ENTREPRENEURIAL DEVELOPMENT

A Road Map for Youth Empowerment

Author: Dr. Manoj Pandey

A good entrepreneur is foresighted. He is able to see and predict the future

The term entrepreneur has been derived from the French word “entreprendre” which means “to undertake”. The term entrepreneur has been in use for more than six decades now. The meaning and interpretation has been changing with time and need. Richard Cartillon an Irishman living in France was the first man who introduced the term Entrepreneur and his unique function of taking and bearing risk in economics during early 18th century, he defines entrepreneur as an agent who acquires/buys production factors at certain prices, combine them to give it a shape of a product and sell it at uncertain prices. Jean-Baptiste Say, a French Economist says that Entrepreneur is one who combines land, capital of one entity and labour of another entity to produce a product. He says that an Entrepreneur shifts the economic resources of an area of lower productivity to higher productivity. Another researcher named Joseph Schumpeter indicated that innovation played a crucial role in the evolution of an Entrepreneur.

A good entrepreneur constantly maintains a positive mindset during laborious situations

If we study the life of successful entrepreneurs of India like Dhirubhai Ambani, JRD Tata, Narayan Murthy, Azim Premji, Indra Nooyi and others alike, we can find immense diversity in terms of their education, upbringing and financial background. Some have come from financially stable homes while others not so stable backgrounds. Some are highly educated and some are school/college drop outs. Some became entrepreneurs at an early age and some very late. There are significant differences that set them apart but there is one common factor that binds them all. What is that common factor that makes them so successful? A careful scanning of the lives of such personalities sheds light on some of the common characteristics that they share which are listed below.

  • Innovation: This is a very important trait as the business environment is very dynamic. There is tremendous competition in the industry from the abundance of similar products and services and a customer with ever changing taste and preferences which in turn gives rise to the necessity of innovation. The answer to all these challenges is innovation in products, processes and practices.
  • Highly Optimistic: A good entrepreneur is incredibly optimistic and always views the better side of situations and acts accordingly. He constantly maintains a positive mindset during enduring situations.
  • Foresight: A good entrepreneur is foresighted. He is able to see and predict the future. In other words he is able to visualize the likely changes that may happen at the market place, technology space, consumer taste and preferences etc.
  • Good Manager: A good entrepreneur is a good manager. He plans well and ahead, organizes activities, directs and handles the activities so that the organizational goals are achieved.
  • Perseverance: One of the most important qualities of an entrepreneur is that he possesses great perseverance. Even in difficult situations he keeps up his efforts and never gives up. He takes failures as learning experiences and keeps moving in the direction of accomplishing his goals.
  • Leadership: A good entrepreneur is a very good leader. He has the ability to visualize the future, build a great team, and motivate them towards the achievement of organizational goals. He thinks about his people and creates a win-win situation for people as well as the enterprise.

It is only through the initiative of starting Entrepreneurship Development Cells both at schools and colleges; the young generation will get opportunities to nurture skills that will help them become successful entrepreneurs who in turn will strengthen the overall growth and development of our Nation.

Today, in this age it is very important that students both at school and college level get training in skills that will mold them into successful entrepreneurs. This concept is vital from a social and economic point of view of the development of the country because as we all know youth are the leaders of tomorrow. Entrepreneurship Development Programmes (EDP) should become a part of every school curriculum. It is only through the initiative of starting Entrepreneurship Development Cells both at schools and colleges; the young generation will get opportunities to nurture skills that will help them become successful entrepreneurs who in turn will strengthen the overall growth and development of our Nation.

Here are a few ways which could help in nurturing the skills of entrepreneurship in students at all levels.

  • Entrepreneur Cell: Entrepreneur cells should be started right from school level to educate, guide and develop students on Entrepreneurship.
  • Business Plan Competition: Students should be encouraged to develop innovative business plans. Business Plan competitions should be organized at School and College levels.
  • Government Bodies: Help from Government bodies such as MSME (Micro, Small and Medium Enterprise) should be taken to develop future entrepreneurs at School and College levels. MSME provides a lot of support including financial aid.
  • Mentorship: Once students start an enterprise, they should be provided support in terms of motivation and guidance. The help and assistance provided by a mentor be it a teacher teaching entrepreneurship or an alumna from the respective industry, adds immense strength to the confidence and esteem of the budding entrepreneur.

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About the Author

Dr. Manoj Pandey
Dr. Manoj Pandey is an associate professor and Head of Department, Amity Business School at Amity University, Madhya Pradesh. An alumnus of Lucknow University, Dr. Pandey has a number of degrees to his credit which follows, B.Com, M.Com, L.L.B, Ph.D as well as PGDBM, NCMP and CS (Executive). His areas of specialization include Finance, Accounting, Taxation and Entrepreneurial Development. Before joining Amity, Dr. Pandey was the Campus Head at Everonn and ICFAI, institutions where he has served more than 6 years. Alongside teaching, Dr. Pandey is also interested in research and has a large number of publications to his credit. Dr. Pandey is also actively involved in academic administration, mentoring, counselling and motivating his students. Dr. Manoj Pandey stresses on the importance of entrepreneurial skills for children from a young age in this enlightening article with Mentor.

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