Role of Formal Education in

Entrepreneurship Development
 What is Entrepreneurship
 The application of Entrepreneurial skills within an existing, corporate or
public sector organization is termed as ‘Intrapreneurship’.
 The activity of setting up a business or businesses, taking on financial risks in the
hope of profit.
 Both entrepreneurs and Intrapreneurs require enterprise skills and behavior
as well as business knowledge , behaviors and skills that are specific to the
particular context.
 Formal Education

 Education appears important in the upbringing of the

entrepreneur, in the level of education obtained and in
playing a major role in coping with problems.
 Although formal education is not necessary for starting a
new business ,it does provide a good background.
 In education, entrepreneurs experienced some
disadvantages ,with few having degrees in engineering
,science ,or Math.
 The ability to deal with people and communicate clearly in
written and spoken work is also important .
 Introduction
 All new ideas and knowledge should be converted to profitable and useful products and
services. And education for creativity, innovation and entrepreneurship should start from very
early stages of childhood. This research is about role of education in Entrepreneurship
development.
 Education is an important factor in determining the Entrepreneurial orientation in Individuals.
 Formal Education is positively correlated with Entrepreneurship.
 Education and Training can have definite role in enhancing Entrepreneurship in developing
countries like India.
Entrepreneurship and Formal
Education
 Entrepreneurship education has not been a primary focus of formal education’s
curricula.
 Entrepreneurship education has become a focus in the strategic planning of
curriculum planning across programs.
 Entrepreneurship is the individual’s ability to translate ideas into actions. It is
provided and supported by many educational institutions and organizations.
 There is a significant correlation between entrepreneurship courses and
economic value creation .
 Recently ,Entrepreneurship education is a long-term strategic plan that helps an
University to become famous and to have a competitive advantage in the nation
and world as well.
 The Economic strength of the U.S resulted from entrepreneurship education.
Entrepreneurship education is
About:
 Prevention of Early School Leaving.
 Stimulate motivation in Youngsters.
 Learners developing the mind-set and skills to be able to turn creative ideas into
entrepreneurial actions.
 To grow along with matching technical and theoretical learning to be
implemented in practical market life.
Developing Core Competencies
These are the key competencies for all learners:
 All learners should support personal Development.
 Active citizenship. It is relevant across
 Social inclusion and Employability. the lifelong learning
process ,in all
disciplines of
learnings and to all
forms of education
and training.
Objectives
 Provide the framework for learning environments and assignments in such a way
that student can see the real scenario before stepping in the market.
 Recognize the substantial impact which Entrepreneurship education can have on
Students .
 Introduce Entrepreneurship education progressively from an early student age .
 To evaluate and mind-map the individual’s area of interest.
 Analise the career opportunities for youngsters.
 Employment generation and contribution to national economic development.
Most Relevant Central Level Strategies
Related to Entrepreneurship Education
Institutions Delivering
Entrepreneurship Education Program
 Industrial estates and in common service facilities (like tool rooms).
 Training and counselling Institutions
a) NISIET
b) SISI
c) TCOs
d) EDI
 Financial institutions like SBI, IDBI, TDICI ,RCTC ,Etc.
 Development boards (STEPs , EDCs, TBIs )
 Finally educational institutes providing separate cells to promote
Entrepreneurship.
 Digital platforms (CoursEra ,Udemy ,NPTEL, etc.)
Formal Educational framework of
Entrepreneurship
Benefits of formal Education in Entrepreneurship
Chain of Entrepreneurship through
Formal education .
Present Initiatives By The
Government
Present Initiatives By The
Government
Challenges in Entrepreneurial Development

 Economic Factors
I. Capital
II. Raw Material
III. Labor
IV. Market
V. Infrastructure

 Social Factors
I. Family background
II. Education
III. Attitude and Society
IV. Cultural Values
Challenges in Entrepreneurial
Development
 Psychological Factors
I. Need Achievement
II. Withdrawal of Status respect
III. Motive

 Government Actions
I. Creation of socio-economic support.
II. Infrastructure Development.
III. Liberalized Policies.
A conceptual framework for institutional
factors affecting the transformation of
Entrepreneurial Education
 Some Good Examples
 United Kingdom
Existence of incubation centers to encourage growth of young Entrepreneurs .
 Spain
The ES YGIP fits into a comprehensive national strategy ,called the Youth
Entrepreneurship and Employment Strategy.
 Finland
Entrepreneurship education in the national educational curricula.
 Denmark and Sweden
Entrepreneurship education Strategy was developed by different governments.
 India
Inclusion as a separate Discipline as Graduate and Post-Graduate Degree.