Global businesses are changing at a fast pace today and young workers or entry-level professionals face challenges due to lack of experience. In most cases, they have received a business education that is too theoretical and not in line with day-to-day needs of companies today. That is the reason why education institutes need to follow a holistic and global approach to build future entrepreneurs who can adjust in a highly competitive corporate world with ease.
A global standard language with local language and solutions should be provided to students to become able entrepreneurs who can take the country’s economy to new heights. Entrepreneurs act as the wheels of the economic growth of the country as they stimulate new employment by creating new products and services. This ultimately accelerates economic development.
A good foundation and industry exposure at education level can boost the confidence of budding entrepreneurs. Here are some ways in which universities and colleges can empower the students effectively, while readying them for future:
Partnership with businesses
Many universities have partnered with businesses today as part of the learning program in which they send students to work as interns. This helps in imparting practical knowledge in young professionals as they interact with experienced entrepreneurs. In this way, a campus can offer a real-world perspective to students. Several prominent universities offering executive MBA programs have this kind of partnership agreements with businesses.
Help and encourage students to launch their own businesses
At a time when the global economy is plagued by unemployment, students must be encouraged and trained to be job providers, not only job seekers. Universities can help young students to conduct market research, raise funds and create viable business solutions. This will generate smart student-entrepreneurs who may create a flourishing business while learning.
Introducing case studies in curricula
Face studies helps in generating curiosity regarding real-life business situations among students. These case studies may include corporate success stories and difficult situations dealt with in the business world. Ideally, a business degree must teach the students how to evaluate alternatives and choose a solution in a limited time, while avoiding losses. Many universities have today introduced business case studies in their curricula.
Focus on technology and innovative solutions
More technology topics must be introduced in their curricula by universities as global economy is today driven by tech-enabled innovative solutions. This doesn’t mean scaring the students with programming and coding but teach them about the strategic ways in which companies and entrepreneurs are using technology to communicate, advertise and innovate.
Global exchange programs with other institutions
Global exchange programs by universities help students in better understanding and learning of global economy. This also brings students with varied cultural and professional backgrounds together.
Consulting services to small businesses and non-profits
By providing consulting services to small businesses and non-profits, universities can make money as well as develop more engaging business courses. For instance, a teacher may lead the consulting team of students while formulating operational priorities and guiding them throughout the engagement.
(The writer is Assistant Director of Institute of Management, J K Lakshmipat University, Jaipur)