Nurturing the entrepreneurial mindset within the education system

Dr. Prashant Bhalla, President, Manav Rachna Educational Institutions shares his thoughts around embedding a startup culture within the education system.

"When you have a dream, you've got to grab it and never let go." This famous quote by Carol Burnett is a line that clearly resonates with my outlook on life. I believe that this is exactly the kind of feeling that resides within every entrepreneur who has been building his enterprise. In terms of entrepreneurship, India recently made headlines and was recognized for producing its 100th homegrown unicorn; an incredible achievement and a great inspiration for entrepreneurs. The 100 unicorns mark has spread immense positivity for the entrepreneurial community and has helped energize multitudes of India’s entrepreneurs to never let go of their dreams, however difficult the journey might be.

According to the National Investment Promotion and Facilitation Agency, India will be the world's third-largest startup ecosystem in 2022, with over 69,000 startups spread across 647 districts.  I see this as an encouraging beginning since we have a new-age generation of brilliant minds being prepped to take India to the 1000 unicorn mark.

The entrepreneurial spirit that helped these startups come to life is a key factor in helping India become a major business player in the global economy. With the support of the Indian government to propel entrepreneurship, we must align to encourage entrepreneurial thinking at the stems of our education system itself. To encourage the students of our country, this dream big, make it large mindset has to be nurtured from a very young age. It is this mindset that enables students to step out of their comfort zones, experiment with their ideas, and convert their dreams into an actionable reality to be able to make a difference in global commerce and the economy.

Embedding a startup culture within the education system

The introduction of various new tools akin to experiential learning in schools, colleges, and universities has opened new avenues that allow students to learn and unlearn differently. Unlike conventional means of education that primarily focuses on students' memorizing a subject and subsequently forgetting the learned matter after the exams, modern-day education techniques in the era of Web 2.0, Industry 4.0, and COP26 are progressively adapting to assist students to understand concepts and real-life situations better and more efficiently through interactive learning, experiential learning, and a more frequent engagement with industry professionals related to the subjects being taught. 

Entrepreneurship or entrepreneurial skills are gradually finding their way to curriculum across the country, offering an opportunity for students to have a better understanding of what it takes besides the pledging of time, hard work, and commitment to building a business germinated from an idea. As famously quoted by Abraham Lincoln,"The best way to predict the future is to create it." I am a firm believer that we, as educationists, have it in us to be the propellers of the future by evolving, encouraging, and harnessing the spirit of entrepreneurship within our education curriculum and system, as these future entrepreneurs will not only create value for themselves or offer employment opportunities in the short term, but the businesses they build will be instrumental to the betterment of society. To add, the advantage of inculcating entrepreneurial knowledge is that it nurtures process-oriented thinking, self-belief, and self-reliance.

Entrepreneurship is the process by which geniuses turn ideas into reality. Institutions are introducing this subject in a more creatively engaging and gratifying environment that is combined with high-quality tutoring material created by industry experts. Such learning with industry-academic relations is the key to embedding thoughts and ideas that could churn out the next unicorn we speak about. Teaching such skills in the later school years too would be advantageous to the future of our economy, but it necessitates extensive curriculum planning that balances theory with real-life experiences. As such, imbibing entrepreneurship in the higher education curriculum and facilitating an environment that fosters entrepreneurial spirits are some of the most critical responsibilities of higher education institutes.

Entrepreneurship at an early age

Integrating entrepreneurship into the curriculum at a young age provides an opportunity for students to gain knowledge and polish their skills & attitudes that influence academic performance as well as nourish their entrepreneurial talent. Such knowledge also assists them in identifying their interests, honing their strengths, and bringing in a sense of professionalism that enables a better social behavior. Students at school could learn the art of deliberation and the skills to sell ideas as well as an immense understanding of team management and learning from mistakes.

Education is vital for the development and progress of any nation. Entrepreneurial developments and focus on R&D for technological breakthroughs can make us a globally competitive nation. This is the fuel we need for the creation of more jobs and worthy contributions towards national and economic growth.

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