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ATTITUDE TOWARDS ENTREPRENEURSHIP A THEORETICAL APPROACH 2.1 Introduction India is exerting a great effort to promote and nurture entrepreneurship. Attempts at various levels have taken place to directly or indirectly promote entrepreneurship. In order to catch up with the pace of developed countries, India needs many youngsters who are willing to become entrepreneurs. This chapter underlines the significance of entrepreneurship education in India in five key sections. This chapter covers the aspects of entrepreneurship in the backdrop of Indias growing economy, a brief detailing of Student Entrepreneurship in India, the background of engineering education in India, challenges in teaching learning process, prospects and initiatives and finally the conclusion of this chapter in a brief summary. 2.2 Entrepreneurship in the Backdrop of Indias Growing Economy Entrepreneurship in India is a large focus area especially post Indias economic liberalization since 1991. Currently entrepreneurship education and training have been included as part of the curriculum in educational institutions. Further, motivation for early start-ups also has been provided by virtue of strong financial support from the new age Private Equity funding entities in the form of both angel funding and venture funding. In the background of Indias economic growth, a great deal is being contributed to it, by the countrys internal consumption. India also topped the World Banks growth outlook for 2015-16 for the first time with the economy having grown 7.3 in 2014-15 and expected to grow 7.5 – 8.3 in 2015-16 (Source www.foreignpolicy.com).Entrepreneurship in the context of such a surging growth trend becomes significant with prospects for many new start-up organizations in every sector to flourish and grow. 2. 3 Entrepreneurship Development in India There are so many institutes and organizations which are involved in entrepreneurship development activities and there are people who join these programmes as a stepping stone to become entrepreneur. It is a known fact that so many management institutes are coming up to cater to the growing need of industries by supplying traditional managers/corporate managers. The scope of this study is to find out the perception of management students about the entrepreneurship and compare it with those people who have become entrepreneur. The researcher feels that this study will reveal the facts which are important to develop entrepreneurship as a career option among management students. A manager is one who manages all the resources to match with the organizational needs. In the managerial role resources are allocated to solve problems and improve the administrative efficiency. The entrepreneurship is very an old concept according to which anyone who runs business is called an entrepreneur. The more precise meaning of entrepreneur is one who perceives a need and then brings together manpower, material and capital required to meet that need. Entrepreneur is one who understands the market dynamics and searches for change respond to it and exploit it as an opportunity. Who is an entrepreneur What is entrepreneurship What is an entrepreneurial career path These frequently asked questions reflect the increased national and international interest in entrepreneurs, who they are, and how they impact an economy. In spite of all these interests, a concise, universally accepted definition has not yet emerged. The development of the theory of entrepreneurship parallels to a great extent the development of the term itself. The word entrepreneur is French and, literally translated, means between-taker or go-between. Table 2.1 presents the development of entrepreneurship theory and the term entrepreneur. Table 2.1 Development of entrepreneurship theory and the term entrepreneur Stems from French means between-taker or go-between Middle ages actor and person in charge of large-scale production projects. 17th century Person bearing risks of profit (loss) in a fixed price contract with government. 1725 Richard Cantillon-person bearing risks is different form on supplying capital.1803 Jean Baptiste Say-Separated profits of entrepreneur from profits of capital. 1876 Francis Walker-distinguished between those who supplied funds and received interest and those who supplied funds and received interest and those who received profit from managerial capabilities.19834 Joseph Schumpeter-entrepreneur is an innovator and develops untried technology.1961 David McClelland- entrepreneur is an energetic, moderate risk-taker.1964 Peter Drucker- entrepreneur maximizes opportunities.1975 Albert Shapero- entrepreneur takes initiative, organizes some social and economic mechanisms, and accepts risks of failure.1980 Karl Vesper- entrepreneur seen differently by economists, psychologists, business persons, and politicians. 1983 Giffort Pinchot-intrapreneur is and entrepreneur within an already established organization.1985 Robert Hisrich-entrepreneurship is the process of creating something different with value by devoting the necessary time and effort, assuming the accompanying financial, psychological, and social risks, and receiving the resulting rewards of monetary and personal satisfaction. Source Robert D. Hisrich, Entrepreneurship and Intrapreneurship Methods for Creating New Companies that Have an impact on the Economic Renaissance of an Area. In Entrepreneurship, Intrapreneurship, and Venture Capital. ed. Robert D. Hisrich, (Lexington, MA Lexington Books, 1986). P.96. 2.2.1. Earliest Period An early example of the earliest definition of an entrepreneur as go-between is Marco Polo, who attempted to establish trade routes to the Far East. As a go-between, Marco Polo would sign a contract with a money person (forerunner of todays venture capitalist) to sell his goods. A common contract during this time provided a loan to the merchant-adventurer at a 22.5 per cent rate, including insurance. While the capitalist was a passive risk bearer, the merchant-adventurer successfully sold the goods and completed the trip, the profits were divided with the capitalist taking most of them (up to 75 per cent), while the merchant-adventurer settled for the remaining 25 per cent. 2.2.2. Middle Ages In the Middle Ages, the term entrepreneur was used to describe both an actor and a person who managed large production projects. In such large production projects, this individual did not take any risks, but merely managed the project using the resources provided usually by the government of the country. A typical entrepreneur in the Middle Ages was the cleric-the person in charge of great architectural works, such as castles and fortifications, public buildings, abbeys, and cathedrals. 2.2.3. 17th Century The connection of risk with entrepreneurship developed in the 17th century, with an entrepreneur being a person who entered into a contractual arrangement with the government to perform a service or to supply stipulated products. Since the contract price was fixed,, any resulting profits or losses were the entrepreneurs. One entrepreneur in this period was John Law, a Frenchman, who was allowed to establish a royal bank. The bank eventually evolved into an exclusive franchise to form a trading company in the World-the Mississippi Company. Unfortunately, this monopoly on French trade led to Laws downfall when he attempted to push the companys stock price higher than the value of its assets, leading to the collapse of the company. Richard Cantillon, a noted economist and author in the 1700s, understood Laws mistake. Cantillon developed one of the early theories of the entrepreneur and is regarded by some as the founder of the term. He viewed the entrepreneur as a risk taker, observing that merchants, farmers, craftsmen, and other sole proprietors buy at a certain price and sell at an uncertain price, therefore operating at a risk. 2.2.4. 18th Century Finally, in the 18th century, the person with capital was differentiated from the one who needed capital. In other words, the entrepreneur was distinguished form the capital provider (the present-day venture capitalist). One reason for this differentiation was the industrialization occurring throughout the world. Many of the inventions developed during this time were reactions to the changing world, as was the case with inventions of Eli Whitney and Thomas Edison. Both Whitney and Edison were developing new technologies and were unable to finance their inventions themselves. Whereas Whitney and financed his cotton gin with expropriated British crown property, Edison raised capital from private sources to develop and experiment in the fields of electricity and chemistry. Both Edison and Whitney were capital users (entrepreneurs), not providers (venture capitalists). A venture capitalist is a professional money manager who makes risk investments from a pool of equity capital to obtain a high rate of return on the investments. 2.25. 19th and 20th Century In the late 19the and 20th centuries, entrepreneurs were frequently not distinguished from managers and were viewed mostly from an economic perspective Briefly stated, the entrepreneur organizes and operates an enterprise for personal gain. He pays current prices for the materials consumed in the business, for the use of the land, for the personal services he employs, and for the capital he requires. He contributes his own initiative, skill, and ingenuity in planning, organizing, and administering the enterprise. He also assumes the chance of loss and gain consequent to unforeseen and uncontrollable circumstances. The net residue of the annual receipts of the enterprise after all costs have been paid, he retains for himself. Andrew Carneigie is one of the best examples of this definition. Carnegie invented nothing, but instead adapted and developed new technology into products to achieve economic vitality. Carnegie, who descended from a poor Scottish family, made the American steel industry one of the wonders of the industrial world, primarily through his unremitting competitiveness, rather than his inventiveness or creativity. In the middle of the 20th century, the notion of an entrepreneur as an innovator was established. The function of the entrepreneur is to reform or revolutionize the pattern of production by exploiting an invention or, more generally, an untried technological possibility for producing a new commodity or producing an old one in a new way, opening a new source of supply of materials or a new outlet for products by reorganizing a new industry. The concept of innovation and newness is an integral part of entrepreneur in this definition. Indeed, innovation, the act of introducing something new, is one of the most difficult tasks for the entrepreneur. It takes only the ability to create and conceptualize but also the ability to understand all the forces at work in the environment. The newness can consist of anything from a new product to a new distribution system to a method for developing a new organizational structure. Edward Harriman, who reorganized the Ontario and Southern railroad through the Northern Pacific Trust, and John Pierpont Morgan, who developed his large banking house by reorganizing and financing the nations industries, are examples of entrepreneur fitting this definition. These organizational innovations are frequently as difficult to develop successfully as the more traditional technological innovations (transistors, computers lasers) that are usually associated with being an entrepreneur. This ability to innovate can be observed throughout history, from the Egyptians who designed and built great pyramids out of stone blocks weighing many tons each, to the Apollo lunar module, to laser beams. Although the tools have changed with advances in science and technology, the ability to innovate has been present in every civilization. The concept of an entrepreneur is further refined when principles and terms from a business, managerial, and personal perspective are considered. In particular, the concept of entrepreneur from a personal perspective has been explored in this century. This exploration is reflected in the following three definitions of an entrepreneur. To an economist, an entrepreneur is one who brings resources, labour, materials, and other assets into combinations that make their value greater than before, and also one who introduces changes, innovations, and a new order. To a psychologist, such a person is typically driven by certain forces-need to obtain or attain something experiment, to accomplish, or perhaps to escape authority of others To one businessman, an entrepreneur appears as a threat, an aggressive competitor, whereas to another businessman the same entrepreneur may be an ally, a source of supply, a customer, or someone who creates wealth for others as well, who finds better ways to utilize resources, and reduce waste, and who produces jobs others are glad to get. Entrepreneurship is the dynamic process of creating incremental wealth. The wealth is created by individuals who assume the major risks in terms of equity, time, and / or career commitment or provide value for some product or service. The product or service may or may not be new or unique but value must somehow be infused by the entrepreneur by receiving and locating the necessary skills and resources. Although each of these definition s views entrepreneur from a slightly different perspective, they all contain similar notions, such as newness, organizing, creating, wealth, and risk-taking. Yet each definition is somewhat restrictive, since entrepreneurs are found in all profession s-education, medicine, research, law, architecture, engineering, social work, and distribution. To include all types of entrepreneurial behaviour, the following definition of entrepreneurship will be the foundation. Entrepreneurship is the process of creating something new with value by devoting the necessary time and effort, assuming the accompanying financial, psychic, and social risks, and receiving the resulting rewards of monetary and personal satisfaction and independence. This definition stresses four basic aspect of being an entrepreneur regardless of the field. First, entrepreneurship involves the creation process-creating something new of value. The creation has to have value to the entrepreneur and value to the audience for which it is developed. This audience can be (1) the market of buyers in the case of a business innovation (2) the hospitals administration in the case of a new admitting procedure and software (3) prospective students in the case of a new course or even college or entrepreneurship or (4) the constituency for a new service provided by the non-profit agency. Second, entrepreneurship requires the devotion of necessary time and effort. Only those going through the entrepreneurial process appreciate the significant amount of time and effort it takes to create something new and makes it operational. Assuming the necessary risks is the third aspect of entrepreneurship. These risks take a variety of forms, depending on the field of effort of the entrepreneur, but usually center around financial, psychic, and social areas. The final part of the definition involves the rewards of being an entrepreneur. The most important of these rewards is independence, followed by personal satisfaction. For profit entrepreneurs, the monetary reward also comes into play. For some of these entrepreneurs, money becomes the indicator of the degree of success. For the person who actually starts his or her own business, the experiences is filled with enthusiasm, frustration, anxiety, and hard work. There is a high failure rate due to such things as poor sales, intense competition, lack of capital, or lack of managerial ability. The financial and emotional risk can also be very high. 2.3. Importance of Entrepreneurship An entrepreneur is a person who derives personal satisfaction by influencing the environment in a manner that is economically and socially beneficial for him and the community he deals with. He pays rent for unused or underused land, pays wages and salaries for his employees whose alternative occupation would be at relatively lower income, purchases raw materials and other material inputs and creates or adds value for the materials, and supplies products of utility to his customers. By doing all these business functions he disturbs the socio-economic system in which he is a change agent. The importance of entrepreneurship is very significant even if he fails after running a business for a long time, his interactions with the environment leaves an enhanced skill level of the people in the region, enlightenment of the employees on alternative means of livelihood and an increased entrepreneurial awareness among the people around. After all, the failure amounts to only a temporary misallocation of finances. The importance of entrepreneurship may be seen through two different viewpoints. They are, from the point of view of the individual and from the point of view of the nation. 2.3.1. The individual Entrepreneurship Every citizen of India has a fundamental right for the freedom of thought and action. Every citizen has a right to choose his own avocation and is given a right to contribute to the process of building up India. Entrepreneurship is a field of activity that provides opportunity for all who are inclined towards entrepreneurial behaviour. An entrepreneur fulfils his ambitions by becoming so. The need for achievement, the need for independence, the need for self-reliance, the need for novation, the need for affiliation, the need for extension and the like are the innate tendencies that exist in varied levels in individuals. The entrepreneurial effort of an individual gives one an opportunity to work hard and fetch the fruits of his own capabilities and actions. It even makes him understand his own limitations and merits by the degree of punishment or reward for his own decisions and actions. It makes one understand oneself and learn from experience. It brings out the latent potential by providing opportunities for experimentation. Entrepreneurial behavior makes feel responsible for ones actions since failure because of lack of efforts cannot be blamed on anyone but oneself. It also helps one understand where one stands in relation to others. Entrepreneurship provides opportunity to utilize knowledge and skill of individuals which may be utilized. Hence a person in employment whose role expectations are not compatible to his self-concept, can make use of his time, talents and energy in entrepreneurial endeavors. Entrepreneurship enables a person to become socially relevant. By his behaviour he may be able to uplift the socio-economic status of his family, relatives and those who are in need of economic support the underprivileged socially, economically, psychologically and physically. Entrepreneurship provides a chance to the individual to become a model for others to emulate. His achievements may motivate the community around to imitate his behaviour or develop a sense of competition and contribute to progress. Minimum or maximum age, appearance, physical measurements or educational qualifications are not prescribed for anyone to become an entrepreneur. There is no retirement, no transfer, no subordinations and no unpleasant immediate or ultimate superiors. Hence entrepreneurship can be career for any one at any age and for any period. Entrepreneurship is working for oneself and ones offspring and not working for others. The biological truth of the existence of any organism is to take the maximum care for the self and the maximum efforts to establish its off-springs in the world. Entrepreneurship offers the greatest opportunity since the wealth generated after giving the due share to the Government helps the wellbeing of the sons and daughters of the individual. Hence the best of a man is brought out while he behaves entrepreneurially. In short, entrepreneurship enables one to help himself as well as help others thereby making ones life more meaningful. 2.3.2 Entrepreneurship and Nation Economic development may be defined as an organic improvement in the quality of the lives of the citizens of any country. It is reflected in the achievement of better nourishment, education, living conditions and an expanded range of opportunities in work and leisure for the people. The pressing problem of any country, like India, is its economic development. Economic development is an outcome activity. Unless skills and resources of the community are organized into efficient production units, mans labour must remain largely unproductive and his level of consumption is low. An entrepreneur has been considered the central figure in the economic growth an economic development. He is the agent of socio-economic change. The economic progress of the advanced countries may be attributed to the early entrepreneurial awareness and the quality and quantum of entrepreneurship among their citizens. Entrepreneur play an important role in developing and contributing to the economy of any nation and it is all the more so in developing countries like India where there are ample opportunities for innovation, to exploit the available resources and initiate entrepreneurial ventures. India is a country that strives to promote the welfare of the people by securing and protecting as effectively as it may, a social order in which justice, social, economic and political are ensure (Article 38, Directive Principles of State Policy). Article 39 of the Directive Principles states that the State shall direct its policy towards ensuring that the citizens, men and women equally have the right to an adequate means of livelihood. The ownership and control of the material resources of the community should be distributed as best to subserve the common good. The operation of the economic system must not result in the concentration of wealth and means of production to the common detriment. Entrepreneurship being associated with small-scale industries (as a result thereof) may be stated as follows The national concern for development of rural and less developed areas ultimately boils down to finding local entrepreneurs who would set up their enterprises in the small towns and villages to which they belong and thereby initiating and spreading development. By this observation it is clear that entrepreneurship contributes to the development of economically less developed states. An increased entrepreneurial behaviour of the people in less developed regions may bridge regional disparities. This will be so in the cases of people who are economically and socially deprived of opportunities for participation in the economic process for a substantial length of time. Hence entrepreneurship, particularly its promotion may be viewed as effective tool to alleviate regional and social disparities that exists in our country. The growing unemployment problem has become a critical issue. Efforts to generate productive avocation for many of those who are unemployed culminates in making part, if not all, of them entrepreneurs. Its spread effect will promote employment for many. Hence entrepreneurship is an effective tool to get the unemployed, employed. New ventures created by entrepreneurs are ordinarily capital saving and labour intensive. Hence in a country where capital formation is low due to low savings, industrialisation is possible with less capital through entrepreneurship. India is facing the problem of urbanisation and concentration of people in cities. If the potential migrants are engaged in entrepreneurial activities or employed in units created by entrepreneurs this migration can be minimised. An index of economic development of any country is the percentage of population in agriculture. India continues to have more than 70 of its population in agriculture. Though the per capita land holdings is getting less and less, agriculture remains the only choice known to a vast majority. If persons from agriculture shift to Industrial entrepreneurship, it will contribute to a better occupational pattern in our country. Small industries and entrepreneurship help in better utilising local resources. This leads to creation or addition of value to the material and human resources in the locality. It makes a move towards local self-sufficiency since the industries attend to the economic and social needs of the people in the locality. Entrepreneurship involves developing business, social and emotional linkages between the stake holder of the business on the one side and others like customers, suppliers, employees and so on the other. These linkages may cross regional, cultural and linguistic boundaries. It involves understanding, appreciation and mutual adjustment. India being a country with a federal set up, interstate interaction and mobility is essential for national integration. Last but not the least is the psychological impact of the entrepreneurial opportunities for people of our country. Knowingly or unknowingly Indian people have been developing a dependency culture. They expect subsidies, grants, free meals and unemployment allowances from the government. As a result people tend to expect the means of livelihood as a birth right instead of developing a sense of independence and freedom. Particularly the frustration of the educated youth due to unemployment and non-availability of alternate means of earning a livelihood leads them to socially undesirable activities. The Government is only a body created by the people to manage the people in a justifiable manner. If every citizen expects everything from the government without contributing his share to the nation, in the long run the government and the nation will cease to exist. Entrepreneurship is an option thrown open to any individual who wants to have a career for himself. If everybody thinks so there will be less reason for becoming frustrated and blaming the government. Hence an entrepreneur contributes in creating a healthy individual and a healthy nation. 2.4. Entrepreneurial Careers and Education What causes and individual to take all the social, psychological, and financial risks involved in starting a new venture At first there was limited research on this aspect of entrepreneurship, but since 1985 there has been an increased interest in entrepreneurial careers and education. This increased interest has been fostered by such factors as the recognition that small firms play a major role in job creation and innovation an increased media coverage of entrepreneurs an understanding that there are more entrepreneurs than those heralded in the media as thousands upon thousands of small, cottage companies are formed the view that most large organizational structures do not provide an environment for self-actualization the shift in employment, as women become increasingly more active in the workforce and the number of families earning two incomes grow and the formation of new ventures by female entrepreneurs at three times the rate of their male counterparts. In spite of this increase, many people, particularly college students, do not consider entrepreneur as a career. A conceptual model for understanding entrepreneurial careers in indicated in Table 2.2. TABLE 2.2 A Framework for an Entrepreneurs Career Development Life Space AreasChildhoodEarlier AdulthoodPresent AdulthoodWork/OccupationEducation and Childhood work experience IEmployment history IVCurrent work situation VIIIndividual/PersonalChildhood influences on personality, values and interest IIAdult development history VIndividuals current perspective VIIINon-work/FamilyChildhood family environment IIIAdult family/non-work history VICurrent family/non-work situation IX Source Adapted from Donald D. Bown and Robert D. Hisrich, The Female Entrepreneur A Career Development Perspective, The Academy of Management Review II (April 1986), pp393-407. The authors view the career stages as dynamic ones, with each stage reflecting and interacting with other stages and events in the individuals life-past, present, and future. This life-cycle approach conceptualizes entrepreneurial careers in nine major categories educational environment, the individuals personality, childhood family environment, employment history, adult development history, adult non-work history, current work situation, the individuals current perspective, and the current family situation. Although some have felt that entrepreneurs are less educate than the general population, this opinion has proven to be more myth than reality. Studies have found entrepreneurs overall and female entrepreneurs in particular to be far more educated than the general populace. However, the types and quality of the education received sometimes do not develop the specific skills needed in the venture creation and management process. For example, some female entrepreneurs have more of a disadvantage than the male entrepreneurs in this respect, as they frequently do not take significant business or engineering courses. Childhood influences have also been explored, particularly in terms of values and the individuals personality. The most frequently researched personality attitude are the need for achievement, locus of control, risk taking, and gender identity. The research on the childhood family environment for the entrepreneur has had more definitive results. Entrepreneurs tend to have self-employed fathers, many of whom are also entrepreneurs. Many also have entrepreneurial mothers, although this aspect did not receive much research attention until the last decade. This lack of research emphasis has limited the amount of information available on entrepreneurial mothers. The family, particularly the father or mother, plays an important role in establishing the desirability and entrepreneurship as a career path. Employment history also has an impact on entrepreneurial careers, in both a positive and negative sense. On the positive side, entrepreneurs tend to have a higher probability of success when the venture created is in their field of work experience. This increased success rate makes the providers of risk capital particularly concerned when this work experience is not present. Negative displacement (such as dissatisfaction with various aspects on ones job, being fired or demoted, being transferred to an undesirable location, or having ones spouse take a new position in a new geographic area) encourages entrepreneurship, not only in the United States but in other countries as well. Although no definitive research has been done on adult development history for entrepreneurs, it also appears to affect entrepreneurial careers. Ones development history has somewhat more of an impact on women, since they tend to start businesses at a later stage in life than men, usually after having experience significantly more job frustration. There is similar lack of lack of data on adult family/non-work history. Although there is some information on the entrepreneurs marital and family situations, the available data add little to our understanding of entrepreneurial career paths. The impact of the current work situation has received considerably more research and attention. Entrepreneurs are known for their strong work values and aspirations, their long work days, and their dominant management style. Entrepreneurs tend to fall in love with the organization and will sacrifice almost anything in order for it to survive. This desire is reflected in the individual entrepreneurs current career perspective and family/non-work situation. The new venture usually takes the highest priority in the entrepreneurs life and is the source of the entrepreneurs self-esteem. While in college, few future entrepreneurs realize that they will pursue entrepreneurship as their major life goal. Even among the minority that does, relatively few individuals will start a business immediately after graduation, and even fewer will prepare for a new venture creation by working in a particular position or industry. This mandates that entrepreneurs continually supplement their education through books, trade journals, seminars, or taking courses in weak areas. Generally, skills that need to be acquired through seminars or courses include creativity, financing, control, opportunity identification, venture evaluation, and deal-making. Entrepreneurship education is a fast growing area in colleges and universities in the United States and Europe. Many universities offer at least one course in entrepreneurship at the graduate or undergraduate level, and a few actually have a major or minor concentration in the area. Since the area is so new, the U.S. Department of Education has not yet separated entrepreneurship from small business, and the statistics associated with entrepreneur ship are not as accurate as other educational statistics in more established educational areas. While the courses in entrepreneurship vary by university, there is a great deal of commonality, particularly in the initial one or two courses in this field of study. These courses tend to reflect that overall objectives for a course in entrepreneurship. The course objectives, tend to center around skill around skill identification and assessment understanding the characteristics of entrepreneurs and their roles in economic development on a domestic and, more recently, on an international basis assessing opportunities and coming up with an idea for a new venture writing and presenting a full-scale business plan knowing how to obtain resources management and growing the enterprise and understanding the role of entrepreneurship in an existing organization-intrapreneurship. The skills required by entrepreneurs can be classified into three main areas technical skills, business management skills, and personal entrepreneurial skills. Technical skills involve such things as writing, listening, oral presentations, organizing, coaching, being a team player, and technical know-how. Business management skills include those areas involved in starting, developing, and managing any enterprise. Skills in decision-marketing, management, financing, accounting, production, control, and negotiation are essential in launching and growing a new venture. The final skill area involves personal entrepreneurial skills. Some of these differentiate an entrepreneur from a manager. Skills included in this classification are inner control (discipline), risk taking, being innovative, being change oriented, being persistent, and being a visionary leader. These skills and objectives form the basis of the modular approach to an entrepreneurship curriculum. By laying out the modules, a course or sequence of courses can be developed, depending on the needs, interests, and resources at the particular university. This modular approach helps ensure that the most important areas of the field are covered in the courses offered, whether on a quarter or semester basis or involving one or a series of courses. An interesting trend in entrepreneurial education has evolved in the last five years, entrepreneurs find the need for and have the desire to obtain M.B.A. degrees. Previously, for generations, entrepreneurs loathed everything about M.B.A. But todays advanced technology, sophistication, telecommunication, computer usage, and hyper-competition have changed that attitude. Entrepreneurs are recognizing the need to learn some of the science of management in an M.B.A. programme to compete and grow their businesses effectively in the global environment of today. Take, for example, Dan Poston, founder and CEO of International HTC, Inc., who grew his firm until sales stagnated at about 6 million. Finding himself ill-equipped to remedy the situation, he decided he needed an M.B.A. degree. In fact, many entrepreneurs are following this trend, as is highlighted in the Inc. box. Hence it is concluded that these attitude can be developed in colleges. 2.4 The Evolution of Entrepreneurship In many countries, the term entrepreneur is often associated with a person who starts his own new business. Business encompasses manufacturing, transport, trade and all other self-employed vocation in the service sector. Entrepreneurship has been considered as the propensity of mind to take calculated risk with confidence to achieve predetermined business objectives. There are many views and opinions on the concept of entrepreneurship forwarded by some of the world famous management gurus and economists as mentioned below which will help in understanding this concept. Oxford Dictionary A person who sets up a business or businesses, taking on financial risks in the hope of profit2 International Encyclopedia An individual who bears the risk of operating a business in the face of uncertainty about the future conditions3 Schumpeters Definition Druckers Views on Entrepreneur An entrepreneur is the one who always searches for change, responds to it and exploits it as an opportunity. Innovation is the specific tool of entrepreneurs, the means by which they exploit changes as an opportunity for a different business or different service 5 Richard Cantillon A person who pays certain price for a product to resell it at an uncertain price thereby making decision about obtaining and using resources while assuming the risk of enterprise6 Adam Smith The entrepreneur as an individual who forms an organization for commercial purpose. He/She is proprietary capitalist, a supplier of capital and at the same time a manager who intervenes between the labor and the consumer. Entrepreneur is an employer, master, merchant but explicitly considered as a capitalist7 Hoselitz According to him, in an underdeveloped economy, not to speak of the Schumpeterian innovators, even imitator-entrepreneurs had a distinct role to play. In underdeveloped economy resources are limited and cannot be utilized for further developments of products. Developing or underdeveloped countries always have potential for imitated products because of huge demand in market. Imitating entrepreneurs have great opportunities in such market and can create more number of jobs for others. The entrepreneur is the one who undertakes to organize, manage, and assume the risks of a business. In recent years entrepreneurs have been doing so many things that it is necessary to broaden this definition. Today, an entrepreneur is an innovator or developer who recognizes and seizes opportunities converts those opportunities into workable/marketable ideas adds value through time, effort, money, or skills assumes the risks of the competitive marketplace to implement these ideas and realizes the rewards from these efforts. The entrepreneur is the aggressive catalyst for change in the world of business. He or she is an independent thinker who dares to be different in a background of common events. The literature of entrepreneurial research reveals some similarities, as well as a great many differences, in the characteristics of entrepreneurs. Chief among these characteristics are personal initiative, the ability to consolidate resources, management skills, a desire for autonomy, and risk taking. Other characteristics include aggressiveness, competitiveness, goal-oriented behavior, confidence, opportunistic behavior, intuitiveness, reality-based actions, the ability to learn from mistakes, and the ability to employ human relations skills.8 Although no single definition of entrepreneur exists and no one profile can represent todays entrepreneur, research is providing an increasingly sharper focus on the subject. A brief review of the history of entrepreneurship illustrates this. Entrepreneurship is catalyst of business and economic development. The social and economic forces of entrepreneurial activity existed long before the new millennium. In fact, as noted, the entrepreneurial spirit is linked with humanitys achievements. Eventually all of these theories proposes the role of entrepreneur as the agent of change, the force that initiates and implements material progress. Today we recognize that the agent of change in human history has been and most likely will continue to be the entrepreneur.9 The recognition of entrepreneurs dates back to eighteenth-century France when economist Richard Cantillon associated the risk-bearing activity in the economy with the entrepreneur. In England during the same period, the Industrial Revolution was evolving, with the entrepreneur playing a visible role in risk taking and the transformation of resources.10 The association of entrepreneurship and economics has long been the accepted norm. In fact, until the 1950s the majority of definitions and references to entrepreneurship had come from economists. For example, Cantillon (1725), just mentioned Jean Baptiste Say (1803), the renowned French economist and Joseph Schumpeter (1934), a twentieth century economic genius, all wrote about entrepreneurship and its impact on economic development. 11 Over the decades writers have continued to try to describe or define what entrepreneurship is all about. Here are some examples Entrepreneurship consists in doing things that are not generally done in the ordinary course of business routine it is essentially a phenomenon that comes under the wider aspect of leadership.12 In entrepreneurship, there is agreement that we are talking about a kind of behavior that includes (1) initiative taking, (2) the organizing or reorganizing of social economic mechanisms to turn resources and situations to practical account, and (3) the acceptance of risk of failure.13 After reviewing the evolution of entrepreneurship and examining its varying defini-tions, Robert C. Ronstadt put together a summary description Entrepreneurship is the dynamic process of creating incremental wealth. This wealth is created by individuals who assume the major risks in terms of equity, time, and/or career commitment of providing value for some product or service. The product or service itself may or may not be new or unique but value must somehow be infused by the entrepreneur by securing and allocating the necessary skills and resources.14 Entrepreneurship as a topic for discussion and analysis was introduced by the economists of the eighteenth century, and it continued to attract the interest of economists in the nineteenth century. In the twentieth century, the word became synonymous or at least closely linked with free enterprise and capitalism. Also, it was generally recognized that entrepreneurs serve as agents of change provide creative, innovative ideas for business enterprises and help businesses grow and become profitable. Whatever the specific activity they engage in, entrepreneurs in the twenty-first century are considered the heroes of free enterprise. Many of them have used innovation and creativity to build multimillion-dollar enterprises from fledgling businesses-some in less than a decade. These individuals have created new products and services and have assumed the risks associated with these ventures. Many people now regard entrepreneurship as pioneership on the frontier of business. In recognizing the importance of the evolution of entrepreneurship into the twenty – first century, we have developed an integrated definition that acknowledges the critical factors needed for this phenomenon. Entrepreneurship is a dynamic process of vision, change, and creation. It requires an application of energy and passion towards the creation and implementation of new ideas and creative solutions. Essential ingredients include the willingness to take calculated risks-in terms of time, equity, or career the ability to formulate an effective venture team the creative skill to Marshall needed resources the fundamental skill of building a solid business plan and, finally, the vision to recognize opportunity where others see chaos, contradiction, and confusion. All the above definitions have focused light on entrepreneurship on the basis of that one can differentiate between corporate manager and entrepreneur. There are so many differences between traditional managers or corporate manager and entrepreneur. Traditional manager delegates and supervises the subordinates while having least direct involvement. The entrepreneur has more of direct involvement with lest delegation i.e. entrepreneur believe in direct involvement with least delegation. Traditional manager avoid risk while entrepreneur ready to accept risk. The corporate managers are mostly concerned about the likes and dislikes of their senior managers, the entrepreneur serves themselves and for their organization. Entrepreneur builds strong relations with everybody around them whereas corporate manager follow the relationship as per the organization chart. The prime difference between them is related to their motivation, corporate managers are motivated by salary raise, promotion and other corporate rewards, while independence and scope of working creatively motivates entrepreneurs. This study will focus light on how to develop more number of entrepreneurs instead of traditional managers/corporate managers. 2.5. Attitude towards Entrepreneurship 2.5.1. Meaning of Entrepreneurial Attitude Entrepreneurial Model 1.7 Approaches to Entrepreneurship To understand the nature of entrepreneurship, it is important to consider some of the theory development so as to better recognize the emerging importance of entrepreneurship. The research on entrepreneurship has grown dramatically over the years. As the field has developed, research methodology has progressed from empirical surveys of entrepreneurs to more contextual and process-oriented research. As yet, no comprehensive theory base has emerged, however. A theory of entrepreneurship is defined as a verifiable and logically coherent formula-tion of relationships, or underlying principles that either explain entrepreneurship, predict entrepreneurial activity (for example, by characterizing conditions that are likely to lead to new profit opportunities to the formation of new enterprises), or provide normative guidance (that is, prescribe the right action in particular circumstances).26 As we are now in the new millennium, it has become increasingly apparent that we need to have some cohesive theories or classifications to better understand this emerging field. In the study of contemporary entrepreneurship, one concept recurs Entrepreneurship is interdisciplinary. As such it contains various approaches that can increase ones understanding of the field.27 Thus we need to recognize the diversity of theories as an emergence of entrepreneurial understanding. PROCESS APPROACHES Another way to examine the activities involved in entrepreneurship is through a process approach. Although numerous methods and models attempt to structure the entrepreneurial process and its various factors, we shall examine three of the more traditional process approaches here. 28 First, we will discuss the integrative approach, as described by Michael H. Morris, P. Lewis, and Donald L. Sexton.29 Their model incorporates theoretical and practical concepts as they affect entrepreneurship activity. The second approach is an assessment process based on an entrepreneurial perspective developed by Robert C. Ronstadt. The third process approach, developed by William B. Gartner, is multidimensional and weaves together the concepts of individual, environment, organization, and process. All of these methods attempt to describe the entrepreneurial process as a consolidation of diverse factors. 1.7.1. An Integrative Approach Source Michael H Marris, P. Lewis, and Donald L Sexton, ReConceptualizing Entrepreneurship An Input-Output Perspective, SAM Advanced Management journal 59(1) (winter 1994) 21-31. The output component of Figure 1 first includes the level of entrepreneurship being achieved. Entrepreneurship is a variable. Thus, the process can result in any number of entrepreneurial events and can produce events that vary considerably in terms of how entrepreneurial they are. Based on this level of entrepreneurial intensity, final outcomes can include one or more going ventures, value creation, new products and processes, new technologies, profit, jobs, and economic growth. Moreover, the outcome can certainly be failure and thereby bring about the economic, psychic, and social costs associated with failure. This model not only provides a fairly comprehensive picture regarding the nature of entrepreneurship, but can also be applied at different levels. For example, the model describes the phenomenon of entrepreneurship in both the independent start-up company and within a department, division, or strategic business unit of large corporation. 1.7.2. Entrepreneurial Assessment Approach Another model, developed by Robert C. Ronstadt, stresses making assessments qualitatively, quantitatively, strategically, and ethically in regard to the entrepreneur, the venture, and the environment. 31 (Figure 1.2 depicts this model.) To examine entrepreneurship, the results of these assessments must be compared to the stage of the entrepreneurial career- early, midcareer, or late. Ronstadt termed this process the entrepreneurial perspective. Figure 1.2 Entrepreneurial Assessment Approach Type of Venture Qualitative,Quantitative,Type ofStrategic,Type ofVentureandVentureEthicalASSESSMENTS Do the Results of Assessments Make Sense Given Stage of Entrepreneurial Career Prior Experience and Early Career Midcareer Late Career Education Source Robert C. Ronstadt, Entrepreneurship (Dover, MA Lord Publishing Co. 1984), 39. 1.7.3. Multidimensional Approach 54 The individual Need for achievement Locus of control Risk taking propensity Job satisfaction Previous work experience Entrepreneurial parents Age Education The Environment Venture capital availability Presence of experienced entrepreneurs Technically skilled labor force Accessibility of suppliers Accessibility of customers or new markets Governmental influence Proximity of universities Availability of land or facilities Accessibility of transportation Attitude of the area population Availability of supporting services Living conditions The Organization Type of firm Entrepreneurial environment Partners Strategic variables Cost Differentiation Focus Competitive entry wedges The process Location a business opportunities Accumulating resources 55 Marketing products and services Producing the products Building an organization Responding to government and society Figure 1.3 Variables in New Venture Creation The individual Need for achievement Locus of control Risk taking propensity Job satisfaction Previous work experience Entrepreneurial parents Age Education Availability of supporting services Living conditions The process Location a business opportunities Accumulating resources Marketing products and services Producing the products Building an organization Responding to government and society 2.3 Student Entrepreneurship in India It is interesting to note that student entrepreneurship in India is gaining momentum. Industry experts view that student entrepreneurship will bloom in future with the result that many entrepreneurship ventures may be incubated in campuses. Students are resourceful and they have the innate desire to do something on their own and excel. Many new age companies like Tiny Owl, redbus.in, etc. have been conceptualized by entrepreneurs at a time when the founders were students. They want to make a dent into the industry right from the beginning of their career with a desire to make a difference. Motivational support has come for them from the educational institutions and Business Schools (where they have been a part of), in the form of business plan competitions and other related efforts made through entrepreneurship cells. These young people nurture an attitude to be their own bosses and they would not like to report to anyone.These assertive men and women would like to set the vision for themselves. Information technology has played a big role in empowering aspiring young entrepreneurs and emboldening them to take the plunge into new start-up businesses. In a big sweep, IT and its most influential derivative, the internet, have brought down the cost of doing business. Internet has brought scattered resources within the reach of an entrepreneur and fundamentally changed the dimensions of the business into borderless markets and market places.This trend of youngsters wanting to be on their own and venturing into start-up businesses is not limited to the high profile institutions of IITs and IIMs alone. In colleges in the small towns of India, youngsters are eager to set up their own ventures. It is also seen that several youngsters are venturing into interesting sectors like renewable energy, education, ethnic handicrafts, legal services, service aggregation, etc. Ganesh. V, (2015) says, While many more youngsters are taking the plunge, most of them are not fully aware of the various practical issues, opportunities, challenges and pitfalls that can be expected in growing a venture. Also, they do not know how to scientifically validate a business idea, flesh it out and take it to market. In addition, several myths and half-truths are floating around about entrepreneurship which confuses them even further. And so, while we should celebrate student entrepreneurs for their guts, determination and passion, we must also understand that they need encouragement, support and guidance in setting up and running an enterprise. In other words, they need a stronger ecosystem. College managements have a big role to play in ensuring that more high-quality enterprises are born within campuses. As of now however, most colleges are far from being strong sources of support to student entrepreneurs. While many colleges have set up E-Cells (Entrepreneurship Cells), this have, by and large, not yet become strong incubation centers that provide holistic support to an entrepreneur and helps him/her commercialise the venture. The good news is that a few forward-thinking colleges are showing the way by setting up reasonably strong entrepreneurial ecosystems and connecting budding entrepreneurs to resources in the market. The Technology Business Incubators (TBIs) set up by the Department of Science and Technology of the GOI have helped in this effort to some extent. Other colleges have to follow suit. One hopes that more robust, sustainable student start-ups emerge soon across different business domains in India. That could really ignite Indias economic growth Birla Institute of Technology and Science (BITS) Pilani Hyderabad Campus in collaboration with the Department of Science and Technology, GoI, has established a Technology Business Incubator. [email protected] Hyd aims to provide a low cost and resource intensive sandbox where entrepreneurs can develop their product, services or process ideas towards commercialization. [email protected] Hyd provides office and lab space equipment, seed funding and vitally, mentorship from an international network of successful business leaders. Vels University, Chennai started incubation centre to help the emerging entrepreneurs in terms of providing space, basis infrastructure, technical know-how to overcome their problems and facilitate in filing patents. The services include commercial exploitation to benefit society. The business incubator at Vels University main campus is to facilitate incubation of new enterprises with innovative technologies by admitting them in to our business incubation. Our objective is to build a campus with small scale companies which can provide a practical exposure to our students as well. The inter-disciplinary research teams are capable of throughing out any problem faced by the companies and normal a five year period is permitted for a company in the campus. Already 6 companies have left the campus after completing the incubation period of 3 years and in addition to this 3 more companies have joined in hand to provide opportunities to entrepreneurs, start-ups to take advantage of the wealth of available technologies, expertise, patents, systems and services from Vels Business incubation centre. Table 3.1 Start-up Companies Incubated at Vels University Campus CompaniesPlacePresent StatusM/s. Sakthi Power Solutions Pvt LtdThanjavurLeft after completing 3 yearsM/s. Pentagon Rugged SystemHyderabadLeft after completing 3 yearsM/s. I-Net Secure Labs Pvt. LtdChennaiLeft after completing 3 yearsM/s. Technology GatewayChennaiLeft after completing 3 yearsM/s. K.K. TechnologiesChennaiLeft after completing 3 yearsM/s. Vels Power SolutionsChennaiLeft after completing 3 yearsM/s. Arcomm Tech Solutions Pvt LimitedChennaiFunctioningM/s. B. ProtechChennaiFunctioningM/s. EfficienzaChennaiFunctioningSource www.velsuniv.ac.in Aachi Institute of Management Entrepreneurial Development (AIMED) has been established by the Chairman Founder Trustee of Aachi Educational Research Foundation, Mr. A. D. Padmasingh Isaac, (Chairman Managing Director of Aachi Group of Companies, Chennai) who has the vision and zeal to equip and train entrepreneurs in india. AIMED has been established with the lofty mission to foster education and training to create effective entrepreneurs and result-oriented business leaders who are equipped appropriately to contribute for the development of the Indian Industry, Economy and Society. Established as a Higher Education initiative under the Aachi Educational and Research Foundation, AIMED is a specialized institution for nurturing entrepreneurial and management talents for the Indian Industry in India which has an evergrowing need for entrepreneurial and managerial skills. It is the belief of the institution that if managers have to perform well, they need to think and act like an entrepreneur who owns the business. Our country is known for family businesses. Many large corporates have their growth trajectory traced from small family business beginnings. AIMED helps students become successful entrepreneurs and performing business leaders in future. Hence the institutions programme, (offered in collaboration with Bharathidasan University, Trichirapalli), Post-graduate Diploma in Management Entrepreneurship (PGPME) is designed in such a way that every student goes through all the functional and practical aspects of setting up a business and running it efficiently. Todays entrepreneurs and managers need the right skills to meet with success in the highly competitive borderless global marketplace. A practical exposure to relevant case studies helps students acquire conceptual, analytical and operational abilities. The Aachi Group has a number of manufacturing facilities and infrastructure besides the Groups own co-created entrepreneur partner organizations where the students have an opportunity to practically learn during their on-floor learning sessions, guided and mentored by faculty and guest faculty who have significant industry and academic experience. The students who are selected to undergo PGDME are groomed to become successful entrepreneurs as the programme includes practical training in all functional areas through the institutions Weekly Practice School. Entrepreneurship Education is very important as it encourages innovation, fosters job creation and enhances global competitiveness. If the College and University students with high entrepreneurial potentials are given proper training, they will have brighter prospects for becoming entrepreneurs. Entrepreneurship involves manythe government, society, and the educational institutions. Entrepreneurship Education (EE) in Indias higher education system must address the major obstacles that block the pursuit of national economic development. Indian education system must generate an interest among students to choose entrepreneurship as an alternative career path to jobs in private and public sectors. Awareness should also be created among students about the support systems and agencies that foster entrepreneurship. 3.4 ENGINEERING EDUCATION IN INDIA Engineering education contributes a major share to the overall education system and plays a vital role in the social and economic development of our nation. In India, technical education is imparted at various levels such as craftsmanship, diploma, degree, post-graduate and research in specialized fields, catering to various aspects of technological development and economic progress. The provisions AICTE Act , Technical Education means programs of education, research and training in the following fields- Engineering Technology Architecture Town planning Management Pharmacy Applied Arts and crafts Such other programmes or areas as the Central Govt. may declare in consultation with the council by a gazette notification As per the statistics posed by department of Higher Education, Govt. of India, around 18,000 institutions are functioning in the country with approx 5.00lakh teachers employed under various streams. Many technical institutions are globally acclaimed for the standards and quality they deliver but it is a matter of concern that none among the 621 Universities in the country features among the first 200 in the world. Here, it is to be noted that 3,2,2,1 2 Universities from Hongkong, Singapore, South Korea, Taiwan and China respectively are ranked within the 100 best Universities in the World. The main reason behind the same is the lack of high end research facilities. The overall scenario of Higher Education in India does not match the global standards. It drives enough justification for an increased and tightened assessment of the quality of the higher education institutions in the country. Mere investments in libraries, ICT, laboratories and state-of-the-art infrastructure makes the system face hardship in delivering cutting edge research. The 9 growth rate achieved consecutively during the past 5 years has uplifted India as one among the most promising economies in the world and higher education had played a vital role in helping our country to achieve the same. The number of Engineering Colleges at the dawn of independence in 1947 was 44 with an intake of 2500. In the early eighties, Govt. allowed private participation in the setting up of technical institutions on self financing basis. Following the same, a large number of privately managed institutions were established in the past 25 years and the growth of technical institutions countrywide with a detailed split up among the States from 1980-2012 is shown in table 3.1. The compound annual growth rate of institutions during the 61 year period is 6.7 excluding the IITs and NITs and the percentage increase in the number of engineering institutions between 1995 to 2005 is 298.66. The sanctioned intake has increased from 2940 in 1947 to 7.8 lakhs in 2008 to 11 lakhs in 2012. The growth has brought along some serious concern of quality as well as efficiency. The rapid growth in Technical Education has created a serious problem regarding quality of faculty, students getting admitted, adequate infrastructure and even an appropriate teaching learning environment. NASSCOM had reported in its recent studies that hardly 26 of the present day graduates are employable and the rest have to make up the deficiencies through rigorous trainings through finishing schools. The New Generation Colleges attract students using attractive websites and colourful brochures with glorified mission and vision statements but the factors in reality remain as jargons as far a good number are concerned. Table 3.2 Growth of Technical Institutions in India STATE19801990200020052006200720082009201020112012Andaman and00000001111Nicobar IslandsAndhra Pradesh83112463852907111114501672176918131840ArunachalPradesh22345555555Assam88232426283242444647Bihar2529445353556371768288Chandigarh33101313131414141414Chhattisgarh9163143485782105109109109Dadra andNagar Haveli01111233333Daman and Diu01111111111Delhi1014597174798383868889Goa24111515161616161718Gujarat3648121196223244280349399430443Haryana283487141156213346410453491504Himachal810131721324263727980PradeshJammu and912273134343538394247KashmirJharkhand1516324141454952576161Karnataka62137413523537578651731777789798Kerala3037106244250252263291315345358Madhya Pradesh3647150278311379432510546563569Maharashtra10619255674085992610871286146115501598Manipur00333333333Meghalaya11133445556Mizoram01233444444Nagaland00000333333Orissa192598134145164210277293299304Puducherry58151818202326303132Punjab212580178189209262313354386402Rajasthan3746103174199232284335467484504Sikkim00444444444Tamil Nadu8816057878481790010461220132813821422Tripura44577888999Uttar Pradesh93111287428470537688879103911011143Uttarakhand172149698593119148165175182West Bengal3740111167178183201223238247258Grand Total7941165348752605696643477939191101851066210949 This calls attention to have a system ensuring quality, its measurement and implementation. In order to promote quality, (NBA) is the accreditation agency in the country for accreditation of Technical Institutions and has certainly to cater to a large number of Courses for accreditation. The National Board of Accreditation was formed as a Society on 7th January 2010, and is now an autonomous body of AICTE. It is again a sad part that even now, India continue only to be a provisional member of the Washington accord since 2007. The accreditation process that had been carried out so far was based on the previous criteria which are not acceptable by Washington accord. It is now high time that all Technical institutions should possess NBA accreditation as mandatory for receipt of any grant in aid from Central/State Government or for the conduct of PG and Research programmes. CHALLENGES IN TEACHING LEARNING PROCESS Excellence in engineering education results from innovative teaching techniques and effective instructional materials. This would require one to change the traditional way of delivering engineering education. Teaching is that profession where success of the teacher depends on the ability of students, but there have been such teachers who have made even the worst of students the best of learners. So it is evident that understanding of a subject taught by a teacher depends on the methods of teaching adopted by that teacher. In the traditional teaching methods, teachers offer course materials in a classroom where students listen, take notes, copy materials, execute homework and complete assignments. In many cases teachers fail to transfer knowledge to students effectively despite personally having sound technical knowledge in the subject area. This occurs because it is often hard for students to take notes and listen with good comprehension simultaneously. In fact, better teaching techniques do exist but are often difficult and time-consuming. Pedagogical challenges regarding teaching and facilitated learning exists from the perspective of both the teacher and the student. Often student learning is not as good as expected, rendering it difficult to ensure all students masters the material presented. Sometimes, the students need varied approaches tailored to their type of learning. Furthermore, engineering programs needs to improve student problem solving and learning skills and instill an ability to continue learning throughout the career. Such a work ethics allows graduates to adapt to challenges encountered on the job. PROSPECTS AND INITIATIVES India is renowned for producing graduates of the highest caliber but only very few compared with its population receive high-quality technical education. India has over the years significantly bolstered the quality and availability of technical education, doubling the employment rate of graduates who are now better-suited to the needs of Indian industry. There are two components to the project. The first component is school-based reforms and innovation. The second is to develop a robust higher education system. The All India Council for Technical Education has framed various norms and standards to regulate the technical institutions in the country for maintaining quality in these Institutions. The AICTE act is eminently suitable to perceive all needs of technical education and has been promoting technical education in the country. This has been further facilitated by the implementation of e governance which has provided complete transparency and accountability to all its stake holders. It is a matter of appreciation that AICTE has introduced PG education in the second shift which helps the faculty who are employed in various technical institutions possessing BE / B.Tech as their qualification to pursue M Tech education in the second shift. In order to meet the requirements of reaching out to all sections of society in any state, expansion in technical education is required. All states in the country need to expand on the institutional facilities so that access, equity and education for all can be realized. The Expansion in industrial output is directly linked to Education levels in a country consequently raising the GDP of a country. It is a matter of concern to see that the GER in our Country is about 18.8 in Higher Education and the Technical Education contributes GER just about 5.3. Certainly serious when seen in the context of GER in the United States where it is about 80. 25 million students go to higher education in colleges and about 25 million drop out. It is extremely important that these 25 million students who are dropping out also get an opportunity for admissions to higher education and hence they need quality inputs so that they also make the grade. After such initiatives if we were required to provide higher education to these 25 million students which would also enhance current GER we will be required to double the number of colleges in the country. Hence AICTE takes a pragmatic view of promoting higher education amongst all sections of the society and provides for enhancing the capacity building initiatives so clearly required in the Country. Some of the best technical and engineering minds in the world were trained in Indias renowned Institutes of Technology. These elite institutions were accessible to but a few qualified students however in fact, only 1 percent. The remaining 99 percent of technical education students in India also need quality and need to perform. India also needs to overhaul its technical and engineering education sector to generate the pool of highly skilled professionals and creative thinkers to sustain the nations progress in infrastructure, power, water, information technology, and manufacturing. Quality engineers and engineering research and development (RD) were crucial for India to address challenges from climate change and natural disasters, such as flooding. India needs to overcome the rigid thinking of the past and create a dynamic, demand -driven and quality-conscious technical education system. The current policies of AICTE certainly are directed here. The All India Council for Technical Education (AICTE) has framed various norms and standards to regulate the technical institutions in the country for maintaining quality in these Institutions. AICTE has various schemes for improvement of quality and standard of higher education in the country such as Research Promotion Scheme (RPS) scheme for promoting research in the field of engineering. Set up National Board of Accreditation to regulate and monitor the quality of engineering education in the country. Research and Institutional Development (RID) Schemes for improvement of quality of Engineering Education Quality Improvement Programme (QIP) QIP Degree QIP Polytechnics Early Faculty Induction Scheme (EFIP) Faculty Development Programs (SDP) Emeritus Fellowship (EF) Visiting Professorship (VP) Career Awards (CA) Seminar, Symposium and Workshop Grants AICTE-INAE Distinguished Visiting Professorship National Doctoral fellowship (NDF) National Faculty in Engineering Technology with Industrial Collaboration (NAFETIC) Nationally Co-ordinated Project (NCP) Post Graduate Scholarship Industry Institute Partnership Programmes Development of Model Curriculum for different courses PG Programmes have been allowed to be conducted in the 2nd shift in order to promote M.Tech qualification among B.Tech qualified faculty. In order to promote researchculture amongst faculty students, which is need to promote quality education, the best in the world e-Journals have been made mandatory. All Govt Govt aided institution have been allowed to act as QIP centers, so that faculty students can pursue P.G.Education. These schemes have significantly improved the delivery mechanisms for education. Further AICTE has notified a Tuition Fee Waiver Scheme for sons daughter of parents having annual income of less than 4.5 lakhs from all sources which is mandatory for all its approved technical institutions offering Bachelor program, Diploma, Post Diploma program of three/ four years of duration. The seats up to maximum 5 of sanctioned intake per course supernumerary in nature are available for these admissions. CONCLUSION FOOT NOTES . For a compilation of definitions, Robert C. Ronstadt, Entrepreneurship (Dover, MA Lord Publishing, 1984),p.28 Howard H. Stevenson and David E. Gumpert, The Heart of Entrepreneurship, Harvard Business Review (March/April 1985)p.85-94 and J. Barton Cunningham and Joe Lischeron, Defining Entrepreneurship Journal of Small Business Management (January 1991) p.45-61. Oxford Dictionary, 3rd Edition 2005 New York, Oxferd University Press Inc, p. 476-477. Donald F. Kuratko, Entrepreneurship, International Encyclopedia of Business and Management (London Routledge Publishers, 1997), p.168-176. Joseph Schumpeter, Change and the Entrepreneur, in Essays of I. A. Schumpeter, ed. Richard V. Clemence (Reading, MA Addison-Wesley, 1951),p.255. Drucker Peter F., Innovation and Entrepreneurship, UK, Elsevier Linacre House, 2006 See Ronstadt, Entrepreneurship,p. 9-12. Joseph Schumpeter, Change and the Entrepreneur, in Essays of I. A. Schumpeter, ed. Richard V. Clemence (Reading, MA Addison-Wesley, 1951),p.255. Albert Shapero, Entrepreneurship and Economic Development, Project ISEED, Ltd. (Milwaukee, WI Center for Venture Management, summer 1975), p. 187. 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