Developing Entrepreneurial Thinking among Students of Higher Education Institutions

Abstract

The role of entrepreneurship is not merely confined to creation of enterprises, but also includes. creation of the capacity to produce wealth, jobs and: income- the most potent indicators of economic development. It is therefore, important to augment the supply of globally competitive entrepreneurs. Fortunately, Ease of Doing Business in India has gone up in ranks (63rdrank as per Ease of Doing Business Report 2020)1 over time in some of the vital parameters such as allotting permits, registration, trading across borders etc., though the country still lags in some areas such as enforcing contracts (l63rd out of 190) and registering property (154th out of 190).Ranked 4th in the business optimism index based on the Grant Thornton Survey 20192, Indian economy is turning increasingly competitive. Simplified tax reforms, business-friendly policy framework (Make in India, Start-up India and Digital India) and political fabric have given an impetus to entrepreneurial intentions among the youth of the country. The youngsters have started perceiving opportunities and are increasingly stepping forth to take up entrepreneurship as a career. India's entrepreneurship ecosystem, consisting of government policies and programmes, entrepreneurship education, R&D transfer, infrastructure and cultural perception towards entrepreneurship, has gained momentum and found new strengths to bolster entrepreneurial aspirations of the youth. Hence, our Total Entrepreneurial Activity (especially the early stage entrepreneurial activity) has gone up (Global Entrepreneurship Monitor India Report 2017/18)3. The country has also fared well in its innovation index (52nd rank by Global Innovation Index 2019)4 as a result of its improved knowledge and technology based creative outputs. This has conspicuously augmented its capacity to attract investments. Given this upbeat scenario, entrepreneurship if further promoted with focused efforts, could result in up scaling India on several key parameters. For this, the country needs a reasonably good pace of opportunity driven entrepreneurs who set up sustainable enterprises, create employment and generate wealth. Among several initiatives to promote entrepreneurship in the country, education in the discipline can noticeably strengthen entrepreneurial mindsets and culture.