The Indian higher education system has been organised on Macaulay design, focused on preparing Indians as clerks and workers. The domain of thinkers thought leaders and creative pursuits were not encouraged under this system. While we have had periodic reviews of our education policy over the last seventy years to undo this colonial legacy, the introduction of the New Education Policy 2019 has been a landmark event that promises to undo the Macaulay design.
NEP with its focus on the holistic development of students and inculcating creativity and innovation mindset in the student community promises to unleash the full potential of the younger generations starting from schools and going right up to higher education. However, since the beginning of this millennium, there has been a trickle of incubators and e-cells in HEIs including management institutions which had been trying to make a mark. This trickle has turned into an avalanche with a set of policies starting with Start Up India in 2015, Institute Innovation councils in 2019, National Innovation and Start-Up policy 2019, and NEP 2019 that galvanized the HEIs to devise ways to tap the reservoir of entrepreneurial talent that resides in our student community.
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Within the higher education system, management education has traditionally been not associated with entrepreneurship due to its focus on placements and the burgeoning opportunities provided by the opening up of the Indian economy since 1991. Shorter business cycles, compressed product life cycle, frequent changes in business models, and the constant need for innovation in the last two decades has underlined the need for management graduates to cultivate an entrepreneurial mindset.
Such a mindset is a prerequisite for students to have long-term successful careers in the corporate sector in the context of the VUCA (Volatile Uncertain Complex and Ambiguous) business environment. Recruiters value candidates with an entrepreneurial way of thinking, assessed through a risk-taking attitude, tolerance for ambiguity, self-motivation, and resilience among other traits, providing them with fast-track career enhancement opportunities. Such a mindset would help equip students with the skills required to conceive, foster and develop new ideas within an organization and where desired, into ventures.
The entrepreneurial mindset is a meta-skill focused on opportunity recognition, risk-taking, creativity, and innovation, flexibility, and adaptability, initiative and self-reliance, critical thinking, problem-solving, communication, and collaboration. Developing an entrepreneurial mindset is indeed an essential life skill that can help individuals navigate uncertainty and seize opportunities in a rapidly changing world. Business schools can play a significant role in helping students develop the skills and knowledge necessary to cultivate an entrepreneurial mindset.
Here are a few ways business schools can help:
Experiential Learning: Business schools can provide experiential learning opportunities, such as case studies, simulations, and real-world projects that help students understand how to identify and pursue opportunities, assess risks, and make informed decisions in uncertain situations. A practical, hands-on curriculum will enhance the student’s understanding of the real world and make them better equipped to deal with real-life situations. Simulations and role-playing can serve as an effective training ground.
Networking Opportunities: Business schools can facilitate networking opportunities and mentorship programs that connect students with successful entrepreneurs and business leaders. This can help students learn from their experiences and build their own networks of professional contacts. Aspirations and entrepreneurial goals can be developed through inspiration and furthered by brainstorming their ideas with industry experts and entrepreneurs themselves who must be engaged by the institutes to co-teach with the faculty.
Entrepreneurial Curriculum: Business schools can develop an entrepreneurial curriculum that covers topics such as innovation, ideation, business models, and risk management. This can help students learn about the key components of entrepreneurship and develop the skills needed to bring their ideas to market. Such a curriculum will form strong foundational material for their developing entrepreneurial mindsets.
Resources and Support: Business schools can provide resources and support to students who are interested in starting their own businesses. This can include access to funding, incubators, accelerators, and other resources that can help students bring their ideas to life.
Mindset Training: Business schools can offer mindset training that helps students develop the resilience, perseverance, and adaptability needed to succeed as entrepreneurs. This can include training on handling unsuccessful attempts, re-attempting, developing creative mindsets to tackle a problem in varied solution-oriented approaches, managing stress, and developing a growth mindset. But, most of all, the B-Schools need to sow seeds and inculcate a fearless attitude in their students.
— Written by Dr. Deepak Pandit, Chair Professor – Innovation and Entrepreneurship, BML Munjal University
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