Is There a Need for Entrepreneurship in Today’s Education?

 

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Most graduates are now deciding to become entrepreneurs and start their own business as a result of the recent global recession and the current economic conditions. It’s important that they acquire relevant skills and knowledge by pursuing higher education courses like postgraduate diploma in business which will help them to face the challenges of the corporate world. Hence, it is about time that entrepreneurship is incorporated into modern education so that our aspiring entrepreneurs can have an edge in the intensely competitive marketplace.

When it comes to graduation, 2 basic questions come to our minds:

• Can a college degree help you in your career?
• After your graduation, will you earn more than a person without a degree?

You can find numerous articles and news online based on these two questions even though the answer to these questions is yes. However, the real question we need to ask is “Will a college degree teach you value creation?” Unfortunately, the answer is no.

What Do You Mean By Value Creation?

Value creation refers to providing the required skills and abilities to our graduates so that they can innovate, develop and create employment. It means empowering you to contribute significantly to the global economic development. And how can we do that? The best way is to develop postgraduate diploma programmes that will train our grads to become entrepreneurs and enable them to create value for overall growth.

Can College Education Teach Entrepreneurship?

As I mentioned earlier, most of our young populace are now more interested in taking an entrepreneurial approach to build their careers. But sadly, our education system is not sufficient to provide them the training they need.

The data from the Annual 2014 Youth Entrepreneurship Study by Buzz Marketing Group and YEC shows that around 81 per cent of youths, who do not own a business currently, are determined to become self-employed in the near future due to the recent changes in the economy. Moreover, 87 per cent of youths want to become entrepreneurs. The study also found that 62 per cent of our graduates did not receive any entrepreneurship classes during their college; and among them, a further 62 per cent believed such classes were insufficient.

This clearly shows the urgent need for improving our education system so that we can empower our youths with relevant knowledge related to entrepreneurship, and not just business management.

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So What Should Be Done?
  
I believe these following strategic suggestions will make sure that your college degree is worthwhile and helps you to become business leaders in future –

Recognising Entrepreneurship

The first and most important thing is that the present education system must recognise Entrepreneurship as a key area and must incorporate it into the curriculum. We need to start training our future leaders from K-12 level, instead of waiting for college. It is not necessary to teach our youths about value creation only when they start attending college. Our schools must focus on offering high quality experiential learning in entrepreneurship, work readiness and financial literacy. This will enable you to apply the skills and knowledge you learned in K-12 in real life scenarios and help you to understand the threats and opportunities.

Communication Between Business Leaders and Colleges

Colleges and Universities should take the support of reputed entrepreneurs and business leaders to develop opportunities for internship and apprenticeship, mentoring graduate students, and support our graduates to find their desired jobs and help their communities. These will particularly help students pursuing undergraduate business degrees, MBAs and online postgraduate diploma in business. They will receive the necessary training to solve current and practical challenges faced by their own companies.

Incorporating Entrepreneurship in Curriculum

According to the Annual 2014 Youth Entrepreneurship Study, almost 37 of the students said they would either work freelance or become entrepreneurs, if they remained unemployed. In contrast, only 21 per cent of respondents said they would make the most of any job opportunity they get; while 19 per cent claimed they might pursue further education.

Here come the importance and necessity of factoring entrepreneurship in education. If our students are not trained in starting their own ventures or making a successful freelance career, then our education system will failed. Irrelevant of your specialisation, your degree or diploma programme must incorporate experiential learning. This will make sure that you are able to successfully apply your knowledge in today’s fast-paced, high-tech and rapidly transforming world.

So What Can You Do? Go Online.

You can find various online and blended learning programmes offered by numerous reputed colleges that focus on experiential learning. An online postgraduate diploma in business programme will help you to learn the necessary skills and enable you to by apply them in your workplace at the same time. Online institutes offer various programmes that will cater to your business and entrepreneurial needs. You will acquire comprehensive knowledge as online postgraduate diploma in business courses will teach you both the core and advanced concepts of entrepreneurship. You will have the flexibility to study and work on your start up company by applying what you have learnt immediately.

In this present scenario, it has become imperative that education leaders consult with business leaders when developing the core curriculum for different programmes, be it on-campus or online. Our education system needs to create educated and competent graduates who can not only create value but help to build a sustainable and growing economy.

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