Entrepreneurship Education and Innovating Success

Entrepreneurship education spawns a lot of success stories and these encourage a lot of people to go start their own businesses. And with the help of the internet, entrepreneurship education opens its doors to a whole new people as well as opportunities for future entrepreneurship. This, however, has led to tougher competition too. The wider playing field also becomes a host of different businesses where people can learn, compete, and innovate.

And the best way to counter competition would be through innovation. Think about it as finding ways to put up your own playing field or even inventing a new game. If you innovate, you will basically be creating a whole new market and conquer that. Your education in entrepreneurship will help you become more prepared; innovation ensure success -if you take the right risks.

You have to realize that business is all about taking calculated risks, which can be learn through entrepreneurship education. Innovation can be a pretty big gamble, especially if you have virtually no idea how the market is going to react to the change you introduce. As such, you need to anticipate the different factors that may affect your innovations success. Keep in mind that in risk reduction is very important in the business.

Innovation isn't just about introducing a new product or service to the market. If you want to succeed, you need not use your education alone; you have to think outside the box and consider your business as an organic whole. This means you have to combine it with innovation can come in the form of a new and more efficient way of production.

Entrepreneurship, Education and Values

The world of business is changing very fast. The last quarter century has witnessed a remarkable change in the manner business in India is run. From a predominance of owner-managed enterprises, we are witnessing a steady shift towards professional management.

The prime objective of a developing country like India is to achieve rapid, balanced and sustained rate of economic growth, which must be consistent with the principles of democracy, ensuring that the economic tasks will be in full accord with the interests of the humanity. Economic development if conceived without appropriate social changes soon becomes stagnated. The economic reforms initiated in 1991 have today made India one of the leading economies in the world.

Economic growth refers to an increase in a country's production or income per capita, with economy's total output of goods and services being measured by Gross National Product (GNP). At the present juncture, our economy needs more than growth. Economic development on the other hand goes beyond the economic growth to include changes in output, distribution and economic structure which may affect things such as improvement in material well being of poor, technical breakthrough, increase in economic activities and increase in the education level and improvement in the health.

The factors contributing to economic development are labor, technology, natural resources, capital and entrepreneurship. Successful new business ventures and economic development do not just happen. They are the result of combination of right environment, planning, effort and innovation. New business formation is the result of excellent human skills with developed technology added by available capital as well as other infrastructure to set in a development process. This right mix can only be achieved by entrepreneurs. India today has all the elements required to make it an economic giant, large technically qualified manpower, a huge consumer base, and a strong financial structure.

Indian industries and businesses operate in an environment entirely different from that in which American, European or even Japanese entrepreneurs do. We have mammoth problems of population, poverty, illiteracy, unemployment and stagnation. This, coupled with an acute scarcity of resources, calls for ingenious management of what is available for the welfare of one and all. Unfortunately, a pan of our best talent, viz., young graduates, remains unexposed to and unconcerned with these problems. The aim of business education as taught by textbooks is making optimal, effective and efficient use of available resources. The objective, generally, is maximizing one's profits. What is needed today is a shift in thinking from the narrow domain of business to a broader concept of prosperity of the whole nation. The purpose of education should not only be to teach entrepreneurs generation of wealth but also its equitable distribution to ensure the well being of a country's production or income per capita, with the society at large.

A business is only a sub-organization of the society. The society is the largest possible kind of organization with goals of production, distribution and harmonizing individual relationships. If the aims of the part run contrary to those of the whole, the part will die out sooner or later. Therefore, we need entrepreneurs who do not think only in terms of business but also social welfare. Towards this end, we require entrepreneurs with social concern, social accountability, a broadened outlook and an Indian personality. These entrepreneurs will blend business sense with entrepreneurship.

The existing system of education in our country fails to inculcate such a vision in the young students. Careerism is the basic philosophy of students today. Most of the graduates prefer jobs with multi-national companies. Seldom do join they sectors that may be financially less rewarding but socially more satisfying. This mindset is partly a product of social norms and partly due to the education imparted to them. Therefore, we need a new model of education in this country which could create such entrepreneurs who have a larger view towards the society.