How educational institutions can foster entrepreneurial skills and mindset

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Offline Imrul Hasan Tusher

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How educational institutions can foster entrepreneurial skills, and mindset among students


Both Indian and international institutions often establish incubation centers to nurture startups.


Given the dynamic environment that we live in these days, high expectations are placed on educational institutions at the graduate or post-graduate level to deliver well beyond their traditional outcomes, viz. graduation and research. One of the additional expectations now taken as a given, especially from the top-level institutions, is placement. In addition to this, over the last decade or so, providing entrepreneurship support has also emerged as an important expectation.

Here we look into the kind of support currently provided by the top-level institutes in the country in the fields of Management and Engineering to see if enough is being done and how this support can be improved and expanded to other schools across levels and fields.

Let us first compare the entrepreneurship support provided by Indian Institutes of Management (IIMs) and Indian Institutes of Technology (IITs) with that offered by schools abroad, highlighting both similarities and differences. It's important to note that the comparison may vary among different international educational institutions, but we can draw useful general observations.

Incubation Centers: Both Indian and international institutions often establish incubation centers to nurture startups. These centers provide physical space, mentorship, and resources to help young entrepreneurs develop their ideas into viable businesses.

Mentorship Programs: Both types of institutions recognise the importance of mentorship. Mentorship programs connect aspiring entrepreneurs with experienced professionals who can offer guidance, insights, and industry knowledge, fostering a supportive environment.

Networking Opportunities: Creating networks is crucial for budding entrepreneurs. Both IIMs/IITs and international schools organise events, seminars, and networking sessions that bring students, alumni, industry experts, and potential investors together to facilitate collaboration and knowledge exchange.

Global Exposure: International schools and leading Indian institutions alike emphasise the significance of global exposure. They may collaborate with global partners, facilitate exchange programs, and encourage students to participate in international competitions, broadening their perspectives and preparing them for a globalised business environment.

Differences

Access to Funding: One notable difference is often the access to funding. While IIMs and IITs have made strides in connecting students with investors, top-schools abroad have more established connections with robust funding ecosystems, including venture capitalists and angel investors, providing students with more extensive financial support.

Integration into Curriculum: Some international institutions seamlessly integrate entrepreneurship into their academic curriculum, offering specialised courses or majors in entrepreneurship. This might be more structured compared to certain Indian institutions where entrepreneurship education may be pursued as electives or extracurricular activities.

Entrepreneurial Culture: In certain international schools, especially in regions with a strong startup culture like the Bay Area, the overall environment is more conducive to entrepreneurship. This could be due to a higher tolerance for risk, a greater emphasis on creativity and innovation, and a cultural acceptance of failure as part of the entrepreneurial journey.

We have seen that while IIMs and IITs share common ground with international schools in fostering entrepreneurship, differences arise in the level of financial support, integration into academic curricula, and the prevailing entrepreneurial culture.

Adopting these for the Indian Institutions could help in two ways – providing a stronger platform for the success of startups right from the institute level, benefitting both the entrepreneur and the institute, and giving confidence for the wanna-be-entrepreneurs-down-the-line that they can turn to their alma mater for assistance if, and when, needed.

Now that we have seen what the top-institutes in the country need to do, let us look at how the best practices from these can be used by the other institutes in the country. Let me point out that a good proportion of the other institutes have been very actively working on this front, closely adopting the necessary best practices not only from the top-level schools in India, but also from those abroad.

However, the biggest handicap that most of them face is the lack of successful alumni who can directly mentor students. While some of them have a few, many cannot claim to have even those.

Cities like Bangalore/Mumbai are very happening on the entrepreneurship front along with the other metros. However, if we move to tier-2 cities, the help available is minimal, almost non-existent.

This problem could be addressed via university/city level collaboration centers can be set up so that the available resources can be pooled and used to help and guide students interested in starting on their own.


Source: https://economictimes.indiatimes.com/small-biz/sme-sector/howhow-educational-institutions-can-foster-entrepreneurial-skills-mindsetamong-students/articleshow/106170784.cms

« Last Edit: December 26, 2023, 11:11:19 AM by Imrul Hasan Tusher »
Imrul Hasan Tusher
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Offline mushfiqur.cse

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The exploration of how educational institutions can cultivate an entrepreneurial mindset and skills among students is insightful and essential. It sheds light on the pivotal role educational settings play in nurturing innovation, risk-taking, and resourcefulness.

Impressive, indeed.
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Offline Nurul Mohammad Zayed

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University Based Entrepreneurial Ecosystem is an interconnected tool to develop students’ ventures within the university framework. Now-a-days, a university not only plays a vital role in entrepreneurship development, but also develops a systematic process where talented graduates invent, innovate and commercialize their ideas. Encouraging university based entrepreneurial ecosystems can bring a greater change in our societies. Universities are setting institutional arrangements to support the students’ venture. A University based entrepreneurial ecosystem (U-BEE) enables a key ecosystem for creating innovative value to commercialize the knowledge which will help to develop enterprising communities.

I had a few publications on this issue. Please go through these when your time permits.

1. Shil, M., Shahriar, M. S., Sultana, S., Rahman, S. N. & Zayed, N. M. (2020). INTRODUCTION TO UNIVERSITY BASED ENTREPRENEURSHIP ECOSYSTEM (U-BEE): A MODEL CASE STUDY FROM BANGLADESH. International Journal of Entrepreneurship [on line], 24(1), pp. 1-9. [Available from: https://www.abacademies.org/articles/Introduction-to-university-based-entrepreneurship-ecosystem-(u-bee)_-a-model-case-study-from-bangladesh.pdf ] – Scopus (Q3) & SCIMAGO Indexed.

2. Iqbal, M. M. & Zayed, N. M. (2017). Key Soft Skills Influencing the Employment Decision of the Employers: A Case Study on Graduates of Business of Dhaka City. Daffodil International University Journal of Business and Economics (DIUJBE) [print], 11(1), pp. 19-36. [Available from: The Registrar, Daffodil International University, Dhaka, Bangladesh].
Dr. Nurul Mohammad Zayed
Assistant Professor 
Department of Business Administration 
Faculty of Business & Entrepreneurship
Daffodil International University

Offline shibli

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We can enhance our entrepreneurial ecosystem by implementing an accelerator program aimed at nurturing entrepreneurs among all departmental students. In this digital era, IT students can team up with other departmental students. This program can provide personalized one-on-one mentorship sessions, fostering support for funding to scale their business ideas to minimum vaible products or services.. Group mentorship sessions can also be organized, promoting collaborative learning and idea exchange among aspiring entrepreneurs.

To streamline the process, the university can offer a one-stop solution for registration and participation in the accelerator program. This centralized platform would simplify the application process, making it accessible for all interested students. Additionally, providing step-by-step guidance and resources for business development, such as workshops, networking events, and access to funding opportunities, can empower students to transform their innovative ideas into successful ventures.

By incorporating these elements, we can create a dynamic entrepreneurial hub, encouraging students to explore their creative potential, learn from experienced mentors, and contribute meaningfully to the startup ecosystem
Those who worship the natural elements enter darkness (Air, Water, Fire, etc.). Those who worship sambhuti sink deeper in darkness. [Yajurveda 40:9]; Sambhuti means created things, for example table, chair, idol, etc.

Offline bipasha

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Networking Opportunities,Critical thinking skills,Entrepreneurial Culture like analytical skills, can be necessary for improving   overall entrepreneurial skills. Moreover,Networking Opportunities, effective communication skills, both written and verbal, are important for building relationships with clients, employees, and investors.

Offline jahangir.cse

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Impressive article! Offers a thorough comparison between Indian and international approaches to fostering entrepreneurial skills. Emphasizes key elements like incubation centers and mentorship programs, providing practical solutions. Well-researched and a valuable contribution to entrepreneurial education discourse.

Offline Anuz

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Promoting entrepreneurial skills and mindset among students at Daffodil International University (DIU) or any educational institution requires a comprehensive approach that combines academic curriculum, extracurricular activities, mentorship and a supportive ecosystem.
 
Here are some strategies to foster entrepreneurial skills and mindset at DIU:
1. Integrate entrepreneurship courses into the curriculum.
2. Utilize Daffodil incubation centre for the students to collaborate, brainstorm and develop their business ideas providing resources such as co-working spaces, mentorship programs and access to funding opportunities for student startups.
3. Continuing the workshop inviting successful entrepreneurs & industry experts to share their real-world experiences and insights with the students.
4. Foster partnerships with local industries to provide students internships, industry visits and Collaborative projects.
5. Continue regular startup competitions to encourage students to develop their business ideas. ()
6. Encourage alumni involvement with the running students to create a strong network of mentors.
7. Promote collaboration between interdisciplinary courses that blend business, technology and creativity.
8. Encourage research initiatives focusing the real-world problems and creating innovative solutions providing access to online platforms and resources for entrepreneurship education, courses and tools for business development.
9. Deeveloping the soft skills such as communication, problem-solving and leadership through various curricular and extracurricular activities.

By implementing these strategies, DIU can create a vibrant entrepreneurial ecosystem that nurtures the students to succeed in the dynamic world entrepreneurship.
« Last Edit: January 04, 2024, 11:56:20 PM by Anuz »
Anuz Kumar Chakrabarty
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Department of General Educational Development
Faculty of Science and Information Technology
Daffodil International University