How Students Can Acquire Entrepreneurship Skills
Entrepreneurial skills play a very important role in the life and success of an entrepreneur. It is important for faculty members to understand that building entrepreneurial skills in students should be a priority in their minds to develop students into successful professionals and entrepreneurs.
Below are some of the skill building methods:
Case study method
Faculty members adopt the case study method with students to discuss various business-related cases/problems with the aim of developing the ability to think creatively in students.
Success story method
Faculty members share the success story of different leading and successful entrepreneurs to ignite the spirit of entrepreneurship in the minds and hearts of students. This motivates students to think about becoming an entrepreneur.
Idea generation competition method
Faculty members bring students together to brainstorm and ask them to brainstorm/generate an idea to launch a new product or service that is not available in the market.
Business plan method
Students are advised by their professors to prepare a business plan on the business idea of their interest.
Students prepare a Word file to describe their proposed business idea. They also prepare an Excel file to prepare the projected financial statements.
Students prepare a PowerPoint presentation to explain their business idea using a multimedia projector.
Faculty members use the business simulation method to create a real-life situation where students learn to solve business problems in a simulated environment.
Project management method
Faculty members use the project planning method using Microsoft Project software so that students can learn the details of project management to maximize output and minimize input with the goal of optimizing resources and maximize productivity.
Design the project method
Faculty members use the project design method in which they assign a design project to an individual or a group of students to hone their design skills.
Digital Marketing Project Method
Students are given a digital marketing project with the aim of enabling them to use the various social media marketing and digital marketing channels to maximize the sale of products and services. It helps students develop their digital marketing skills.
Method of developing mission, vision, goals and objectives
Students are trained to develop and script the mission, vision, goals, and objectives of the proposed organization.
This enables students to set goals for different functional departments, teams, and individuals, which ultimately contributes to the achievement of organizational goals and objectives.
IT project method
Students are assigned a multidimensional IT project in which they must perform the planning, implementation and control of all aspects of IT functions, including hardware, software, networking, website, social media marketing, digital marketing, etc.
Communication attribution method
Students are given several assignments covering verbal/non-verbal, oral/written methods with the aim of developing their oral and written communication skills.
Managerial games method
Faculty members develop various managerial games to develop students’ managerial skills.
Students playing the games are able to develop their management skills in planning, organizing, staffing, directing and controlling.
Accounting and financial modeling method
Students have the opportunity to learn about finance and accounting using financial modeling using spreadsheet software like Excel.
This allows the student to learn finance and accounting.
To sum up, faculty members should adopt various methods mentioned above to develop the entrepreneurial skills of students to enable them to become successful entrepreneurs in their lives.
Article by PC Chhabra – Executive Director, University of Sanskriti
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