Even before Vineeta Singh, founder of Sugar Cosmetics, started her B. Tech course, she knew she wanted to become an entrepreneur. A few years and a management degree later, she started one of India’s most successful cosmetics companies and is today a popular Shark, backing the cause of entrepreneurship through investing in startups.

According to recent data issued by the government, the number of recognised startups in the country has increased from 445 in 2016 to 86,713 in 2022; a 19,000% increase. Then why are B-schools, who are expected to create business leaders, not focusing on creating entrepreneurs? About half of India’s unicorn founders have come from the IITs; whereas the IIMs have contributed one-fifth.

The conventional method of imparting business education needs to evolve and B-schools must encourage more students to establish and manage their businesses by incorporating entrepreneurship as an integral aspect of the curriculum. Here is an overview of how this can be done.

Focus on concepts: B-schools must provide a well-structured curriculum that equips students with a solid understanding of the basic principles of starting a business. The coursework should encompass an extensive range from accounting and finance to marketing, operations, and strategy. The curriculum should go beyond the theory and provide an insight into the real world by integrating practical experiences, case studies, simulations, and live projects. Additionally, specialised courses in entrepreneurship, business planning, innovation management, and venture capital should be available. Such courses should be taught by experienced entrepreneurs who bring practical know-how into the classroom, enabling students to learn from those who have hands-on experience in the field.

Networking and exchange: Frequent industry visits, networking events, and guest lectures help give students a practical understanding and also benefit from the insights of successful entrepreneurs who share their experiences and offer mentorship. Furthermore, students should attend startup conferences, visit accelerators and incubators, and meet with venture capitalists. This will enable them to comprehend the opportunities and challenges associated with the entrepreneurial ecosystem.

Learn by doing: Experience is the most vital aspect of learning. Students should get the opportunity to start and run their own businesses as part of the curriculum. A dedicated entrepreneurship centre can help nurture their ideas, create business plans, and launch startups. In addition, students should be offered seed funding, mentorship, and a network of investors and entrepreneurs to support their ideas. B-schools should establish a culture that encourages students to take risks, experiment, and learn from their mistakes.

Positive impact

Entrepreneurship offers several benefits to students, the economy, and society as a whole. By motivating students to establish their own enterprises, we are nurturing a group of job creators who can generate employment opportunities. Entrepreneurs are known for their thinking out of the box and their ability to disrupt traditional industries. By teaching entrepreneurship, we can create a culture of innovation and creativity that can result in new products, services, and business models. Many entrepreneurs are also motivated by a desire to make a positive social impact, whether through environmental sustainability, social justice, or community development.

Entrepreneurship education has the potential to bridge the divide between academic knowledge and practical business experience. The knowledge and mindset students acquire enables them to identify opportunities, take risks, and innovate, all of which are critical for thriving in today’s fast-paced business world.

The author is Founder, Masters’ Union.