Your ideas can build a better future

Union minister Anurag Singh Thakur recently spoke about how India has become ‘the hub of the startup ecosystem in the world,’ ranking third with 90,000 startups and 107 unicorn companies worth $30 billion, made possible only by the contribution of the country’s youth.

In such a scenario, entrepreneurship is crucial for the economic development of a country, its growth and job creation. Entrepreneurs create new businesses, products and services, which not only generate employment but also contribute to the country’s GDP. With a significant portion of India’s youth being underemployed or unemployed, entrepreneurship education can open up new vistas, foster innovation and creativity, develop problem-solving skills and inculcate an entrepreneurial mindset in individuals.

A shining example is that of Satyam Roychowdhury, founder & Managing Director, Techno India Group, and most importantly a first-generation entrepreneur who has made things happen and changed the lives of thousands of people with his new-age ideas and enthusiasm.

Under his visionary leadership, Techno India Group has evolved into the largest conglomerate of educational institutions in Eastern India impacting the lives of over one hundred thousand students at any given time. To him, individual successes have an intrinsic connection with societal successes, and the road to that social entrepreneurship is investing in education. Students who have graduated from the Techno India Group of schools, colleges and universities have taken diverse paths but have one thing in common — they have all been indoctrinated to become socially responsible citizens, thinking beyond individual profits and keen on contributing to society.

Being a first-generation entrepreneur himself, Roychowdhury is doing “business with a social value” and has strongly emphasised the idea that a new flourishing India can only be the result of entrepreneurship with a purpose.

“In the next few years, $150-$200 billion will be invested and by 2025, India will have 200,000 startups with a total value of $1.5 trillion employing 3.25 million people. Also, we should remember that the new 250 Unicorns are young and will carry India into the next orbit. With such economic benefits, we need a formal education system focused on entrepreneurship and innovation,” said Prof Raghupathi C N, Director, MILES, Manipal Academy of Higher Education (MAHE), Bengaluru.

Kolkata-based Debaditya Chaudhury, managing director of leading food outlets namely Chowman, Oudh 1590 and Chapter 2, believes that entrepreneurship cannot be taught in any educational institution, but yes, an entrepreneurial mindset can be nurtured from an early age.

“I have completed an MBA from a prestigious institute but then, I don’t think you can learn how to become an entrepreneur from any educational institute. It needs to be developed by oneself. However, you can get some guidelines from an institute,” he said.

Entrepreneurship is about identifying and exploring opportunities. By teaching entrepreneurship, students can learn to identify problems and find innovative solutions. In fact, innovation is critical for any country’s progress, and India needs to foster a culture of innovation and creativity to compete globally. In this case, entrepreneurship education can help inculcate this culture and mindset among students and future entrepreneurs.

“I believe that India needs to increase its focus towards all kinds of education, starting right from K-12 to college to continuous lifelong learning, including entrepreneurial education. When all kinds and levels of education are given attention with a special focus on building independent thinking and entrepreneurial spirit, it will automatically build a mindset of getting things done,” Swapnil Kamat, co-founder and CEO, upGrad Work Better.

He also said entrepreneurship education should focus on inspiring students to do something interesting in their careers, exposing them to good ideas and encouraging students to experiment with projects.

In fact, ideation is the key in entrepreneurship. Entrepreneurs are problem solvers. They identify the gaps in the market and develop an idea, product or process to address those gaps. A brilliant idea can increase revenue, improve a product or process and help the company in cutting costs. Entrepreneurship education can help individuals develop problem-solving skills that can be applied in their personal and professional lives.

“Entrepreneurship education boosts innovation by equipping students with the knowledge, skills, and mindset needed to identify and capitalise on opportunities. It influences students’ creativity skills with idea generation so that they can expand their horizons. Activities like brainstorming sessions, problem-solving exercises, and design-thinking workshops help learners develop innovation skills. It also allows a better understanding of the market and identification of potential market segments and clients. Learners get the confidence to take calculated risks and pursue ideas in uncertain market conditions,” said entrepreneur Prabhat Sinha, also an alumnus of IIM Ahmedabad and co-founder of Intelligenz IT.

But how an educational institute can integrate entrepreneurship into its curriculum is easier in theory but in practice, it might seem to be a bit challenging. In several international schools, financial literacy is already a part of the curriculum. Public speaking has also been embedded in the school curriculum, which enhances confidence and improves vocabulary.

“Several reputed institutions have initiated incubation to provide startups with resources, support and expertise. In addition, educational institutes should focus on organising guest lectures, conferences and networking events. Such opportunities will help students connect with successful entrepreneurs and industry experts, which can further lead to funding, mentorship, and business opportunities,” said Sinha. Echoing similar thoughts, Kamat also highlighted how it is important for institutes to invite more entrepreneurs to come and speak about their journeys to students. “This plays an important role in instilling ideas and inspiring people. In addition to academics, institutes must get students to experiment and work on different ideas. Let them start with small projects on their own,” he said.

Prof Raghupathi informed that entrepreneurship is “experiential in nature” and needs to be taught by people who have experience. “Not all successful entrepreneurs take to teaching naturally. We have devised credit courses with people in the field teaching them. Also, not all students want to be entrepreneurs. We have designed a hop-on, hop-off course so that a student can make a decision,” he said.

Chaudhury, however, mentioned that there’s a difference between an entrepreneur and a businessman and most often, people tend to confuse the terms. “Businessmen are concerned with vertical growth, whereas entrepreneurs believe in horizontal expansion. Entrepreneurs not only generate revenue but also contribute to the betterment of society,” he said.

Entrepreneurs also praise the Union and state governments for their support to the growth of startup ecosystem in the country.

“The Indian government plays a crucial role in promoting entrepreneurship education by providing a supportive policy framework, incentivising technical education, encouraging skill-based training, investing in research and development, and collaborating with other countries. In addition, the government provides grants, funding, tax waiver and subsidies to start-ups. These efforts can help create a thriving ecosystem for startups and entrepreneurs in India,” said Sinha, also an IT business expert.

He further added that the government has invested heavily in research and development activities of new entrepreneurship avenues like drones, semiconductors, Greentech and Artificial Intelligence which helps to build a conducive environment to attract more entrepreneurs.