minds to get out of the ordinary lot and create their own place. Today, there are institutions and training centers that tell that a lot of other things are also required to achieve an entrepreneurial mentality. Today, there are intellectuals training the interested lot step by step about the possible challenges of the entrepreneurial world. In this part of the decade, entrepreneurship rests on two concepts. One is enterprise and the second is the entrepreneurial approach.
This deals with all the behavioral requisites necessary for the entrepreneurial mentality. As we always hold the belief that not everyone can be an entrepreneur. This is because there is a whole mentality that asks for grand sacrifices, efforts, dreams and beliefs to be followed towards the end of the journey.
Within the enterprise, you find all of the basic attitudes and the innovative sense essential to hold the entrepreneurial beliefs. As things are changing, the new models of the enterprise are also introduced just to make you aware of all the ethics it takes to become an entrepreneur. You can think of the enterprise as the primary step of entrepreneurial education.
This is the second constituent of entrepreneurship. It deals with the practical implementation of all the ideas of entrepreneurship as well as finding out the validity of your business plans. Not only do you find valid business plans but also learn to change the business plans according to the business trends. Furthermore, here you find the key principles of laying a business of one’s own which can withstand the pressure of the market. In addition to this, all the new ideas about the latest business trends are a blessing which you obtain directly from here.
Purpose of entrepreneurial education
- Entrepreneurial education has not become only the coolest trend inspired by the success stories of the pioneers of the field but also because:
- It brings enlightenment about the entire entrepreneurial agenda.
- You are able to tackle real-world problems more efficiently.
- You learn the basics and advanced procedures of developing a business plan.
- You learn to beat the rivals in a friendly environment.
- A better understanding of the trends and their influences on resulting businesses is understood.
- A fine agenda to maintain innovation is developed.
- A practical environment makes you aware of the real-world business situation.
- Leadership skills, management, and pressure handling situations are easily manageable when you have the due knowledge.
- Tenets of success are a primary constituent of learning and practicing through trial and error mechanisms.
- Information about all the golden opportunities is conveyed. In addition to this, you are also educated about making use of the opportunity to its full.
- Chances are provided to explain the ideas monitored under the controlled and professional environment.
Spirit of the entrepreneurial education
Entrepreneurial education is extremely significant when we want to become entrepreneurs interpreting entrepreneurship in its fullest sense. We all know that entrepreneur in one way or the other relates to not only availing opportunities but also creating them later on for future ones.
This is how the aim of entrepreneurship gets achieved where we have to understand that a good entrepreneur is always the one who not only changes his own life but also the life of people around him, leaving golden chances for them to avail and footsteps in innovation which they can follow. So, entrepreneurial education rightly helps you to understand the real essence of your entrepreneurial duties which is more than just setting up a business.
Entrepreneurial Education Mechanism
Entrepreneurial education involves various steps which enlighten an entrepreneur at every step and gives a deeper understanding of the processes which altogether combine to make an individual an entrepreneur. The order is as follows:
- Oral lectures
- Written assessments
- Classroom presentations
- Conference learning
- External analysis
- Oral lectures
This is the first step of EE. Here the instructor or the practitioner tells about the concepts of entrepreneurship in correspondence with the financial principles and the most useful injunctions of economics. The purpose is to give the entrepreneur an insight into the business world and the relevance of business ideas with the financial structure. Here, you find all sorts of laws and theories upon which the structure of the business world is standing.
- Written assessments
In the light of the principles of the business world, every entrepreneur is assessed on the layout of a written examination. Here, the entrepreneur finds out about his/her own capabilities and the extent to which these principles are interpretable for him/her. The instructor hereby assesses the exam and shares the record with the entrepreneur where necessary modifications or recommendations from the instructor’s side are also included. The purpose of this step is to make sure that the entrepreneur understands the criteria of the business world and takes every step in the light of that.
- Classroom presentations
Here the entrepreneur is subjected to the presentations up on the ideas in front of the whole class. The purpose is to ensure that the entrepreneur is confident enough to shed light on his/her ideas in front of the whole crowd. This process also gives a sense of confidence to the entrepreneur and he/she can also get an idea about the queries arising in the attendees’ minds regarding his/her business ideas.
- Conference learning
This is a special step in entrepreneurial education. It involves not just the budding entrepreneurs but also the pros of the field. Several academic institutions or business schools often hold such conferences where the masters of the field are invited to share their own business secrets with those who are yet at the learning stage. With the help of their experiences, it becomes easier for the budding entrepreneurs to evaluate their own positions and thus act in a sense which helps them to maintain their own status of being not just some entrepreneur but a successful one.
- External analysis
Whenever you are an entrepreneur, this is not just your affair but rather involves the people in the business circle. As criteria of your entrepreneurial education, you are also prone to external assessment where the people right from the business circle will be analyzing your ideas based on their application in the real world. It means that you would be exposed to a diverse environment in the business as well as the academic world.
The best part about EE is that it serves as a guiding platform where creative and innovative ideas are picked up immediately on the basis of their repute. Those ideas which need any kind of monitoring find their temporary path in the incubation centers where they are adorned by the experts of the field. This helps the idea to become more business-friendly and flexible so that when they make a contribution in the real business world, they do not find any hurdle in their journey.
The ideas which are uniquely innovative finally pay off in the right sense and become real-world entrepreneurial ventures. The entrepreneurs who own the throne of these ventures are the ones whose business knowledge is well-formed because of EE. They then bring the classroom ideas to practical usage and with the help of them they are easily able to sort out their own position quickly among the ruthless business world.
EE is for all
When we utter that entrepreneurship is for all, then it must be remembered that its basics should also be made accessible to all. This is because, without a proper understanding of the requisites of the business world, it is nearly impossible to look for solutions when real-world problems surround an entrepreneurial venture from all corners. Once a person learns skills to do well in the business world, only then entrepreneurship turns interesting and profitable.
The author is an M.Phil scholar conducting her thesis in Literature. As a sucker for literature, she swoons over Greek and South Asian fiction while reviewing books in her spare time. Her love for writing has made her expand her subject matter and now she pens her opinions frequently on business, finance, entrepreneurship, lifestyle, history, and literature. For a special connection with entrepreneurship, she opens up the details occasionally about it.