Entrepreneurship Education: the Challenge For Small-Scale Enterprises Madhya Pradesh

Mr. Arpan  Soni; Dr. Rameshwar  Soni

Entrepreneurship Education: the Challenge For Small-Scale Enterprises Madhya Pradesh

Enhancing Industrial Development through Entrepreneurship Education in Madhya Pradesh

by Mr. Arpan Soni*, Dr. Rameshwar Soni,

- Published in Journal of Advances and Scholarly Researches in Allied Education, E-ISSN: 2230-7540

Volume 11, Issue No. 21, Apr 2016, Pages 0 - 0 (0)

Published by: Ignited Minds Journals

ABSTRACT

Today both state and central governmentshould focus on entrepreneurial education so that the performance ofentrepreneurs is enhanced and which leads to industrial development andultimately economic growth of the country can be enhanced. Technologydevelopment should be emphasizing in the light of global competition. Financialinfrastructure need to be broadened and adequate inflow of credit to the sectorbe ensured taking into consideration the growing investment demand. Aboveproblems are generated from lack of entrepreneurial education. If educationsector is restructured and entrepreneurship subject is given importance thenMadhya Pradesh would be best industrial area of the country.

KEYWORD

entrepreneurship education, small-scale enterprises, Madhya Pradesh, industrial development, economic growth, technology development, financial infrastructure, credit, investment demand, education sector

INTRODUCTION

Entrepreneurship refers to a set of abilities embodied within an individual. Development of entrepreneurship culture and qualitative business development services are the major requirements for industrial growth. Entrepreneurship emerges from an individual’s creative spirit into long-term business ownership, employment creation, capital formation and economic security. Entrepreneurial skills are essential for industrialization and for alleviation of mass unemployment and poverty. As in developed economies, entrepreneurship has the potential to be the engine of economic growth through its impact on technology and innovation and the allocation and mobilization of the factors of production (Bates, 1990). There is an attempt to study the problem of entrepreneurial education in micro, small and medium scale enterprises especially of Madhya Pradesh state. So there is an urgent need to accelerate the development of small scale industries, especially in a less developed region like Sagar district in order to generate employment opportunities and raise the living standard of the people (Brich, 1987).

REVIEW OF LITERATURE:

Education provides technical competence and mastery of analytic tools to future entrepreneurs and others who will participate in activities related to innovation and growth. Education can stimulate creativity and imagination and facilitate their utilization. Entrepreneurial education has also been defined in terms of creativity and innovation applied to social, governmental, and business arenas (Sauser, 2005).Education is one way by which entrepreneurial spirit can be fostered and the increased consensus related to the convenience of incorporating entrepreneurship to universities programs. Several both public and private started introducing entrepreneurship courses, incubators and business plan contests (Kansal, Sonia 2009). The responsibility of responding to social needs, and therefore cannot ignore the importance of entrepreneurial education, and the strengthening of an entrepreneurial culture in the society. Entrepreneurial education is primarily aimed at stimulating entrepreneurship in the sense of business start –up and ownership or at developing competence for increased possibility seeking behaviour within existing firms (entrepreneurships) (Gottleib, Ross, 1997).

Problems of Entrepreneurial Education in Madhya Pradesh:

Despite the important role played by small-scale enterprises in the economic development of the countries; some of their major operational challenges are faced by an entrepreneur in India.

Problems in Educational System:

The educational system has not contributed to the development of skills that encourage entrepreneurial spirit. The academic programs of most universities have a tendency to focus the education of their students towards a professional career as

mentality, given that the educations they receive as well as social expectations are oriented to working and being promoted within big companies. Lack of Education: Lack of trained manpower and management skills also constitute a major challenge to the survival of Small-scale enterprises in M.P. According to West and Wood business failures result from lack of experience and competence. Rogers states that inefficiency in overall business management and poor record keeping is also a major problem of most SMEs; technical problems/ competence and lack of essential and required expertise in production, procurement, maintenance, marketing and finances have always led to funds misapplication, wrong and costly decision making. The managers in Small-scale enterprises are not much aware about knowledge how to manage their financial matter which results in underutilization of business resources. Starting a Small-scale enterprises business is risky, but performing efficient managerial skills can make a successful business.

CONCLUSION:

From the above study it is clear that economic development of a country is directly related to the industry growth. Small scale industries are regarded as the driving force of economic growth, job creation and poverty reduction in developing countries Many enterprises are facing a major problem like lack of reliable and stable economic infrastructure, reduced credit inflow and technological obsolescence would have led inferior quality and low productivity. Technology development should be emphasizing in the light of global competition. Financial infrastructure need to be broadened and adequate inflow of credit to the sector be ensured taking into consideration the growing investment demand. Above problems are generated from lack of entrepreneurial education. If education sector is restructured and entrepreneurship subject is given importance then Madhya Pradesh would be best industrial area of the country.

REFERENCES:

Bates, T. (1990) 'Entrepreneur human capital inputs and small business longevity.' vol 72, pp. 551-59. Brich, D. (1987) 'Job creation in America , New Delhi', Free Press. Sauser, W.I. (2005) 'Starting your own business?Prepare for success', SAM Management in Practice, vol. 3, no. 1, pp. 1-4. Kansal, D. and Sonia (2009) 'Globalisation and its impact on small scale industries in India', Gottleib, E. and Ross, J.A. (1997) Harvard Business School Bullentin., vol. 73, pp. 41-45.