Entrepreneurship Development Process in Formal Education Framework: A Review

By Gupta, Shweta; Kashyap, S. K. | International Journal of Education and Management Studies, December 2018 | Go to article overview

Entrepreneurship Development Process in Formal Education Framework: A Review


Gupta, Shweta, Kashyap, S. K., International Journal of Education and Management Studies


Entrepreneurship carries a wide range of beliefs around itself. For some it carries the notion of risk taking individuals who begin new ventures and are innovative and experience rapid growth. But for some, it may only be initiation of a new venture. Thus, entrepreneurship brings varied meanings to itself (Gartner, 1990). Entrepreneurship has also captured the research interests of academicians from various disciplines which include history, psychology, anthropology, sociology, economics and management (Hebert & Link, 1989). But getting entrepreneurship education into the mainframe of educational setup and within the community support infrastructure, it had become one of the most critical economic development issues (McMullan & Long, 1987). The importance of entrepreneurship education has been well accepted by experts in business and government (Solomon & Femald, 1991). Thus, entrepreneurship education as received a boost from all directions and is destined to have far flung consequences on the global economic activity and market economies.

Why entrepreneurship education?

Katz (2003) argued that entrepreneurship education will be among the most growing academic disciplines worldwide. After charting the chronology of American entrepreneurship education (18761999) he predicted that the growth in entrepreneurship education both in North America and Europe has been tremendous. A significant rise has been observed in the count of entrepreneurship centres, journals, courses being taught, higher education institutes offering courses on entrepreneurship, and endowed positions since the 1990s. There has been an increasing support and advocacy in the government policies worldwide, for promoting entrepreneurship education (Cooney, 2012; O'Connor, 2013; Hoppe, 2016; & Shamsudin et al., 2016). The government policy makers have been drawing largely towards entrepreneurship education as entrepreneurship seems to be providing economic benefits. O'Connor (2013) carves out four desired policy objectives in context of entrepreneurship education, i.e., economic development, economic utility, economic productivity and economic growth. These objectives have been designed using the Australian government's policy framework and have been well linked with the different concepts of entrepreneurship. Another perspective has been laid down by the European Union official documents. These state that entrepreneurship education needs to be promoted to foster entrepreneurial spirit among the citizens, enhance business creation and generate economic growth. While the world economic forum expresses that entrepreneurship education is important for inculcating entrepreneurial skill, attitude and behavior as this ultimately leads to economic growth and development (Hoppe, 2016). Even the Malayasian government has made efforts to implement its education policy to promote entrepreneurship education. The government felt that boosting entrepreneurship would help them seek solutions to the problems of employment and economic development. Therefore they launched several policies viz., the New Economic Policy, the National Development Policy and the New Economic Model for developing the entrepreneurial structure within their country (Shamsudin et al., 2016). In several countries of the world, entrepreneurship education has been receiving a boost from the policy makers, government and other stakeholders due to the inherent merits associated with entrepreneurship per se. It at least provides two indispensable outcomes. Firstly, it promotes innovation which is responsible for technological change and growth in productivity, and thereby bring a structural change in the market economies. Secondly, entrepreneurship brings millions into the economic mainstream. Women, immigrants, minorities, all get an access to the market and become a part of the economic process (Kuřátko, 2005). It is also beneficial in context of individual satisfaction and fulfillment, as entry into the economic sphere breaks the barriers of age, gender, caste and race (Cooney, 2012). …

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