Developing an entrepreneurial inclination right from the beginning of professional life of a student will help him reap the benefits of all the effort being put in for standing a business. Taking the ownership of one’s success at an early age motivates him to move forward at a higher pace. This can prove to be highly beneficial for a country like India where more than 50% of its population is under the age of 25, so if they develop an entrepreneurial mindset and manage to hit the road running then it will eventually make our economy stronger in the long haul. Hence there is a need for educational institutions to encourage entrepreneurial skills by developing business skills like critical thinking, technology utilization, problem-solving, socio-economic foresight, risk taking and team work capability.
The pace of technological growth in a society is largely relative to the pace at which innovations from incubation center pass through the transition to being introduced commercial as a product which can be used widely. Generally the big industrial houses which already have products introduced in the market are not interested in introducing a new range because they have already invested heavily in the current range. This is where new entrepreneurs step in as they do not have any pre-invested products in the market which can pull back the product line, but are introducing a new technology on the other hand which can be more efficient and less resource oriented than its predecessors. Now creating a new business requires much more than developing a product like legal and accounting procedure, this is when institutes can step in because they already have these facilities and just need to leverage a bit more for the budding startups.