Thursday, August 26, 2010

Effectiveness of Education in Entrepreneurship Development

As an individual, how do I evaluate the effectiveness of education in entrepreneurship development?
First 21 years of life of an average Indian is spent in learning. Learning based on the curriculum that is designed to build a strong foundation for a successful individual. However, the effectiveness of education in relation to the real life is still debated. Leaving the initial years of , take a look at any graduation or post-graduation curriculum. Whether it is B.Sc, B.Com, B.A., B.E. or M.B.A., C.A., M.C.A. or any course... to what degree does these courses offer education to meet the industry's requirement?
I have been looking for an authentic curricumum that teaches a student how to start a thought process if one plans to take up entrepreneurship as a way of life. There are many white papers, Thesis and courses available that talks about the entrepreneurship but none that are helpful enough for a newcomer to TAKE A LEAP.
Along with the education, we need to develop a generation of mentors. Mentors with experience, exposure and expertize in the industry. There are many that qualify to be mentor but lack the motivation to contribute to building next generation of successful entrepreneurs.
Simple questions like the once below are good enough to demotivate anyone considering Entrepreneurship as a way of life...
How do I identify an idea for business?
Will my idea work?
When there is a constant flow of money coming through the job why should I take up something on my own?
Where do I get finance?
How will my parents, family react to my decision?
Where do I find the people to do the work?
What part of the work should I do and what should I delegate?
How do I deal with situation where I know I do not have the skills?
What is the risk in the venture that I plan to start?
When do I go to angel, VC, IPO?

A mentor is the only one who can show the path and answer above questions. This is the stage in the decision making process where one needs someone to hold hands. Someone to backup and say.... yes, it will work, you can do it and this is how you can do it.

A lot is to be done in entrepreneurship education. However more than adding more "topics" to the education, it is essnetial to focus on motivating the established entrepreneurs to take up mentoring as a career. It has to be rewarding enough to build the passion for mentoring.

However, I am not sure about the measurable steps that could be taken to encourage mentors to help in developing entrepreneurs...