Entrepreneurial development lies on the notion of creativity and innovation. An idea is said to be creative when it is novel. That creative idea becomes innovative when it turns into something useful – a product. Entrepreneurship is underpinned by external factors, or all external factors. Any condition in the external environment whether favorable or unfavorable is a source of entrepreneurial development. Technological, social, cultural, political, and economic factors are sources of entrepreneurship. The fast-paced technology poses opportunities. During economic downturn or boom, the market is always confronted with needs and demands. The political, societal, and cultural changes give rise to new, untapped demands. These require entrepreneurial minds. The changes in these factors create new problems that require new solutions. These solutions are then translated into products. Any product that solves a particular problem of the market will create customer value proposition. What the market values will prosper in a highly competitive market.
As mentioned, there can be no external factors that hinder entrepreneurial development. What makes them a hindrance is when they are not taken as opportunities. Even a crisis can be an opportunity to be entrepreneurial. Apparently, blunders to entrepreneurial development are more of internal than external. What lack many to become entrepreneurs are entrepreneurial passion and spirit. Others fail to become entrepreneurial even when they take the initial steps because they fail to plan. They are oblivious that entrepreneurship is a risk-taking activity. When they fail, they have no plans to take the risks and hold back from re-trying. Entrepreneurial spirit must be sustained.
Conflicting ideas are present about when and where to germinate the seeds of entrepreneurial spirit. The academe is a pillar of education in the field of business. The industry is a good training ground for entrepreneurs-to-be to develop soft and hard skills. To create future entrepreneurs, the academe should instill the entrepreneurial mastery. The academic culture is important to nurture a cohort of future entrepreneurs. Educators can play a great role to motivate students pursue entrepreneurship. They might lay down the choices and teach their students to use their perceptive powers in determining which course to take. A good background of the industry is helpful to see realities and eventually delve into entrepreneurship or directly engage oneself to entrepreneurial activities. This is a matter of choice. Educators must guide the protégés and do not allow themselves to choose for other people.