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Entrepreneurship Education in India–Scope, challenges and Role of B-schools in

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International Journal of Engineering and Management Research, Vol. 2, Issue-5, October 2012
ISSN No.: 2250-0758
Pages: 5-14
www.ijemr.net

Entrepreneurship Education in India – Scope, challenges and Role of B-

schools in Promoting Entrepreneurship Education
Anis ur Rehman, Dr. Yasir Arafat Elahi
Department of Business Management, Integral University, Lucknow
Department of Business Management, Integral University, Lucknow
[email protected], [email protected]

ABSTRACT Key words: Innovation; risk-taking; decision-making;

Education is an important factor in determining the ambition; personal value orientation.
entrepreneurial orientation in individuals. Formal education is
positively correlated with entrepreneurship. Education and
training can have definite role in enhancing entrepreneurship in I. Introduction
the context of a developing country like India by enlarging the
pool of entrepreneurs. Entrepreneurship is a multi-faceted phenomenon.
During liberalization, which started in India in 1991, In simple words, we define an entrepreneur as “an
India exerted greater effort to promote and nurture individual who establishes and manages a business for
entrepreneurship. Attempts at various levels have taken place to
profit and growth.” Entrepreneurs do entrepreneurship.
directly or indirectly promote entrepreneurship. During the recent
past there has been a growing debate about how well educational Entrepreneurship is more than mere creation of business. It
systems specially B-schools prepare young management is a dynamic process of vision, change, and creation. It
graduates for Entrepreneurship. In the present scenario this requires an application of energy and passion towards the
debate becomes even more relevant. Should B-Schools lay creation and implementation of new ideas and creative
special emphasis on entrepreneur education in their curriculum? solutions.
If yes than what is scope of this education and what opportunity Entrepreneurs are people who turn dreams to
will it raise? These are some questions which need to be given reality. They supply goods and services, which increase
serious thought. the standard of living of the entire population substantially.
Unfortunately, the present entrepreneurship education
They are wealth creators. This self-created wealth insulates
in India just concentrates on related courses. Moreover, the so
called entrepreneurship courses are similar to the general the economy from recession and helps strengthen local
business courses. But general business management education economy. Global downturns will not affect the economy,
has no significant influence on entrepreneurial propensity. There as much as it would have in other circumstances.
is a demand for education programs specifically designed to According to ‘Special Report: A Global Perspective on
expand students’ knowledge and experience in entrepreneurship. Entrepreneurship Education and Training’, GEM, 2008,
The contents and teaching methods have to be differentiated Entrepreneurship education is defined in broad terms as
between entrepreneurship and traditional business courses. the building of knowledge and skills for the purpose of
This paper attempts to explain the evolution of entrepreneurship generally, as part of recognized education
entrepreneurship education in India. It then discusses the
programs at primary, secondary or tertiary-level
importance and role of entrepreneurship in Indian economy. It
further discusses the challenges with regard to the role of educational institutions.
educational programs and the delivery systems for An environment where entrepreneurship can
disseminating these entrepreneurship education programs. prosper and where entrepreneurs can try new ideas and
This paper tries to explain the role of B-schools in empower others needs to be ensured. Education needs to
shaping and nurturing of future entrepreneurs in India. It also address the development of skills required to generate an
discusses whether the current curriculum taught in B-schools entrepreneurial mindset and to prepare future leaders for
meets the requirements of budding entrepreneurs. Moreover, this solving more complex, interlinked and fast-changing
paper discusses the steps that should be taken by B-schools
problems. Education needs to come back to the top of the
towards promotion of entrepreneurship education.
priorities of governments and the private sector and be

5
seen as the fundamental mechanism for attaining III. RESEARCH
sustainable economic development and societal progress. METHODOLOGY
II. LITERATURE SURVEY Objectives:
(i) To study the evolution of entrepreneurship
Bechard and Toulouse (1991) draw on a education in India.
framework from the educational sciences to contrast four (ii) To study the importance and role of entrepreneurs
educative orientations. Three of these, conformist, adaptive in Indian economy.
and transformative, are pedagogical approaches which (iii) To study the importance of entrepreneurship
focus on course content. The alternative orientation, as an education for budding entrepreneurs.
androgogical approach, emphasises process. The authors (iv) To study the challenges faced by
suggest that, unfortunately, the pedagogical model is the entrepreneurship education in India.
dominant model in entrepreneurship courses and (v) To discuss the role of B-schools in development
recommend a transition to the alternative orientation. and promotion of entrepreneurship
Ulrich and Cole (1987) emphasises the education.
importance of successful learning experiences in (vi) To suggest measures for developing
generating and increasing interest in entrepreneurship. entrepreneurship education in India.
Dana's paper (1987) also suggests that entrepreneurial
learning style preferences are consistent with active Research Design: Exploratory
participation and that increased opportunities to participate Type of data: Secondary data
in the classroom would increase student awareness and Sources of data: Books, Journals, Magazines, Internet,
enhance the ability to learn from experience. Dana further etc.
argues that the emphasis should be on improving
entrepreneurial skill development and on the importance of
learning the skill to learn as an ongoing process rather than IV. ENTREPRENEURSHIP
on traditional management course content. EDUCATION IN INDIA
Ivancevich (1991), Ronstadt (1987), McMullan
and Long (1987), McMullan (1988) and Plaschka and \India has a pioneering status among developing
Welsh (1990) discuss the emergence of entrepreneurship countries for its early start on a variety of entrepreneurship
as an academic discipline and its role within the traditional education programs. For the most part, entrepreneurship
business school structure. Each highlights the growing education in post-independence India has been focused on
body of entrepreneurship literature and systematic theories measures designed to encourage self-employment and
necessary for recognition as an established discipline. Each founding of Small and Medium Enterprises (SMEs). The
also emphasises a particular aspect of the role of Industrial Policy Resolution of 1956 has, for instance, a
entrepreneurship education. very strong emphasis on the SME sector.
Plaschka and Welsch (1990) posit two As the economy transitioned from being primarily
frameworks of entrepreneurship programs. The first agrarian into one that has significant contribution from
combines the dimensions of number of entrepreneurship other sectors, it was felt that the most pressing requirement
courses and degree of integration. The second combines was education that would enable need-based entrepreneurs
the dimensions of number of disciplines and transition to make forays into these emerging sectors. Consequently,
stages in a firm. The value of the models lies in their in the 1960s and 70s, entrepreneurship education was
usefulness, individually or in combination, in studying and almost exclusively delivered in the form of training
designing entrepreneurship programs. programs, offered by institutions under the aegis of State
Harrison and Leitch (1994) argue the need to and Central Governments, and by financial institutions
utilise recent developments in the field of leadership receiving support from the Government.
research when studying entrepreneurship. The authors Some of the institutions delivering such programs
suggest that leadership and organisational transformation were:
and continuous learning are themes that reflect the new
paradigm associated with entrepreneurship education. 1. Industrial estates and in common service facilities
(like tool rooms)
Hood and Young (1993) develop a theoretical framework 2. Training and counselling institutions (NISIET,
consisting of four primary areas where successful SISI, TCOs, EDI)
entrepreneurs must be developed. The areas are content, 3. Financial institutions like SBI, IDBI, TDICI,
skills and behaviour, mentality, and personality. RCTC, etc.
4. Development boards (STEPs, EDCs, TBIs)

6
 In the 80s, entrepreneurship education continued to individual who is a job seeker and a burden to the
focus primarily on entrepreneur training aimed at creating economy. Managers employed by large corporations use
self-employment ventures. The 80s also saw the entry of their creativity and intellect to make their corporations
entrepreneurship education into technology and richer, whereas entrepreneurs make themselves and their
management institutions. At the IIM Ahmedabad, for nations richer.
example, faculty members started offering Achievement The benefits of entrepreneurship to the society
Motivation Training. Other management institutions also and the economy as a whole are enormous.
began offering similar courses, driven mainly by faculty Entrepreneurship helps in avoidance of monopolies and
interest. However, none of these institutions took on a cartels. Entrepreneurship is one of the easier ways of
pioneering role to emerge as a thought-leader. checking large corporations and MNCs from exploiting the
Governmental effort oversaw the founding of an initiative consumers.
to set up Science and Technology Parks (STEPs) and Entrepreneurs realize the tremendous demand for
incubation centers at a few reputed technical institutions. goods abroad and help to market the surplus. They help to
With the advent of liberalization in the 90s, the make the Indian market export competitive and at the same
country saw the potential of entrepreneurship not only as time, they make the ‘Made in India’ brand more
an entry-level employment generator, but also as a means acceptable. The surplus stock, which would have been
of wealth creation. Success stories, especially in the IT otherwise rotting in the government storehouse, can be
sector, were viewed by entrepreneurs as role models. The exported, thus serving to earn foreign exchange. The
country as a whole saw a growing interest in government gets rid of the excess stock while the exporter
entrepreneurship, fuelled by factors such as growth earns revenue, leading to a win-win situation.
potential of economy, changing social and cultural milieu, If India wants to be a developed country, the
global success of several Indian firms, emerging government should realize that only entrepreneurs can help
opportunities in different sectors and lower capital it to grow at the desired rate. The government should
requirement in IT and service sectors. frame its policies to nurture and promote budding
The past two decades have witnessed the entry of entrepreneurs.
industry associations, NGOs, consultants and voluntary So, there is a need for Indians to venture out into
organizations into the entrepreneurship education space. In the world of entrepreneurship, build intellectual property
general, this time period saw the strengthening of the and create wealth, which hopefully will find its way back
entrepreneurial ecosystem, with the establishment of into the system to fund more start-ups. India may be
modes of education that were not training based. Examples becoming a hotbed of innovation as an increasing share
of such modes include: of global Research and development shifts here. But
1. Mentoring pools like TiE, and networking events Indians are still not making the shift to entrepreneurship
2. Entrepreneurship Development Cells (NSTEDB, and aiming to build the next Microsofts, Ciscos and
AICTE, UGC) Googles. We seem to be content working for them. India
3. Incubators at various institutions such as: needs Entrepreneurs. Together, the new entrepreneurs
(i) Technology Business Incubators (NSTEDB, at over will inspire the next generation. That will be the real
30 educational institutions) coming of age of Indian technology and
(ii) Engineering colleges (IITs, NITs, leading private entrepreneurship. To do this, the government needs to
colleges) focus on Entrepreneurship education to create a pool of
(iii) Management schools (ISB, IIMs, leading private trained and highly skilled entrepreneurs.
schools)
VI. IMPORTANCE OF
The latest surveys of the trends of entrepreneurship ENTREPRENEURSHIP EDUCATION
education in India conducted in 2012 indicate that 44,500
students are currently enrolled in entrepreneurship Education is an important factor in determining
programs across the country. This number is expected to the entrepreneurial orientation in individuals. Education
grow at a CAGR of 20.4% to reach 54,700 by end of 2012. may be in the form of informal or formal. The informal
form of learning stresses the importance of early role
V. IMPORTANCE AND ROLE OF models and reinforcement patterns on the acquisition and
ENTREPRENEURS IN INDIAN ECONOMY maintenance of entrepreneurial behavior. Role models
could be parents or peer groups that provide socialization
We need entrepreneurs because they create jobs. training in entrepreneurship. Formal education is also
According to TiE (The IndUS Entrepreneurs, a non-profit positively correlated with entrepreneurship. It has also
organisation, promoting entrepreneurship, www.tie.org), been reported that entrepreneurs of healthy units, on an
each entrepreneur creates 30 jobs. An entrepreneur creates average, had a higher level of education compared to
jobs, setting stage for a flourishing economy, unlike an those who own sick units.
7
 Entrepreneurship education needs to gain firm run counter to entrepreneurship. For example, Indians
ground to change the face of the economy. It is only believe that being passive and content with the status quo
under such a scenario that we would witness a longer is healthier for the inner soul than striving to improve
queue of job providers than job seekers. And our efforts one’s situation. They believe that peace of mind can be
would sure show us productive and efficient youth, par achieved from spiritual calm rather than from materialism.
excellence. People in India are more sensitive to emotional affinity in
During liberalization, which started in India in the workplace than to work and productivity. An
1991, India exerted greater effort to promote and nurture entrepreneur needs to work around the clock and this has
entrepreneurship. Attempts at various levels have taken kept some people away from their own start-ups. After all,
place to directly or indirectly promote entrepreneurship. compared with other countries, family life in India is more
important.
Over the past two decades there has been a growing 2. Difficulties towards Start-ups: Starting a business
debate about how well educational systems prepare in India is costly in terms of the time required and the cost
young people for adult life in general and ‘enterprise’ in involved. While it takes just five days to start a business in
the world of work in particular. In the present scenario the United States and just two days in Australia, in India it
this debate becomes large. takes as long as 89 days. What really hurts is that even in
The diagram below provides a summary of the neighbors Pakistan, Nepal, and Bangladesh, it takes just
various aspects of entrepreneurship education: 24, 21, and 35 days respectively to do so. The reason for
such delay is bureaucratic - too many rules and
regulations, and too much paperwork (Ashish Gupta,
2004). On an average, it would cost an entrepreneur nearly
half of his/her total income (49.5% of the gross national
income per capita) to set up a business, which is 100 times
more than what is needed to set up a business in the United
States. Again poorer cousins Bhutan, Pakistan, and Sri
Lanka are better off.
Doing business in India is an extremely difficult
proposition (Ashish Gupta, 2004). The absence of an
appropriate entrepreneurial climate, the lack of required
infrastructure facilities, and the lack of access to relevant
technology hinder rapid industrial development. Most of
the time, the Indian entrepreneurs have to tackle
electricity, transportation, water, and licensing problems.
3. Incomplete Entrepreneurship Education : A
(Source: Educating the Next Wave of Entrepreneurs, survey done by the Entrepreneurship Development
World Economic Forum, 2009) Institute, India (EDII) in 2003 shows that young people are
afraid to start their own business because they are not
VII. CHALLENGES FACED BY confident, not capable, and lack knowledge in starting a
business. Many people have the opportunity to change jobs
ENTREPRENEURSHIP EDUCATION IN or become an entrepreneur if they are properly trained. The
INDIA students in India are not confident with the traditional
education they receive in the university.
The present entrepreneurship education in India 4. Lack of a standard framework: Entrepreneurship
just concentrates on courses which are similar to the education is widely spread, has diverse forms and has a
general business courses. There is a demand for education large number of stakeholders. But the overall state of
programs specifically designed to expand students’ affairs is a confused one, one that lacks broad vision,
knowledge and experience in entrepreneurship. goals, and systematic planning (akin to the 5-year plans for
Entrepreneurship education in India faces cultural and the economy). The lack of a standard framework is a big
financial constraints along with insufficient government challenge to the development of entrepreneurship
capacity. The significant challenges faced by education in India.
entrepreneurship education in India are given below: 5. Dependence on government: Higher degree of
dependence on government is another challenge before
1. Cultural barriers: Entrepreneurship can develop entrepreneurship education in India. Insufficient private-
only in a society in which cultural norms permit variability sector participation and lack of sustainable business
in the choice of paths of life. Unfortunately, the Indian models in the entrepreneurship education act as barriers to
culture consists of a network of benefits that in many ways its development in India.
8
 The Indian School of Business (ISB) at
The entrepreneurship education in the higher Hyderabad is affiliated to non-profit organization
education system should satisfy the need for Wadhwani Foundation committed to promoting
entrepreneurship by selecting, motivating, training and entrepreneurship. ISB, Hyderabad provides a start in
supporting budding entrepreneurs. Unfortunately, the developing outstanding entrepreneurial leaders. ISB's
present entrepreneurship education in India just program is designed primarily to prepare managers to
concentrates on related courses. Moreover, the so-called respond to the challenges of rapidly changing business
entrepreneurship courses are similar to the general environments. Within an environment of intellectual
business courses. But general business management vibrancy, there are more than 500 students who graduate
education has no significant influence on entrepreneurial each year after studying entrepreneurship, strategy and the
propensity (Hostager and Decker 1999). The findings of a impact of technology on commerce. They spend time
survey on business owners in India suggest that developing their own projects, while utilizing state-of-the-
management education is not an important driver of art communications technology to interact with members
entrepreneurial attitudes (Gupta 1992). There is a demand of industry and experts worldwide.
for education programs specifically designed to expand The ISB, Hyderabad has plans to open an
students’ knowledge and experience in entrepreneurship. Entrepreneurship Centre which will be founded, led and
The contents and teaching methods have to be managed by several leading Silicon Valley entrepreneurs,
differentiated between entrepreneurship and traditional who are on the school's Governing Board. The Centre will
business courses. help students become successful entrepreneurs by offering
a diverse set of programmes, activities and facilities such
VIII. ROLE OF B-SCHOOLS IN as a New Business Development Project, an on-campus
DEVELOPING ENTREPRENEURSHIP incubator, an Entrepreneur-in-Residence programme, field
projects, and a Young Entrepreneurs Club.
EDUCATION IN INDIA National Institute of Industrial Engineering (NITIE) is
one of the college in India which took the initiative first
The B-Schools are the most appropriate nursery in starting entrepreneur education. There is also NCSE
of shaping and developing management graduates for (Nation center for student enterprise) where the main
entrepreneurship who possess integrity and ethical purpose is to help the student to open their firm and
standards, a deep sense of social responsibility, a encourage the students to think of the future of
commitment to the up-liftment of their communities, entrepreneurship.
understand protection and sustainability of the In India, many entrepreneurship centers have
environment, and the improvement of the people’s quality been founded to coordinate the broad array of activities,
of life. The B-Schools are in a position to develop case programs, and resources within the B-Schools. For
studies on entrepreneurship practices relevance to India example, the NS Raghavan Center for Entrepreneurial
scenario. While doing this the students will gain new Learning in IIM Bangalore (NSRCEL—IIMB) carries out
insights into the entrepreneurship and walk away not only international collaboration projects. The Global
with tools but also with a clearer sense of their role as Entrepreneurship Monitor (GEM) Project with the London
drivers and facilitators of positive change in the society in Business School, the Ewing Marion Kaufmann
the way they do business. Foundation, and Babson College has been a major project
To promote and develop entrepreneurship for the last three years. In the case of IIM Calcutta,
education, some B-School are starting entrepreneur activities on innovation and entrepreneurship are more
education in their course structure. And most of the B- practical and driven by students, along with the faculty
schools are providing the electives in their course advisors. The IIMC’s entrepreneurship cell holds one of
structure by which students will give their interest in that the biggest business plan contest in Asia, i2I—ideas to
field and open their own enterprise. implementation with Yale University’s Yale
Courses in entrepreneurship at B-Schools are the Entrepreneurial Society (YES).
core activity of Entrepreneurship Education in India. A These partnerships and centers are also happening
number of B-Schools offer courses in entrepreneurship. in the technical schools as much as in the business schools.
For instance, NMIMS conducts a two-year, fulltime The notable names include the Technology Business
program on family business management. Most of the Incubation Unit Delhi, the SIDBI Innovation and
courses cover the legal and managerial aspects of Incubation Centre in IIT Kanpur, and the Society for
entrepreneurship. But the motivational aspect taught at Innovation and Development (SID) at the Indian Institute
NMIMS is equally important, since it creates an aspiration of Science Bangalore, one of the oldest centers in India. In
and improves confidence levels. This program has fact SID-IISc’s notable achievement is a project called
equipped students with the skills, knowledge, and mind-set SuTRA--Sustainable Transformation of Rural Areas--
to run their family business. which uses non-edible oils from indigenous neem trees as

9
a substitute for fuel generation. Many ideas are focused on holidays’ where students can try their hand at setting up
solving the problems of rural poverty, since “innovation is their own venture and should things don’t work out, can
getting compassionate, too.” come back to campus for placements within two years of
Recently, a new tribe of MBA-Entrepreneurs is passing out.
emerging who undergo the best management training at B- There has been an interesting trend among top B-
schools, and leverage it to pursue their dreams. In 2009, School students to opt out of placement process to start
graduates have opted to take the road less travelled i.e., an their own entrepreneurial venture. Given below is a data
Entrepreneurship. Interestingly, B-schools are supporting about number of students opting out of placement process
and promoting this trend wholeheartedly. What’s more, B- in various B-Schools to start their own entrepreneurial
schools are going out of their way to promote venture in 2009.
entrepreneurship on their campuses. Many institutes like
IIM-Ahmedabad, IIM-Bangalore and SPJIMR, Mumbai
have modified placement rules to offer ‘placement

Name of Institute No. of students opted out of placement process to start

their own entrepreneurial venture
Indian School of Business Hyderabad 65
IIM Ahmedabad 11
XLRI Jamshedpur 8
IIM Lucknow 6
IIM-Kozhikode 5
IIM-Bangalore 4
IIM Indore 2
FMS, Delhi 2
IMT Ghaziabad 1
S P Jain Institute of Management and 1
Research, Mumbai

(Source: MBAUniverse.com, Placement Report 2008)

10
The various entrepreneurship programs offered by various institutes in India are given below:

11
Long Duration Programmes:

Institute Course Title Focus Duration

Madurai Kamraj Univ PGD in Entrepreneurship Across Life
Cycle 1 Year
EDII PGDBEM Across Life
Cycle 1 Year
SEMCOM BCom, BBA, BBAITM, Master of E- Across Life
Business Cycle 1 to 3
Years
EPBA Across Life
Cycle 18 Months
SPJIMR
Family Managed Business Programme Across Life
Cycle 2 Years
Indian Institute of Entrepreneurship, PGDME Across Life
Guwahati Cycle
1 Year

Term Based Programmes:

Institute Course Title Focus Duration

ISB, Hyderabad PAEV Pre Start Up 15 Weeks
IIM – Ahmedabad LEM Pre Start Up 10 Weeks
ENVP Pre Start up & Start Up 10 Weeks
ENVC Pre Start up & Start Up 10 Weeks

IIM – Bangalore Corporate Venturing Pre Start up & Start Up 10 Weeks

Social Entrepreneurship Pre Start up & Start Up 10 Weeks
New Venture Financing Pre Start up & Start Up 10 Weeks
IIM – Calcutta SEM Across Life Cycle 10 Weeks
Managing New Ventures Pre Start up & Start Up 10 Weeks
IIM – Lucknow Org Issues in NV Across Life Cycle 10 Weeks
NVP Pre Start up & Start Up 10 Weeks
XLRI Entrepreneurship & NV Pre Start up & Start Up 10 Weeks
XIME Entrepreneurship Across Life Cycle 10 Weeks
NEM Pre Start up & Start Up 10 Weeks
XIM, Bhubaneshwar
Rural Entrepreneurship Pre Start up & Start Up 10 Weeks

12
 Social Entrepreneurship Pre Start up & Start Up 10 Weeks
SPJIMR, Mumbai Start your Business Prog Across Life Cycle 12 Weeks

Source: “Entrepreneurship education in India – A Perspective”, ISB Hyderabad, April, 2012

Suggestions for developing entrepreneurship education:
Although the wave of promoting entrepreneurship education has started in B-Schools, much more needs to be done in
entrepreneurship education so that it can play a significant role in the growth of Indian economy. The following is a list of
proposed measures to be taken for development of entrepreneurship education in India:
1. Refining Techniques of Entrepreneurship Education: Entrepreneurship education is different from a typical
business education. Business entry is a fundamentally different activity from managing a business. The B-Schools must address
the equivocal nature of business entry through entrepreneurship education. To this end, the B-Schools must include skill-
building courses in negotiation, leadership, new product development, creative thinking and exposure to technology
innovation. They should also focus on creating an awareness of entrepreneur career options; sources of venture capital; idea
protection; ambiguity tolerance. These are characteristics that define the entrepreneurial personality from which one draws
when faced with the challenges associated with each stage of venture development. The B-Schools must introduce the
following learning tools which are useful in entrepreneurship education: business plans; student business start-ups; consultation
with practicing entrepreneurs; computer simulations; behavioral simulations; interviews with entrepreneurs, environmental
scans; “live” cases; field trips, and the use of video and films.
2. Selecting suitable candidates: Since not everyone has the potential to become an entrepreneur, the proper identification
and selection of potential entrepreneurs is the first step in the entrepreneurship education. The B-Schools should select those
with high entrepreneurial potentials through particularly designed procedures. Tests, group discussions, and interviews may be
used in the selection of entrepreneurs.
3. Selecting the eligible faculty: The B-Schools should carefully select the entrepreneurship education teaching staff. In
theory, a lecturer of entrepreneurship education, first of all, must be a successful or experienced entrepreneur. A qualified
entrepreneurship education teacher should also have some entrepreneurial practices especially in risk taking and opportunity
perceiving as well as entrepreneurial qualities such as good communications skills. Otherwise, teaching quality cannot be
guaranteed. The B-Schools must develop capacities of faculty members involved in teaching entrepreneurship at school
and college levels and creating awareness throu through orientation Programmes.
4. Sharing of experience: The B-Schools must act as a forum to bring scholars from across the country to share their views
related to entrepreneurship that have contemporary relevance and interest. Entrepreneurs learn from experience - theirs and that
of others. Much of the success of Indians in Silicon Valley is attributed to the experience, sharing and support that members
have extended to young entrepreneurs. They should create a strong network of entrepreneurs and managers that entrepreneurs
could draw on for advice and support.
5. Promoting collaborations: The B-schools must explore possibilities of striking collaborations with national and
international institutions for joint researches, courses and exchange programmes for widening the scope and boundaries as also
launching new courses including Doctoral Programmes.
6. Encourage research: The B-Schools should take steps to encourage research in entrepreneurship through fellowship
support and also undertake joint research projects with Indian and overseas universities and institutions.
These steps will slowly but surely bring a remarkable change in the area of entrepreneurship education in India which will, in
turn, start showing positive impact and significant contribution in the long cherished Indian dream of becoming a developed
nation. But all these steps will not culminate in a happy ending without the government support and help.
Indian government needs to give more focus on promotion of entrepreneurship and entrepreneurship education. We can take
lessons from China. The first lesson is the direct support of the government. Government pays much attention to the
entrepreneurship education in China. For example, the local and central governments have given some incentives to student
entrepreneurs, e.g. tax deductions and other forms of financial support. The educational institutions in China hold Annual
National Business Plan Competition each year. This competition is organized by a university (different each year) but co-
organized by the Ministry of Science and Technology of China and other related government organizations. This competition
starts at the university level, and then goes on to the provincial level, and finally, the national level. Students from almost all
relevant universities in China join this competition.
In China, many universities have their own incubator for the students’ start-ups. In each city, incubators are also available to
other young people. These incubators are mainly set up by government organizations and offer services to entrepreneurs at
favorable prices. Many intermediary firms facilitate the entrepreneurs’ activities.

13
IX. CONCLUSION Golden Jubilee Seminars. Held at Eleven Universities in
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