Importance of Entrepreneurship Education and Training for Job Aspirants

Importance of Entrepreneurship Education

The Importance of entrepreneurship education and training is increasing day by day because jobs are scarce and the ones that are available are only reserved for the right candidates. In such a scenario entrepreneurship education plays an important role in creating self-sufficiency in job aspirants as it teaches them to start their own enterprises.

The importance of entrepreneurship education and training in today’s scenario is gaining relevance because of the long-term benefits it offers to the student community as well as to the people interested in starting their own businesses. 

Jobs are scarce all over the world. Companies are quick to retort that the jobs are now only available for the ‘right candidates’. The right candidature remains a mirage and is mainly described with– employability standards. The lacuna in employability standards is visible amongst the students of almost all of the professional streams, all over the world.

In developing countries like India with high levels of professional education amongst the masses, the lack of employability standards is quite an issue. Hence the importance of entrepreneurship education and training is paramount as it encourages self-employment and self-sufficiency.

Therefore, it is essential that everyone understands the long-term necessity of the importance of entrepreneurship education. This will become clear with understanding the main benefits of the importance of entrepreneurship education and training:

1. Understanding Minor Nuances of Entrepreneurship:

Understanding Minor Nuances of Entrepreneurship

Entrepreneurship as a subject is taught at the management levels in all universities. The importance of entrepreneurship education is thus recognized. Yet, only theoretical knowledge is not sufficient if people have to understand the minor nuances of entrepreneurship. That’s why training based program with real world examples, exercises and case studies prove to be far more beneficial.

These programs include traditional subjects like procuring and managing resources, marketing, finance, information systems, and others. In addition, such programs also teach practical instruction in opportunity recognition and commercializing an idea or concept so that a business venture can be initiated right from the ground up.

All such training based programs have to keep upgrading their curriculum so that they keep pace with the changing labor market needs. It is extremely important that the skills taught at the schools remain relevant to the workplace and working life. Thus the importance of entrepreneurship education and training is absolutely irrefutable

2. Understanding the Challenges of Global Economic Situations:

Globalization with tremendously fast paced technological advancement and its adoptionis presenting several new economic challenges in the world; just as all through the history of mankind the discoveries, inventions, revolutions, and social movements have shaped the business environments.

All these factors are impacting the way businesses and economies are functioning, as well as have a deep impact on the job markets also. The challenges presented have to be counteracted with requisite changes in the education system. The importance of entrepreneurship education and training for the development of knowledge, skills and global outlook in business becomes supreme under such a scenario.

The labor markets are also getting redefined because of low costs of transportation, better mobility all over the world, digital technologies supporting the business through information exchange and even transforming the retail markets. This too needs greater understanding of the challenges of the global economic situations.

The business world is a dynamic global marketplace with ever changing forces. So the students also cannot afford to stop their entrepreneurship education once their formal education ends.

3. Development of Entrepreneurship Mindset, Entrepreneurial Skills, and Transversal Soft Skills:

Entrepreneurial Skills

The importance of entrepreneurship education and training lies in the cultivation of commitment towards leadership, which transforms gradually into an entrepreneurial mindset through subtle instruction. It is also strengthened by sparking an interest in continuous indulgence in reading, gathering and processing more information and knowledge in the field of entrepreneurship.

Today’s business world is changing at a rapid speed, therefore, individuals need to continuously upgrade their knowledge and skills as this is the only thing that can save them from falling into the vicious trap of economic stagnation.

Transversal Skills, better known as Soft Skills are the skills that cross paths with individuals all over the world, in all organizations of the world. They are basically needed to create a smooth journey through life as a whole, and not just the working life. Thus, the importance of entrepreneurship education and training also lies in total improvement of the quality of an individual’s life

4. Enhancing Employability and Job Worthiness of Candidates:

Enhancing Employability and Job Worthiness of Candidates

As cited earlier the importance of entrepreneurship education and training is in enhancing the employability and job worthiness of students and other candidates. It is universally being recognized that entrepreneurship education equips students with capabilities that increase their employment potential.

These capabilities include but are not just restricted to –

  • Problem-solving capabilities.
  • Risk taking and ownership abilities.
  • Decision-making capabilities.
  • Planning, communication and presentation skills.
  • Social interaction skills.
  • Capability to find information, identify opportunities and make forward movement on them. 
  • Persistence and dedication skills. These are rarest of the rare skills and are extremely important for the success of the enterprise.

For a successful entrepreneurial career or an employment based career, building a solid foundation of skills during the formal educational period and then committing to lifelong learning is the most viable solution to reduce the skill gap.

5. Development of Entrepreneurial Intuition and Gut Feeling:

Development of Entrepreneurial Intuition and Gut Feeling

Perhaps the greatest importance of entrepreneurship education and training is manifested in the form of development of the entrepreneurial intuition and gut feeling. This is many times also known as the sixth sense of the entrepreneurs.

Through this intuition, the entrepreneurs are seen catching the pulse of a business idea or concept even when everyone who is in the business knowhow tells them that it is doomed to fail. They still go ahead and take the idea and build it from the ground up to great success levels.

So far the exact science of development of entrepreneurial intuition has not been deciphered completely. But a positive impact upon the entrepreneurial gut feeling is definitely observed upon individuals who undergo entrepreneurship education and training programs.

The importance of entrepreneurial education and training is vital, and this is being recognized worldwide. Erratic efforts in the direction are not going to meet the requirements. This is also becoming well-known now.

Creating a long-term strategy involving the governments, educational institutions and employers are required to reduce the disparity in skills and effectively manage the skill gaps. This should start with comprehensive guidance in choosing a career path so that a targeted transition can be made from schools to the work environment. And then this journey should be enforced with dedicated skill improvement all throughout the working life. This will enhance the employability and job worthiness of individuals, and properly meet the requirements of the employers.

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