Role of Undergraduates in Empowering Tomorrow’s Entrepreneurial World

Entrepreneurship is a determining factor of economic development, social and structural change. It is a solution to create new jobs for young people in crisis. As the world economy is now driven by market processes and entrepreneurial activities than ever before in human history, there are lots of opportunities, especially for university students in this sector. The importance of entrepreneurship extends beyond economic sectors. It is a powerful tool to affect social change through individual empowerment, inclusion, and solving social challenges. Through a social entrepreneurship lens. Theorists such as Bill Drayton have highlighted the transformative potential of projects that prioritize social impact alongside economic growth. This theoretical framework emphasizes the potential of entrepreneurial efficiency as a vehicle for positive change both economically and socially. Entrepreneurship emerges as an easy solution in times of crisis such as a recession or global uncertainty. It is a source of new career opportunities, especially for a younger demographic looking for career advancement options. The modern landscape marked by dynamic market systems emphasizes the importance of entrepreneurship in mobility and development amidst uncertainties. Therefore, undergraduate students who have creativity and motivation within themselves can play key roles by motivating small and medium-scale businessmen and informing school students since they are the blooming flowers in the tree of entrepreneurship.

Motivating small and medium-scale businessmen is one of the main activities that university students can do to support the entrepreneurial world. Undergraduates can organize some projects and campaigns to make people aware of entrepreneurship. Moreover, they can create positive mindsets among business communities to invest money to begin their businesses. But, there is a ‘current narrow view on the role of universities in knowledge-based economies’ (Van Der Steen and Enders, 2008). Consequently, many university students tend to reject being entrepreneurs because they feel that they are not creative. For example, Thrikawala (2011) concluded that entrepreneurship is not very much preferred by academics in the field of education in Sri Lanka. In today’s dynamic economic environment, small and medium enterprises play a vital role in promoting innovation, creating job opportunities, and sustaining economic growth. Given the recognition of the importance of these sectors necessity, university students can make a significant contribution by stimulating and supporting small and medium enterprises. University students often have a diverse workforce of colleagues, professors, and professionals. By facilitating networking events, business mixers, or mentoring sessions, entrepreneurs can connect with potential partners, mentors, and investors. Such connections can open doors to new opportunities, partnerships, and valuable insights, and raise growth prospects for small and medium-sized businesses. University students have valuable knowledge gained through academic study. By transferring these skills to small and medium-sized enterprises, students can help bridge the gap between theory and practical application. For example, organizing workshops or seminars on business strategies, budgeting, and marketing can provide entrepreneurs with the necessary skills. This knowledge transfer can empower them to make informed decisions and solve challenges effectively. Further, many universities organize career competitions that encourage students to develop new career ideas. These events can include small and large businesses as judges, mentors, or colleagues to provide exposure and new perspectives. Additionally, students can initiate challenges that solve real-world problems faced by entrepreneurs to develop creativity and problem-solving skills. Therefore, upgrading the curricula of universities would be an added advantage and it will increase the intention of the undergraduates to become entrepreneurs and it would be a cash-in on opportunity.

University students are an important part of the entrepreneurial world. Since university students are a group of motivated people, they can organize school-based projects to make the students aware of entrepreneurship. Consequently, they would be able to intensify their entrepreneurial intention to the globalized level. For example, undergraduates can organize some competitions based on themes like “Entrepreneurship and Youth Force” to notify university students about the entrepreneurial world. University students can interact with local communities to understand the unique challenges faced by small and medium-sized businesses in specific locations. Through active participation in local businesses, students can raise awareness of local businesses, advocate for supportive programs, and host events for entrepreneurs to showcase their products or services. In this context, university students actively engaged with the community through a community empowerment project, demonstrating a multifaceted approach to supporting small and medium enterprises. By understanding community needs, raising awareness, recommending programs, building forums, encouraging collaboration, and providing skills development opportunities, students contributed to entrepreneurial design stable and smooth. These examples illustrate the tangible impact that students have when they create catalysts for positive change in their local communities. Embracing technology is essential for business success in today’s digital age. University students, who are often skilled in technological development, can help small and medium-sized businesses adopt digital tools, e-commerce platforms, and online marketing strategies This support enables companies to increase visibility, streamline operations, and expand their customer base. All these projects and competitions would lead students’ attention to the entrepreneurial world. However, the Sri Lankan government school curriculum does not have a proper canvass about entrepreneurship. If the National Institute of Education (NIE) can add some lessons about entrepreneurship, it would be an added advantage for future endeavors. In Sri Lanka, the National Institute of Education (NIE) is the lead agency responsible for curriculum and teacher education. Recognizing the prevailing economic climate and the importance of vocational training, NIE can embark on programs to integrate vocational education into the national curriculum.

Finally, undergraduates can be involved effectively in the development of the entrepreneurial world. Stimulating small and medium enterprises is an important contribution that university and school students can make to the entrepreneurial world. By combining knowledge transfer, networking opportunities, entrepreneurial competition, community engagement, and technology, students can empower entrepreneurs to overcome challenges and succeed in a competitive environment. By enhancing the relationship between academia and employment, students are paving the way for flexible, innovative, and thriving career plans. While university students celebrate their ability to contribute meaningfully to the business world, they also celebrate their role in shaping a vibrant and dynamic economic future. Therefore, the respective governments must give their support to make this process a great success.

References

Kuckertz, A., & Wagner, M. (2010). The influence of sustainability orientation on entrepreneurial intentions — Investigating the role of business experience. Journal of Business Venturing, 25(5), 524-539. https://doi.org/10.1016/j.jbusvent.2009.09.001
Kumar, V., Thrikawala, S., & Acharya, S. (2021). Financial inclusion and bank profitability: Evidence from a developed market. Global Finance Journal, 100609. https://doi.org/10.1016/j.gfj.2021.100609
Kumar, V., Thrikawala, S., & Acharya, S. (2021). Financial inclusion and bank profitability: Evidence from a developed market. Global Finance Journal, 100609. https://doi.org/10.1016/j.gfj.2021.100609