Grooming the go-getters

The global Covid-19 pandemic is a once in a lifetime disruption that has created serious adverse impacts on lives and livelihoods in economies all around the world. Almost every major economy across the globe has been impacted and each country, including India, had to bear the cost of economic contractions, livelihood loss and increased healthcare expenditure. However, India has responded with great resilience and has emerged as one of the fastest-rebounding economies in the world.

As per Global Entrepreneurship Monitor (GEM) India Report (21-22), India’s entrepreneurial activity expanded in 2021, with its total entrepreneurial activity rate (percentage of adults aged 18–64 who are starting or running a new business) increasing to 14.4% in 2021, up from 5.3% in 2020.

According to Dr Rajeev Singh, Director General, Indian Chamber of Commerce, the government has a significant role in entrepreneurship education, both through its initiatives and through supporting initiatives that are undertaken by private sector organisations. “The government has launched several initiatives aimed at promoting entrepreneurship education and development, including the Startup India initiative and the Startups India Fund. Through them, the government is working to create a more conducive environment for startups, which in turn will help to promote innovation and economic growth,” he said.

Simarpreet Singh, co-chairman, education committee, Bengal Chamber of Commerce and Industry, believes that entrepreneurship education can have a significant influence on students’ innovation skills. “Entrepreneurship education can influence students’ innovation in some specific ways like encouraging creativity and risk-taking with the help of project-based learning, providing knowledge and skills related to business planning, marketing, finance, and management, building a network of students with successful entrepreneurs, and finally fostering an entrepreneurial mindset. This mindset can help students become more innovative in all areas of their lives, not just in business,” he said.

For Rajeev, educational institutes should consider a variety of methods to align entrepreneurship in their curriculum to best meet the needs of their students.

Meanwhile, Simarpreet said the educational institutes can provide opportunities for students to work on real-world projects, engage in internships, participate in competitions and pitch events, and collaborate with local businesses and startups.