Need for skill development and entrepreneurial mindset among students at an early age

The significance of entrepreneurship education in schools has been widely recognized in recent times. The awareness and importance of entrepreneurship have increased in Indian society as it is a fast-growing field that brings a positive impact on economic growth. Entrepreneurship education should start at an early age and gradually advance through all levels of education.

The aim of entrepreneurial education need not always be to make a person an entrepreneur, but it definitely nurtures a mindset that takes students toward excellence in school and beyond. An entrepreneurial mindset can develop abilities to recognize commercial opportunities, skills to act on them, overcome failures and learn from setbacks.

The New Education Policy (NEP) emphasizes entrepreneurship aiming to provide new chances for industry-oriented learning. NEP embodies the objective of entrepreneur education to make the next generation more proactive, imaginative, creative, pioneering, and prospect-focused. Skills like observing the needs and problems of society around oneself, critically thinking about available potential solutions, developing products for solving problems, and learning from experience comprise the basic foundation of the entrepreneurial mindset.

There are two types of entrepreneurs – commercial entrepreneurs who develop products and services based on the values consumers are willing to pay for, and social entrepreneurs who address social necessities with no specific mention of creating economic value (definition by UNICEF, ASHOKA). Nurturing an entrepreneurial mindset at an early age helps students get clarity on what path they have to choose in the future.

Need for skill development and an entrepreneur mindset among students at an early age :

Helps develop 21st-century skills among children:

Traditional education tends to focus on grades, whereas modern entrepreneurship-based education emphasizes skills-based development and holistic growth. With skills-based education, students can learn 21st-century skills such as communication, collaboration, critical thinking, problem-solving, negotiation, adaptability, and innovation. This helps children achieve beyond their academics and keep pace with the modern generation.

Good leaders are always in demand, and an entrepreneurial mindset helps students think like a leader and become one in the future. This is especially beneficial for girl children as leadership skills can encourage them to create their own identity by mitigating the existing gender gap in various sectors.

Skill-based learning gives students exposure to different activities and aims to work in groups to find solutions together, nurturing accountability among them.

Helps in identifying areas of interest and develop aptitude:

Entrepreneurial education at an early age helps students develop the habit of ideating and implementing on their own, understanding the issues surrounding them, and discovering their area of interest to develop aptitude accordingly. This contributes to value creation and helps them recognize what they are good at, encouraging experimentation.

Helps in understanding failure :

As we all know the phrase ‘failure is the first step to success’. Entrepreneurial education makes students try different Ideas. They may succeed in it or may fail due to various reasons, but continued experimentation is the key. Entrepreneurial education helps students learn how to take responsibility for their failures and learn from them, rather than getting demotivated after a few unsuccessful attempts. 

Failure is an integral part of any entrepreneurial project, and understanding this at a young age helps them develop a broader perspective, tolerate failures, and carve the right path.

Enhances innovation and creativity:

Creativity provides students with a unique approach to problem-solving that can make a significant difference. Skill-based education and an entrepreneurial mindset encourage students to face the reality of the outside world and to deal with creativity and innovation. The entrepreneurial mindset allows them to think on different horizons and keep experimenting with different frameworks and setups, resulting in a boost in innovation.

Prompts economic growth and creates a large cohort of entrepreneurs:

Education supported by entrepreneurial skills and mindset plays a significant role in the economic growth and development of nations. Entrepreneurial innovations with technological advancements and global competitiveness are essential for nations to create jobs and grow economically. Studies show that students who receive entrepreneurial education and develop such a mindset are three to six times more likely to start a business. It equips young minds with talent and abilities by skilling up their knowledge in various areas such as sales, technology, marketing, management, and accountancy to come up with their business ideas and work on their ventures.

Providing skill-based education and developing an entrepreneurial mindset is a fast-rising trend, but it needs much effort to streamline and integrate into pedagogy effectively.

Education needs to plan to implement NEP in schools, focusing on an entrepreneurial mindset and skill-based education. They also need to collaborate with various entrepreneurship-based curricula.

All the skills that a student can gain through early exposure to an entrepreneurial mindset help them progress in their career. Even if they take a job in a self, corporate, or government set up, these qualities help them become the best in their work.

Successful entrepreneurs make a positive difference in society by identifying real needs and trying to solve problems innovatively and fruitfully.