ROLE OF MANAGEMENT
EDUCATION IN
PROMOTING
ENTREPRENEURSHIP
the world
century calls for a clear vision. winds of change are blowing all over
and India is no exception to these sea changes. The economic reforms
-
initiated in 1gg1 resulted in several transformations regulation to
liberalisation and protection to globalisation. All these transformations,
coupled with the move from a planned economy to a market-oriented
in a couple of
India is likely to become the third largest economy of the world
decades from now as per a report by Goldman Sachsl. The famous Goldman Sachs
BRIC report argues that the economies of Brazil, Russia, India and
China are developing so fast that, by 2050, they will surpass most
of the
current richest countries of the world'
power. The country'sGDP is slated to grow at more than 8 per cent. Yet as a
1 Jir Potential,
O'Neilland Tushar Poddar (2008), Ten Things for India to Achieve its 2050
Research
Global Economics, Paper No: 169, June 16 Goldman Sachs Economic
who are more doers (managers, engineers and analysts) than dreamers
Supremacy and lead the next century, the country needs a roadmap clearly
charting what it can further offer to the world'
50,000
c Huge gap
3 largest
tD economies and
c,
UI
ct
N 20,000
c
o.
(, 10,000 -f -t'3t'-ry ,-0,600
CT
-s,Boo -s,roo
;,,,1,!ji5.a-'.!.,,r,;.*t r.,;i!,*'t,*,,r.rij:4r)i
population stands at over 1 102 crores. As per the 2001 Census, 31 .2 per cent
of the country'spopulation or 337 million were below the age of 15. This
number will multiply manifold in next two decades thereby us having forty odd
crores of people below the age of 35 years who would look for a better and
brighter tomorrow. The proportion of our population, in the relevant age group,
that enters the world of higher education is only about 10 per cent (2004-05). In
this context, it is worth quoting from the report of the National Knowledge
Commission, which Says, "A demographic explosion in the young population
of the country means that higher education needs to keep pace with the
2 www.indiastat.com
sector itself currently faces major challenges of quality and excellence and of
improving access with inclusiveness".3
80+
75-79
70-74
65-69
60-64
55-s9
g5o-s4
6 ls-lg
6 qo-qq
o 35-39
Sso-sl
25-29
15-
1G
5-9
0-4
20 - 35 age group:
3 Th" National Knowledge Commission (NKC) was set up by the Prime Minister Dr. Manmohan Singh
in 2006 to prepare a blueprint to tap into the enormous reservoir of our knowledge base so that our people
can confidently face the challenges of the 21st century.
National Knowledge Commission (2009), Report to the Nation 2006-2009 Government of India,
March, Published by: National Knowledge Commission, Government of India, Dharma
4
PM calls for improving higher education, Monday, 17th March, 2008, Source: IANS
are also large disparities in enrolment rates across states, urban and rural
areas, sex, caste and poor-non-poor.
Given that India will soon have the world'slargest number (some 40 crores) of
young people below the age of 35 yearss and rising unemployment rate
nation.
slowed primarily because lack of job creation and that the unemployment rate
for the young graduates is hovering around 30% to 4Oo/". A loud and clear
message from all sources/studies8 implies that this is, perhaps, due to a
mismatch of what our educational institutions are churning out and what the
economy can take in and needs. lt is a widely believed perception amongst all
The issue is how to enhance their employability and the problem on hand is
8 Laveesh Bhandari, "social justice without PhDs", The Indian Express, August 10,2OO7
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very insignificant
This calls for a serious attention of the Educationists. A
the case of affirmative action and address the issues by creating job
Reseruations. One has
opportunities for people through Quota systems and
through the millions of untapped potential within the country. Instead, one
problems of the country - both small and big. lt all stems out from the
The task in hand is how to make available to young ambitious students wider
options and a variety of skill sets to enable them to have real choices about
management skills and at a much faster pace to cope up with the pace of the global
economy and the focus must be on nurturing new entrepreneurship for industrial
n India Labour Report 2007, The Youth Unemployability Crisis, A Report by Teamlease
Services, www.teamlease.com
boom period for longer durations. For all this to happen, industrial growth has
to be high and the simple long-term sustainable solution must be to focus on
move ahead as a country. The risk taking ability of an individual has to grow
for people
and it can only be done when formal training and education is given
the long-term
to start their own businesses and thereby helping in achieving
Doing Business
fndia is ranked 122 out of 181 economies as per World Bank
Report (2009). This World Bank Report investigates regulations that enhance
Forum, India slipped to the 50th place in the rankings this year from the 48th
position last year. The report says that India'soverall competitive position has
one of
been weakened by the macroeconomic instability the government runs
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problems of the
multiple opportunities for employment and can solve so many
the skill
country - both micro and macro. What is required is to impart to them
sets required for these professions. Then once they master the skill sets, they
will have limitless opportunities and in turn will employ many people. This will
have a two-fold benefit to the economy. The core problem of unemployment
yesterday'sknowledge
"There is so much change taking place everyday that is
becoming obsolete and today'sideas will become out-of-date
tomorrod' opines
will be
Dr P C Shejwalkart'.Similarly, what was relevant yesterday
outdated tomorrow.
work towards
interaction between educational institutions and industries to
providing relevant education and gainful employment to young people and in
this context, he expects the private sector to play a larger role, especially in
technical education.
The above concerns expressed by none other than the Heads of the country in
a testimony
therecent past are nothing but an echo of a lurking truth or
12 20,2oOG
Manmohan Singh, Prime Minister of lndia llT, Delhi March
tt Abdul Kalam, President of India, Financial Express, February 28,2004
invariably always felt that there is a felt need to re-look and re-visit the
requirements of the country and thrust areas vis-d-vis the possible roles the
responsive to the needs and be in tune with the changes in the environment
2005, Prof CK Prahladls noted that India must pay more attention to
capital. 16
tn Press f nformation Bureau, Monday March 20,2006 on the launch of Bharti School of
Telecommunication Technology and Management.
15Prof. C.K. Prahlad, Keynote Speech, TiE Entrepreneurship Summit, December 11-13,
2005, New Delhi. Prof Prahlad was Harvey C. Fruehauf Professor of Business Administration
and Professor of Corporate Strategy and International Business at the University of Michigan
Business School. He was globally recognized business consultant who had worked with
senior management at many of the world'sleading companies.
that can enable promotion of Entrepreneurship in India. With this, one can set
up the right kind of institutions and facilitation centre that can create a
Amongst several findings, the NKC has established some key 'triggers',that help
the nurturing and flourishing of Entrepreneurship, The findings suggest that
there is no "one" factor or stakeholder that contributes to the acceleration
incubator suppofters and the all round community at large including families.
"Entrepreneurship".
collaboration etc.
Over the years since the 1950's,the story of higher education has been that
diversified. The country has witnessed a significant increase in all fronts of the
institutions, it has increased everywhere and the Table 1.1 below provides a
Central Universities 20
Private Universities 10
ttHigher Education in India, Emerging lssues Related to Access, Inclusiveness and Quality,
Sukhadeo Thorat, Chairman, University Grant Commission New Delhi, Nehru Memorial
Lecture, University of Mumbai, Mumbai, November 24,2006.
10
institutes in India. India has the largest collection of B-schools next to the US
of around 22OO and it is growing at the rate of around 20 per cent annuallyle.
Every year a good number of students pass out of management schools. The
large network of B-schools the country has today need to produce not just
managers but also those who are capable of meeting any business challenge
To take India to the next century, Indian business schools need to change
teaching techniques and should focus on creating more entrepreneurs along
with leaders and innovators2o.
The need of the hour is to create institutions of change (new wave institutions
rote method and focus only on placement and, finally, create larger
make it function well (and to keep a democracy stable). Leadership is not the
only necessity for progress, but without enough, scarce resources are not
for long. However, today the current job market demands a lot more from its
gain that e)dra edge over the rest, a student must arm himself with a
liberalization have led to a paradigm shift in high demand for managers as the
decline in availability of jobs for fresh candidates due to the global slowdown
existing skills or even add a few more. There is no denying that this
awareness is widely felt and students have understood the value proposition a
This, in turn, has led education industry to undergo a major renaissance for
each one to pursue their degrees closest to their respective aptitudes and
inclinations. The number of applicants for Common Admission Test (CAT) has
been increasing over the past decade and so the number of applicants for
pass out from about 1350 institutes offering two-year full time/part time/three
the number of graduates passing out in China and United States of America
quality as well. Mere increase in numbers without enough attention quality will
lead to undesirable results and therefore that is another big challenge
As can be seen from the Table 1.2 and Chart 1.3 below, a phenomenal
growth of business schools has been registered post 2000. There has been
Schools added
r No. cf Eusin+cs
I Ave'ag,cannual
I
1950-1980 (30 1980-1995 .15 1,395-2000 (5 20c,0-2o06 (6
being set up, mostly through private capital and various entrepreneurial
demand.
five were private aided ins;tilurtions 301:t were nrivate unaided and 149 were
government institutions.
the curriculum and structure of man:rg€)rnen': educi,rtron to better fit the needs
of India and to the changels; in the nrj.rstrial anl serrvices sectors within the
institutions. The quality of bus;iness r;llrlr:ation is i,rls;o not unifornr with the very
best institutions numberin,:t arrouno l:ts or sl th;:l l;ern be comparable to any
excellent school. There arer arouirrd 1200-b,usirres;sr school that are worlh
Our education system does not completely reflect real needs of the industry
such as:
the fact that our education system is not delivering people who on one hand
have a breadth of basic knowledge and on the other hand can pafticipate also in
solving problems. This requires competencies in effective communication,
attractive even now. During the downturn, as companies tightened their purse
strings and the number of available jobs continues to shrink, firms are starting
to get more selective in terms of where they hire. Though a mere mention of
an MBA in a resume can give the much needed edge, the MBA tag alone
does not bring with it any guarantee of a job. Equally important is where one
gets the degree from and this is also a factor that influences the decision
Despite such size and growth, management institutes are still unable to cater to
the latent demand for business education in India. The rest of the schools
23PM calls for improving higher education, Monday, 17th March,2008, Source: IANS
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of the current genre are small, regionally focused and of questionable quality.
education in the country. With a bit of effoft from the policy makers and the
industry it should be possible to build high quality of business education in the
country and bring its level to that of the global best.2a
quality and industry focused education is about change, hopefully for the
An Ascribe repon2s states that the first global study of high expectation
School) carried out this study. This is a clear indicator for us in India to take
serious note of. A very large percent of employment is from people who
developing and the political ideology was an inward looking one. Hence the
However, over 60 years after independence, the Indian economy has become
more mature, we now require different kinds of management skills and this
the fact that the management educational institutions in the country are
India and the Indians have undergone a paradigm shift. There have been
outlook of business and industry, and in the mindset of the lndians in general.
has become that of a high-growth one and in fact now talking of achieving
double-digit growth and sustaining this. Having been an aid recipient all atong,
India is now
joining the 'aidgivers'club. Although India was late and slow in
programme, not out of compulsion but conviction, though not at the desired
happiness. Indian culture, which looked down upon wealth as a sin and
believed in simple living and high thinking, has started recognizing prosperity
educational programmes in various forms, all over the country. They offer
* Sriram M S (2007), Rural Management Education in India: A Retrospect, llMA, Working Paper (2007-04-01)
However, jobs are far fewer than the number of pass outs and quality is
modules and lesson plans, faculty, systems of evaluation and certification that
are responsible for such quality. lmproving the quality of the management
As per available facts based on different sources like the AICTE Website2T,
Special suruey repofts like "the world of B Schools"2e, India has witnessed a
the post-graduate level from 242to 1012 (between 1994 and 2007), a more
than four fold increase in a span of 13 years. One may also note that the
numbers are varying given a plethora of sources of data and again on year-to-
approvals:
27 www.aicte.ernet.in
2e Business World (1994), India'sbest business schools, pp 36-41, October 19-1 November
MBER
NUI/ll:lE:tl C)F
REGION OF lNSTll-tJ'flOf,lS
i-__.-
t- 2, _1, 34
t_ :'1_ _[ 164
t_ 1'l_ _l 68
t- :!t - 76
CHART 1.5: All India Pic;tures cf [t/ana1;em€nt Education Institutions Ap;rrovecl lry
r\lCT'E,11)9.1
Lakhs of students join these institutes and every one successfully completes
However, a general feeling and a growing concern are that the standard of
"commercial'business enterprises. Further, jobs are fewer than the pass outs.
Prof Khurana3o in his book, "From Higher Aims to Hired Hands," argues that
famous B-schools, including Harvard, have lost track of their original mission to
produce far-sighted leaders who can help the economy run better''ls. it true for
India also?
Until those dynamics change, it will be hard for top business schools to
resume their traditional -- and vital -- role as training grounds for the next
generation of entrepreneurs.
management education must be carried out. The future global manger would
Needless to say, that the courses should be need based and syllabi must
The goal being not to just impart technical legal skills, but to enhance
s "From Higher Aims to Hired Hands: The SocialTransformation of Business Schools and
21
the 21 Century and accordingly, there is a corresponding need to revamp and this
study proposes to explore how to make such education more relevant.
For a long time, there was no equivalent for the term 'entrepreneur'in the
English language. Three words commonly used to connote the sense this
French term carried were adventurer, undertaker and projector. These words
scientif ic expression.
According to Cole32, there are four types of entrepreneur: the innovator, the
builder. These types are unrelated to the personality but to the type of
(Schumpeter, 1934), a risk taker (Brockhaus & Honnritz, 1986), an initiator and
creative thinker (Hisrich, 1989, 1990) having internal locus of control (Rotter,
(Penrose, 1995). lt is still difficult to answer the question looming large for
more than six decades now - who an entrepreneur really is (Evans, 1942). lt
t'Cole, A. (1959) Business Enterprise in its Social Sefting, Haruard University Press, Boston,
1 959.
2000).
activity, or social stratum in which such activity takes place was developed
entrepreneur.
When business starts afresh, without any previous family background of any
type of business, the person referred to is a first generation entrepreneur. lf the
business already exists and continues to the next generation of family, it
from education in B-School and our analysis that follow confirm the
assumption.
come alive with eager students clamouring for the best placements and the
heftiest pay packages. In the process, we fail to achieve to give ample scope
the present education system. Most often, the biggest consideration for a
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A degree'sworth is only realised when one can apply the highest degree of
exists in both India and China. New business staft-ups in China are up 16.2o/o
new funds, new incubators, science parks are all recent initiatives.
demand.
The scenario is similar in India where one in every ten people is engaged in
India has the highest level of business exits (15%) among GEM nations in
Fifteen percent (15"/"1 level of business exits is surely a very high price that
"One of the only ways this generation is going to achieve a lifestyle that is
attention, and is poised to play an astral role in shaping the economic destiny
of the country, the question comes to mind of how to take advantage of this
B-schools we have today needs to produce not just managers but also those
3s Marilyn Kourilsky, former Vice President of the Centre for Entrepreneurial Leadership
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quality of pass outs that in turn depends on the grooming of employable skills
along with classroom lectures daily would have an edge over others.
how to swim "on paped'andnot in water, and when he/she actually comes
into the professional world (the swimming pool), many struggle and lot many
sink.
taught.
.
The trigger of entrepreneurship was external and so on.
The fact that entrepreneurship has been taught at Harvard Business School
for about six decades (first taught as a process, not as a person) and the
course - "The Entrepreneurial Manage/'was introduced into the required
MBA curriculum in the very first year in 2000 is an important testimonial to the
nor full of knowledge; they are people like everyone else, but have found
ways to develop the necessary entrepreneurial skills". This is how IESE Prof.
Pedro Nueno3T sees it. Though some may learn entrepreneurial skills from
3t Prof. Pedro Nueno Emprendiendo hacia et 2O2O( Entrepreneurship Toward 2O2O\ ,2OOs
their families, which gives them a head staft, Nueno insists that starting a
Again, as noted by Prof. Philip Anderson3s, "we don'tpretend that you attend
be made effective, the MBA/PGDBM (or allied) syllabi, which are largely
structured to groom students to become better managers, need to be
restructured.3e Often, the classes are separated in the second year, based on
know how to make plans, projections, raise funds and run the business.
time is ripe and most appropriate to re-visit the basic objective and purpose of
network of B-schools that exists today needs to produce not just managers
but also those who are capable of meeting any business challenges in a
concerns and value systems) as in conformity with the aptitudes and abilities
38 Directorof Rudolf and Valeria Maag International Centre for Entrepreneurship and 3i
Venturelab at INSEAD, during his trip to India for a launch of an entrepreneurship portal with Cll
spoke to Business World Online'sChetna Mehra at wwlv.businessworld.in
27
updating and upgrading in tune with changing needs of the society of which
they are a paft. Introduction of new courses and emerging subjects keeping
pace with the developments, and updating of the curriculum should help in
maintaining standard and quality. ln the final analysis, the need of the hour is
to improve the quality of the pass outs to the acceptable (both industry as well
society. Therefore, it is vital to revisit the curricula as per the job requirement
courses
28
The research study pertains to the years 2003 to 2008. Given a wide
Entrepreneurs only.
1.6 Hypothesis
delivery of the programme. The quality of the pass outs and trend in their
placement clearly point out that we are not creating "Entrepreneurs". There
new faces in the country'sbusiness landscape (apart from old Tata, Birla,
Ambani, Premji, Narayan Murthy and a few new ones like Kiran Mazumdar
Bob Shaw, Biyani) and in this context, the role Management Education or
specialization.
Management institutes in lndia, over the years, have been churning out job
students a wider options and a variety of skill sets to enable them to have real
choices about their future. In a country like India where we need a very large
launching pad for an exciting professional career. All attempts & initiatives
must focus towards that. Here again, as the literature survey indicates, an
entrepreneurship.
The younger people are more likely than average to be thinking of starting
their own businesses,ao and the power to influence and change the world is in
opportunities, wide range of choices and access by viftue of which they are
educating themselves and they are well informed. They also seek to enquire
into their future and discover the best possible answers. They have immense
resources.
Studies and research have further recognized that many students may well be
failure (and its consequences), since training and advice are not made
available early enough within schools and institutes of higher and fufther
education, and because of a lack of effective role models. How to raise funds
and when to staft own business are the other two most frequently asked
Hence, with sweeping changes taking place across the globe and with the
Given this background, students could be the right target in general and in
students at the right age surely can generate multiple opportunities for
employment and can solve many problems of the country- both small and big.
The need is, perhaps, to impart skill sets required for these professions to
them. Then, once they master it, they will have loads of opportunities and in
turn will generate employment. This will have two-fold benefit to the economy.
measures can be adapted to this effect right at the higher education entry
level.
Given this context, it is definitely time to re-look and re-visit the requirements
of the country and thrust areas vis-d-vis the possible roles these management
institutes can play in creating real Masters and Entrepreneurs. The topic
chosen for the thesis is an area of concern for all parties involved, viz.,
Other factors being comparable, for a student the choice is Pune, the Oxford
of the East and the Centre of education, located in the Western Region. There
are institutions in Pune where all the students are from outside the State of
CONCLUSION –
Data collected, analyzed and presentcld in previor"rs Chapters obtained
through quantitative and qualitative research has pr,rvided very valuable &
revealing insights and views about the role thal management education could
provide in promoting entrepreneurship and mucl'r needed initiative required
by the management educational institutions in this direction:
institutes are not even been able to churn out readily employable
postgraduates.
On one side, a unanimous feelilrg of students is that the management
institutes do not teach enough on entrepreneurship. On the other hand,
the entrepreneur respondents opine that they partially owe or don't
owe at all to their MBA degree or institute for b,ecorning an
entrepreneur because they were hardly taught how to :;tart a business.
With the rapidly changing busirress environrnent, today management is
a complex subject. Further change is inelvitable and ceftainly, the age
old method of training (working in one's fathers' office and learn on the
job, rotating through various line functionr;) is neither adequate nor
good enough any more. lt is a fact that in the past (may be during pre-
economic reform era) we have come across a nurmber of successful
entrepreneurs who did not have any formill training or education. No
doubt, an entrepreneur's pedigree is incident,al, but nonetheless,
education could be a useful accelerator and could rCefinitely better
prepare a person to be a successf ul entrepreneur.
lrrespective of present coverar;e on entrepreneurship in the curriculum,
an overwhelmingly large majority of student respondents feels that a
special curriculum on Entreprerreurship as a specialization subject
should be introduced in Management Institutes with the objective of
generating more "Entrepreneurs" rather tharr just Managers. The
feeling is same among female students as well, though they are less
likely to start their own business as compared to male students.
The study period coincides with the economic slowdown 'n 2008-2009
{this crisis is the "first low tider fc,r a '/oun,Eer generation that has only
known high tide"), resulting in poor placernents. May be recession is a
good time to encourage B School students to become job creators rather
than job seekers. Another upside of this slowdown in 2008-2009 is that
expectations are becoming realistic on both sides with, perhaps,
unintended ripple effect. "Sturlents may have hit the entrepreneurship
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route in the absence of the usual big packet job offers, but the
experience may shift the focus away from plar:emelnts cclmpletely - at
least in some big business schools - which are a big positive step in the
right direction".
Entrepreneurs are neither born nor made alone but are a combination
of both born and made. This indir:::ates th,at, like any other individuals,
they don't necessarily have full knc,wlerdge on eintrepreneurship by
birth but given an opportunity to learn they are capable of developing
necessary entrepreneurial skills. Perhaprs, thrr>ugh effective
entrepreneurship education, people can access :;kills and knowledge
needed to start and grow a new business.
lt is quite apparent and evidr,rnt that it is no more a debatable topic
whether entrepreneurship can be taught in the classroom or should be
taught in the classroom as perc:eived to starl with but the more relevant
issue in the uppermost mind aprpears to be what should be taught
(curriculum) and how. The man,:rgelment education has to be
revamped in a comprehensive manner. Incremental changes are
inadequate. Entrepreneur's talent can be horred through s;tructured
interventions where management institutes can play a big role by
recognizing and nurturing the traits of entrepreneurship anrongst its
students.
Today the need of the corporate, is the best f it managers who
understand what is happening at the markr:rt place presently and what
would be the market scenario, business env rortment ancl challenges in
the next twothree years. The industry feels that management students,
even after gaining two - year management education, are still not able to
develop new ideas and apply managerial s;tratergies and are not
"industry fit". To bridge this perceived gap, there sh<>uld be an increase
in industry academic collaboration.
Both sets of respondents (students and entrepreneurs) list positive
attitude as one of the most im6loilant r:haracteristics of an
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The scope of the study was broad. lHence, it has been really demanding to
maintain the study in a perfect focus. The main limitation of the study is that
rt covers 6nlr7 Pune institutions, as against a large number of similar
institutions i:lcross the country. Thus, extrapolation of the findings based on
Pune institutes, iacro$s India may not be appropriate, though it is apparent
from literature review that entrepreneurship education is taught in pockets
rather than across the broad spectrum of the management institutes that are
spread in almost every corner of the nation.
Considering all the concerned issues arnd keepirrg in mind the scope of the
research, the study focused broadly on recognizerl Management Institutes and
regular management courses (post gra.duate degree and post graduate
diploma).
Contact@