ENTREPRENEURSHIP DEVELOPMENT THROUGH INDUSTRY INSTITUTE COLLABORATION: AN OBSERVATION

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1 International Journal of Civil Engineering and Technology (IJCIET) Volume 9, Issue 6, June 2018, pp , Article ID: IJCIET_09_06_111 Available online at ISSN Print: and ISSN Online: IAEME Publication Scopus Indexed ENTREPRENEURSHIP DEVELOPMENT THROUGH INDUSTRY INSTITUTE COLLABORATION: AN OBSERVATION Dr. P.V. Raveendra Professor & HOD, Department of Management studies Dr. Rizwana. M Associate Professor, Department of Management Studies Dr. Padmalini Singh Assistant Professor, Department of Management Studies, Dr. Y M Satish Associate Professor, Department of Management Studies Santhosh Kumar S Assistant Professor, Department of Management Studies, ABSTRACT It is a paradox to answer to the question Entrepreneurs born or made. Approximately about 50 % of the people belonging to 38 countries consider themselves as potential entrepreneurs and a majority of them believe entrepreneurs are made, not born (Andel, 2014). The entrepreneurship development among youth is possible, only when the entrepreneurial spirit and skills are inculcated since school and college days. To develop the entrepreneurial spirit in the college days, the Institute Industry Interaction plays a significant role. With technology driven entrepreneurship coming up in the country in a big way, the academic institutions are bound to be more amenable to a closer interaction with industry. In this context, the present study is made with an objective to identify importance of identifying the skills required to become an entrepreneur and to study the scope of institute-industry interaction in imparting the entrepreneurial skill among youth. This study is based on secondary data. From the review of various papers it was found that the risk taking, finding opportunities, problem solving skills, commitment, hard work, persuasion, creativity, self-confidence, knowledge about the environment communication skills, editor@iaeme.com

2 Dr. P.V. Raveendra, Dr. Rizwana. M, Dr. Padmalini Singh, Dr. Y M Satish and Santhosh Kumar S ethical, planning skills, decision making, deterministic and so on are essential skills required to become an entrepreneurs. Among these skills, it was identified that students can be trained on the knowledge, goal setting, time management, problem solving skills, communication skills and so on through industry institute interaction. Some of the entrepreneurial skills can be developed by industry institute interaction by using business plan competitions, case study teaching method, simulation, brain storming, role plays, thinking hats, group discussion and business game and so on. However there are certain skills which have to be inbounded to become an entrepreneur like positive attitude towards entrepreneurship, persuasion, locus of control, commitment, values and so on. In the teaching learning process of entrepreneurship, the instructor role is significant particularly in developing attitudinal elements of the students. Key words: Entrepreneurship, Industry institute interaction, Skills of entrepreneur. Cite this Article: Dr. P.V. Raveendra, Dr. Rizwana. M, Dr. Padmalini Singh, Dr. Y M Satish and Santhosh Kumar S, Entrepreneurship Development Through Industry Institute Collaboration: An Observation, International Journal of Civil Engineering and Technology, 9(6), 2018, pp INTRODUCTION Employees work for other, while entrepreneurs work for themselves. The creation of wealth is possible through entrepreneurship. India is rich in entrepreneurs if we consider farmers as entrepreneurs. But the agricultural contribution towards GDP is reducing at a faster rate and finally it was settled around 8% of GDP but the number of people depend on agricultural is still at around 33%. It is right time to develop entrepreneurship among students for the wealth creation of the economy. Entrepreneurial spirit can be inculcated among the youth at younger age by providing sufficient knowledge and training from college days. 2. OBJECTIVES To identify the skills required for an entrepreneurs and to identify the entrepreneurial skill that can be trained in institutions through industry institute interaction. Methodology: This study is based on secondary data. Various journal papers were reviewed to know the sills required for successful entrepreneurship. Similarly various journal papers were reviewed to identify the entrepreneurial skills that can be trained in educational institutes through industry institute interaction. 3. REVIEW OF LITERATURE REGARDING SKILL REQUIRED FOR ENTREPRENEURS ( Singh & Rahman, 2013) after doing sufficient review of literature identified the fourteen traits required for entrepreneurship. The key traits includes ability to identify the right opportunities with high business potential, creativity, innovativeness, desire to succeed, hard work, locus of control, risk taking, open-mindedness towards ambiguity, dedication and sincerity, patience, cognitive skills for proper planning, decision making, focus on goals and ready to change. The researchers have attempted to use factor analysis to reduce and group the factors, the study could identify five important traits of successful entrepreneurs as commitment, risk taking, adaptableness, revolutionary mindset and most importantly innovation editor@iaeme.com

3 Entrepreneurship Development Through Industry Institute Collaboration: An Observation Knowledge, talent and character are the three important core competencies required by an entrepreneur. Knowledge is required to enhance the performance of the venture, skills helps in implementing the knowledge and the strong character helps in achieving the goal by utilizing the knowledge and character (Hayton& Kelly 2006). In their study, ( Vijaya, Das, & Das, 2015) observed that skills and knowledge are the key elements which directly influence the core competences of the business and personality as moderating factor of the skills and knowledge. The study has further classified the required skills as interpersonal skills, operating skills, execution skills, planning skills and responsive skills. Rengamani, J. and Ramachandran, S(2015) identified the various competencies required to become a successful entrepreneurs. The competencies includes (i) Initiate ( zeal to start first) (ii) seeking for opportunities (iii) perseverance i.e. ready to make any number of efforts to reach the goal (iv) promise (v) quality consciousness (vi) information seeker for continuous updating (vii) perfectness i.e., efficiency and effectiveness (viii) Proper planning skills (ix) self-confidence with believe in his strengths and abilities (x) solution provider for the problem (xi) efficient monitor to know the work progress (xii) assertiveness (xiii) employee wellwisher i.e. concern for employees (ivx) persuasive to convince the people and (vx) effective strategist to cope up with changes in the environment. (Sorina & Balan, 2014) have conducted an elaborate study with a sample size of 395 students and 45 teaching on methods and means of teaching entrepreneurship and found that entrepreneurship can be taught at education institution but the methodology to teach the course should be changed. For example in teaching-learning process for the subject entrepreneurship may not require regular lecture method. There exist lot of gap between the student s expectation and the teachers actual delivery method. Besides the expectation gap there exist some common agreement on certain teaching methods among both like simulation, case studies, brainstorming, problem solving methods and team work. (Kannan, 2012) identified the current trends in entrepreneurship education and the gaps in the course delivery. The study stated the purpose of the entrepreneurship education as Knowledge can be imparted, skills to be developed and attitudes should be gained. In the study it was found out that majority of the students agreed that they gained knowledge on different entrepreneurial requirement like business plan development, product and market study, financial sources of business, legal aspects of new business development including mandatory tax formalities for running a business. Large percentage of the students acquired the skills set on time management, decision making, and planning skills. Students also gained some of the attitude elements such as perseverance, self-confidence, adaptability and team spirit. The interesting fact that has been highlighted in the study was that in teaching learning entrepreneurship course, the instructor plays a very important role in inculcating the entrepreneurial spirit among the students. 4. DISCUSSION The following table delineates required entrepreneurial skills to be imparted to the technical graduates through Industry-Institute interaction. Based on the review of literature, the authors have identified the required skills and also explained the significance of those skills to be inculcated through Industry-Institute interaction editor@iaeme.com

4 Dr. P.V. Raveendra, Dr. Rizwana. M, Dr. Padmalini Singh, Dr. Y M Satish and Santhosh Kumar S Table 1 Skills expected to become an entrepreneur Communication skills Goal setting Risk taking Initiatives Problem solving skill Decision making skills Commitment Planning Concern for employees Persuasiveness Quality consciousness Information seeker/knowledge Operating skills Interpersonal skills Hard work Cognitive skills Locus of control Time management Selling skills Self confidence Adaptability Ethical and values Skills can be inculcated through industry institute interaction Low extent Low extent Methods to inculcate skills Case Study, Brainstorming,Heuristic conversation, Interactive game / Role Play,Exposure,Project,Problemsolving,Cluster,Debate, Teaching Exercise,Simulation, Cube method, Explanation, Individual portfolio, Demonstration, Learning,Thinking Hats 5. CONCLUSIONS As it is a known concept seeing is to believe. The academic knowledge counts nothing if one doesn t get a chance to apply it in the real world. Entrepreneurship is a buzzword today, stressing its capability to boost economy by creating new sustainable businesses in a market and a complex economic environment. The growing importance of encouraging entrepreneurship in the institutions will pave a way forward to a growing nation. To make it easier for the industry as well as academic institutions, this study have identified some skills that holds a major importance as an entrepreneurs and it also suggests to what extent these skills should be imparted to the technical graduate students. Further the study stress that the demographic dividend of young India can be capitalized through entrepreneurship development and the outcome of the Industry-Institute interaction will surely support Prime Minister s brainchild programmes like Make In India, Skill India, Stand Up India, Start Up India and Digital India. REFERENCES [1] Andel, S. V. (2014, November 18). Are true entrepreneurs born and not made? Retrieved June 15, 2018, from CNBC: [2] Singh, R., & Rahman, H. (2013). Traits of Successful Entrepreneurs. International Journal Of Scientific Research, 2 (11), editor@iaeme.com

5 Entrepreneurship Development Through Industry Institute Collaboration: An Observation [3] Vijaya, C., Das, M., & Das, M. (2015). Entrepreneurship Competencies And Competitive Advantage Of Small And Medium Enterprises Of Odisha A Statistical Analysis. International Journal of Management (IJM), ISSN (Print), ISSN (O, 1 (16), [4] Kannan. (2012). Entrepreneurial Education In Ethiopian Universities: Current Trends And Gaps (The Case Of Dilla University). International Journal Of Management, 3 (2), [5] Sorina, & Balan, M. (2014). Methods And Means Used In Teaching Entrepreneurship In High School Can Improve Entrepreneurial Skills. International Journal Of Management, 5 (7), [6] Hayton, J.C. & Kelly, D.J A Competency-Based Framework for Promoting Corporate Entrepreneurship. Human resource Management. Fall (3). pp [7] Rengamani, J. and Ramachandran, S. A Study on the Entrepreneurial Skills among Students in Chennai. International Journal of Advanced Research in Management, 6(3), 2015, pp [8] Dr. C. R. Birajdar and Madhura Wagh, A Study of Working of Entrepreneurship Development Cell in Engineering Colleges. International Journal of Management, 7(7), 2016, pp editor@iaeme.com