The role of entrepreneurship education and training in economic growth

The world as we know it today is fast-changing, a dynamic, innovative arena for the out of box thinkers. The rules are changing, and so are the norms where ideas are the primary commodity and resource. In other words, this is the time for entrepreneurs and innovators. As a result, entrepreneurship is becoming the direct precursor and catalyst for economic stability and growth.

Today’s generation is collectively more aware and educated, pursuing higher education and considerable skills development. The fast pace of the world also translates into more immediate results and higher expectations, where ambition does not have the time nor the patience to wait for more than necessary, to taste success. The best news is that now the out-of-box thinkers are no longer considered odd and celebrated for their innovative ideas and business models.

The role of entrepreneurship in economic growth

  • The entrepreneurs are the harbingers of change and play a significant role in boosting the economy by introducing innovative products, services, and technologies, which plays a catalytic role in the business world by challenging the existing set-ups and models to become more competitive to stay in business. Entrepreneurs also provide increased job opportunities and a larger market for the products or services.
  • An entrepreneur is confident about their business idea and is not hesitant to launch the idea by starting a new business. Ideas are a product of passion and astute intelligence of the market; an entrepreneur is passionately involved in bringing their idea to fruition and working hard to make it a success. They understand well that the success or failure of their idea will be their responsibility. Such high stakes are bound to yield successful enterprises.
  • The world is no longer a place for the old businesses to continue making a profit on their old business models and pace. Innovation is the key to success today, which entrepreneurs intuitively understand and build. The result is multifold, with the old businesses also adapting and adopting new ideas and methods to run their business. We can safely say that entrepreneurs create a challenging atmosphere leading to healthy competitiveness.

Identifying the entrepreneur and developing entrepreneurial skills

At Genius Group, our experienced faculty for entrepreneurship education and training places hones the essential skills for becoming an entrepreneur. Skills like passion, risk-taking factor, the spark for taking initiatives, a basic understanding of the market, planning and organising skills, sustainability – basically have leadership qualities.

The National Content Standard for Entrepreneurship Education states entrepreneurship is the driver of the economy and economic wealth. Most entrepreneurs might begin small with small businesses, but they are also the ones to build large companies and organisations. The attitude and spirit of entrepreneurship provide more creative freedom, healthy self-esteem and better control on one’s life leading to happier and self-content individuals and thus society.t

The well-designed entrepreneurship education curriculum has a streamlined admission procedure, where the prime objective is to identify the innate skills in the applicants. Then, once the admission is through, our result-oriented course helps you understand your unique skill set, identifying the strengths and proceeds to help you hone your skills.

Entrepreneurship is an attitude, a lifelong learning process that should ideally be identified and encouraged from a young age. Governments, businesses, and institutes worldwide are realising the importance and impact of entrepreneurs on the economic and social structure, leading to the formation of formal education in entrepreneurship to prepare the adults and youth for the new age entrepreneurial economy.

Aid for students to evolve into an entrepreneur

Students are trained to focus on developing entrepreneurial behaviour, skills and attributes in widely and conversely different aspects and contexts. Theoretical education is supported and complemented by practical application to help students identify and understand the finer nuances of business and the world of business. Entrepreneurial skills are versatile and can also be employed within existing organisations, where intrapreneurship can include corporate ventures and take-overs.

Many developing countries are banking more and more on entrepreneurship for creating employment, as they believe that education in entrepreneurship can result in the reduction of unemployed graduates. In India, too, the unemployment rate is on the rise leading to a disruptive social and economic structure, thereby an increase in crimes. Developing and training the youth and adults to be entrepreneurs can make a much needed positive difference. The youth is more self-assured and wants more freedom to express their spirit, which befits the globally acclaimed and adopted field of entrepreneurship.

As stated above, entrepreneurship creates more job opportunities, employing eager talent and skills, thereby contributing heavily to the build-up and strengthening of the economic and social structure of the countries and thus the world.

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