Today, small and medium scale business is an important part of a country’s economy. It is the backbone of the Indian Economy. India had more than 36 million small and medium enterprises during 2017 which has increased to 42 million by 2020. SMEs consist of 99.83 % total enterprises, and 72.7 % of total employment, 50.6 % of total value-added and provide 55.1 % of export which take an important role in the economy. Almost two-thirds of every job is created by a small business. Therefore, we know that we need more small business owners, more risk-takers. So, just like we will always need doctors, lawyers, engineers, and accountants, we also need entrepreneurs for future innovation.
Entrepreneurs are not born, they are made. Entrepreneurs have a set of skills that help them to navigate in their entrepreneurship journey. These skills are not innate but are build over time. Hence, entrepreneurship education is extremely important nowadays for economic progress. It helps the students to develop critical thinking skills towards life. It helps to develop the students from all the socioeconomic backgrounds to think out of the box. It nurtures the individualistic talents and skills of the kids. Entrepreneurial education can be taught to every kid by the scaffolding of various skills like creativity, imagination & innovation.
It is estimated that 90% of startups don’t make it at their first attempt. Therefore, it is incumbent on us to reduce the rate of failure and increase the success rate in entrepreneurship. Therefore, it is important to teach entrepreneurship studies at an early age so that they have more time to build up more experience and understand how to sustain in the competitive markets of startups. Entrepreneurship education helps to develop the art of creative thinking at a young age. As an entrepreneur, life is not an easy ride. There are many setbacks in life that can be overcome by the art of resilience. In entrepreneurial studies, children learn how to deal with life problems rather than running away from them. They learn early in their life how to be their boss. This can be taught through group activities where children learn to work together and interact with each other. It helps them to develop leadership qualities. Lastly, the entrepreneurial education helps to build up their self- confidence. Children are taught to have confidence in their ability which help them to grow and achieve more in their life.
“ I hear and I forget, I see and I remember, I do and I understand.” – by Confucius
It is important for children today to better understand the real issues of entrepreneurship so that they can address the failure problem and lead to solving the country’s problem. Today’s kids are tomorrow’s future of the country. Therefore, entrepreneurial education should be a necessary subject in the regular school curriculum.
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