With rising unemployment rates, the lack of skilled labours despite having a large man power is of serious concern in India. Young people do not have required skills when they start working. An entrepreneurial attitude is essential for this. An Institute in Netherlands conducted a study on the long-term effects of a ‘Student Company ‘programme, in which students together start a company for one academic year. The results showed that the alumni of the Company found a job in four months while another control group needed on average eleven months to find a job. The unemployment rate also varied considerably: 6% and 12%. The programme also increased intra entrepreneurship. A Student Company challenges their students to discover their talents and work together within a real company. Students also get a lot of individual responsibility. Besides managing problems of funding, risk factors associated Studies have also shown that this education enhanced motivation and willingness to engage in entrepreneurship.
Studying entrepreneurship benefits students and learners from different social and economic backgrounds as it teaches them to cultivate unique skills and think outside the box. Moreover, it creates opportunity, instils confidence, ensures social justice and stimulates the economy. It also provides budding entrepreneurs with the skills and knowledge to come up with business ideas and develop their own ventures. And this includes helping them to learn about core business areas such as finance, sales, marketing, management and accounting, not to mention, broader ranging skills such as adaptability, effective communication, and confidence. It teaches its students about risks and all the problems associating it and how to deal with such factors. It also helps to develop it’s students critical thinking ability.
A vast majority of students are also oblivious to the social problems a society faces. This type of education will also bring awareness to it’s students about the rise of social problems and to bring solutions for a change enabling social entrepreneurship, thus educating them about their social responsibility. Another advantage of this type of education is that they are not only beneficial if you want to be an entrepreneur but could also make them desirable attributes in an employee. Entrepreneurs are a very important cog in the machinery of a country’s economy. They are absolutely essential to the survival and growth of the economy. This is why developing budding entrepreneurs is an important function of today’s society.