Thursday, December 29, 2011

Money Management Skills for Kids

Parents wish to empower their children, so that the latter can take life head-on when the time comes. Providing them with the knowledge and the skills to deal with challenging situations responsibly is a crucial part of any upbringing process. Most schools and activity groups do not teach your child important management skills, as their interest in your child can never match up to yours. Learning the importance of money and having the ability to manage it, are skills that are acquired at a very young age. Teaching your child how to value money and to manage within the means, can help your child in a lot of ways in the years to come.

Money Management Tips for Kids

Today, the teen years begin at 10, making it the new 13. Over exposure to the fast changing world has changed demands of the kids as well. With expensive demands as such as gadgets and other fancy items, making them earn it is an excellent way of making them value money. Giving your child a fixed allowance every month and paying them incentives for doing a few household chores, will help them understand that resources are always limited. Teach them to save up this money buy what they want. If the item is very expensive, then you chip in half the amount or so, if your child is able to save half for a certain period of time.

Monthly Budgets
Buying stationary is the biggest expense that kids have all through their academic year. Sit down with your child and make a budget for the things that he / she wants for the month. Books, games and other miscellaneous items, that are usually on your child's shopping list should be managed within a budget. Making such budgets will teach your child how to prioritize demands as well. Allocation of resources and comprehension of your own financial situation is brought out through the activity of making budgets. It is also a way of learning to let go of some demands, to satisfy a few others which are more important.

Expense Checkbook
Maintaining an expense checkbook is one of the most important money management skills for kids. It is extremely important that you teach your child how to maintain an account for the money, besides how to spend it. A record of expenses will give you child a guideline as to where and how the money is being spent. Knowing how much you have and how much is spent, helps you value the limited amount of money better. Of course, there will be times when your child will overspend and ask you for a little more money. Do not be too hard on your child. Allow a credit limit that your child will be able to pay back through his or her allowance.

Saving Plan
These are not saving plans for college or the next academic year, but say for an activity in the summer vacation. Budgeting will show your child how much part of the allowance is supposed to be spent, and how of it is supposed to be saved. You can make a few additions to this amount by giving your child monetary rewards if he / she performs well at school or helps out at home.

In a nutshell, money management skills for kids are about making the right choices, in order to reconcile the demands with limited resources. Besides money management, these tips will help your child to be more independent, understand the importance of prioritizing, self control, and being practical. Starting early will give you an edge over other parents, as younger minds are easier to mold.

Friday, December 23, 2011

How to Raise Money for a Business

Anyone looking to start a company or business venture of their own, needs to know how to raise money for a business. The capital is one of the first things that need to be taken into consideration when one is setting out on a business venture, and there are many different sources to obtain this capital. It is not necessary to stick to one particular source rigidly, even a combination of various different sources can be made use of.

Anyone who is wondering how to raise money for a restaurant, a small business, an advertising agency or any other small-scale venture should keep these methods in mind. Approaching the right people for the money is vitally important for the success of the business, and if this is not catered to properly, the business will be doomed from the very beginning.

Personal Savings

This is the most obvious source of money for starting a business. If you have saved up enough money over the years, go ahead and make use of it for your business. You will not be answerable to anyone, and you will not have to worry about repaying someone. If you choose this option, ensure that you are not using all your savings though. Many people neglect this option of how to raise money for a business because if they lose the money, they will have nothing left to live on.

Venture Capitalists
This is the next most obvious source for your potential business. Venture capitalists are professional agencies who put in money, or venture capital, into an upcoming business. What they get in return is either a share of the business, or a share of the profits, or pretty high interest rates. It may sound like exploitation, but this is one of the best ways to get money. Venture capitalists are always looking for new and innovative business ideas that are likely to succeed.

Angel Investors
These are a refined form of venture capitalists, but many people think they mean the same thing. Angel investors are less demanding than venture capitalists, and are with your business in the long run. Usually, they are someone who you would know personally, and they are simply looking for ways to get a higher return on their investment. How companies raise money depends a lot on the nature of the business, and the method of entrepreneurship adopted. Angel investors also help out the business by providing some guidance and mentoring.

Personal Borrowings
Here is a method on how to raise money for a business that should be avoided as far as possible. You can borrow money from someone you know, namely your friends, family or other people. The problem here is that once you mix business and personal relationships, things start to get a bit sour. This is a situation that needs to be handled with great tact and diplomacy, and not everyone can manage to do that. Still, this is a method that many people opt for.

Bank Loans

Another answer to how to raise money for a small business, is to approach a bank for a small business loan. With banks you will not be required to pay a very high interest rate, but you will need sufficient documentation about the business model of your business. Along with that, your credit history and financial stability will also be scrutinized, to see if you are worthy of getting the loan. Most people would love to get a bank loan, but are simply not eligible. This is especially true for someone who is wondering how to raise money to start a business without owning any fixed assets.

Here is another answer, but one that requires a suitable amount of investment, and more than a fair share of patience. If you can handle the advertising of your upcoming company well, you can get more than enough money to sustain it in the long run. There are some websites that also let you advertise your business plan, and then suit you up with a matching investor. This is a slightly unreliable method for sure, but it works wonders if one can find the right match. People wondering how to raise money for a marketing campaign, can use the methods already mentioned above.

Other Options
Here are some other answers to the question 'How to raise money for a business'. One can approach some small business investment companies, some business development commissions, some life insurance companies or a money broker as well. The reliability of these other options will not be very high, and their demands may be exorbitant, but if you have run out of all other options, then this is something that you will need to resort to.

You should move as soon as possible in order to get as much capital and business financing as you can. There are a variety of sources available to you, and as long as you have a great and reliable business plan, you will be able to procure capital. It is not all that difficult to learn how to raise money for a business, but all you need, more than anything else, is the faith and belief in yourself.

Thursday, December 15, 2011

Business Etiquette Tips

Business has ceased to be a simple affair. It is not merely limited to the making and breaking of a trade or a deal anymore like it used to be in the earlier times. It has gone way beyond that. Along with the basics of trade, it now includes the whole nine yards - How you talk, walk, present yourself, what you wear, what to speak, how to speak, even to the point of how you eat. All these factors will have an impact on your business. In fact they could very well be the deciding factors of whether you get a deal or lose it. The basics of business etiquette have come to play and stay on. And if surviving in this competitive world is important to you, you need to know the basics of this practice and what it involves.

Business etiquette teaches you a set of ways on how to behave and how to present yourself. This not only helps with your business, but also helps in preparing you to cope with trying situations and preventing your crumbling under pressure. In this following article we will give you certain important business etiquette tips that will help you create a strong foothold in the business world and charm your way through deals, backed with your skills.

Basic Business Etiquette Tips

Many times, business deals fall through because of an action that might have been unintentional, but which was perceived as a breach of the expected or proper behavior. Which is what we look to prevent by understanding the basics of these rules. In this following section we will concentrate on the important rules of proper business etiquette that need to be followed and will give you the basics of how to make these work in different scenarios.

The Co-workers and your Boss
With so many people working around you, you have to understand one thing - these are the elements you need to care for. Never underestimate, bad mouth or insult anyone. Be respectful and courteous and ready to apologize for any mistake that you make. Be diplomatic where required and try not to let personal biases influence your decisions. Be respectful of your boss and make sure that you always inform him/her of any changes in your project. Never surprise your boss.

Be Social and Polite
This one goes without saying, but it is an important factor that needs to be reiterated at all times. You don't have to make friends with people and invite them over for drinks, but building a cordial relation goes a long way in the business world. Make it a point to interact and ask about them and their families. Greet people and talk with people who you share your working space with. Also, develop a firm handshake. A firm handshake goes a long way. This is one of the most important office etiquette tip to follow.

The Attire and Language
Make sure that you adhere to the rules of dressing according to the norms set at your workplace. One must dress keeping in mind the position, the work manner and the work culture that is present. The way in which you dress will work towards building an image of you and thereby your workplace, which matters in the business world. As far as the language is concerned, never ever swear or use such language that is considered crass. For the world to view you as professionals, you need to ensure that you use formal language that does not insult or cross the territory into being too personal.

Time as a Factor
Always be on time, never late. In case it's a meeting or a conference, be sure to be there 5 minutes early. Being tardy and late, makes for a very bad impression and can affect the image that colleagues and bosses might have of you.

Cell Phone Usage
In a professional setup, the usage of cell phones should be strictly monitored. The phone should be on the silent mode so that the noise does not disturb others. Do not take calls at your desk, make use of the area that has been provided for the same. Never receive calls when you're in the company of others. This is considered extremely rude behavior and an insult to the person in front of you because you aren't giving them the full attention they deserve.

Of Emails and Calls
There are certain rules that need to be followed as far as emails and calls are concerned. Make sure that you answer all the mails and call back with the answers. Return the calls with answers or information about who might have them. When calling someone else for information, identify yourself and be clear and concise. Leave the important details with them so that they can call you back. Always be courteous and polite when you answer the phone.

As far as mails are concerned, keep the mails as clear and short as possible. Answer the question in clarity and do not use references that will confuse the reader.

Meetings and Behavior
Meetings are an important part of any professional organization. Make sure that you arrive on time, have everything in order and are fully prepared for what is to follow. The objective of the meeting and the plan of action has to be duly discussed and provided for.

These are some of the basic business etiquette tips that need to be inculcated in your professional life. Following these with sincerity will help in making you a true professional, capable of handling any situation perfectly.

Thursday, December 8, 2011

How to Make a Business Introduction

A business organization is made up of several different parties, and it is essential for all these parties to interact with each other on a recurring basis. As a result of this, it is necessary for all of these various parties to know each other well, and get introduced as and when the time arises. The various parties that are involved in this continuous process are employers and employees from a business organization, the suppliers and vendors of this organization, the clients and customers of this organization, and people from other business organizations that are in synergy or close contact with this particular company as well.

Each different scenario will require different people to interact with each other, and hence they will all need to be introduced to one another at some point in time. There are many rules and guidelines that need to be adhered to when these introductions are being made, and the manner in which these introductions are made will determine the nature of the relationship between the different parties. For instance, introducing two prospective clients to each other will be a very different process as compared to introducing an individual's secretary to another person in the organization.

Rules for Making Business Introductions

As a result of these differences, it is impossible to state how each business introduction must take place. There are also instances when an individual from an organization will be making a presentation to a large gathering, and in this scenario, he will need to introduce himself and his business to everyone that is present there at that moment. In certain other cases, one party may have to write a business introduction letter to another party, and in this letter / email, he will have to introduce his business in the right manner as well. Here are some general rules that should be followed while making all of these different business introductions.

    One should always start by stating the name of the organization first and then giving a brief insight into the history of the company.
    If the company has recently won a prestigious award or title, that fact should be stated as well.
    One should not delve too much into the financials of the company, but a small piece of information about a healthy financial state may prove beneficial.
    The major sectors where the company functions must also be mentioned.
    The primary focus is to inform the people gathered what the company does and how well it is doing it, and the person making the introduction should provide basic details about the same.
    Lastly, all the people who are gathered must be thanked for their presence and they should be reassured that their relationship with the company will be fruitful.

These tips on how to make a business introduction will come in handy when the business is being introduced to a single person, or to a group of people. Another instance when business introductions and effective business communication comes into play, is when two people are being introduced to each other. Here are some general rules and guidelines to follow in such a scenario.

    The name and the title of each individual is first made known to each other.
    Then further information is exchanged about both the business organizations and the relationship that they share.
    Subsequently, the purpose of the introduction is revealed, and the mutual benefits that both the parties will receive with this interaction, are then stressed upon.
    This introduction must be simple and brief, and delving into unnecessary details should be avoided.
    Both the parties should then be allowed to strike a conversation and take it from there, and the person who made the introduction should only speak when spoken to.

In cases when a business letter is being transcribed, certain other things also come into the picture. This business introduction letter sample will give you a better idea about this scenario. Effective written business communication is an art that is picked up over time and with experience, since there are many subtle things that the writer needs to pay attention to. At the end of the day, successful business introductions are the first step towards fostering positive business relationships, and this is something that needs to be paid close attention to.

Tuesday, November 8, 2011

Integrated Entrepreneurship Education In All Subjects

What is meant by entrepreneurship education integrated in the learning process is penginternalisasian entrepreneurial values ​​into learning so that the results gained awareness of the importance of values​​, character formation and habituation entrepreneur entrepreneurial values ​​into the behavior of everyday learners through the learning process which takes place both inside and outside the classroom in all subjects. Basically learning activities, in addition to making the students master the competencies (material) is targeted, well designed and conducted to make students recognize, realize / care, and internalize the values ​​of entrepreneurship and making behavior. This step is done by integrating the values ​​of entrepreneurship into the learning in all subjects at school. This integration step can be done at the time of delivering the material, through a method of learning as well as through the scoring system.

In integrating the values ​​of entrepreneurship there are many values ​​that can be implanted on the learner. If all the values ​​of entrepreneurship should be inculcated with the same intensity in all subjects, then the investment value becomes very heavy. Therefore, the values ​​of entrepreneurship planting is done in stages by selecting a number of our core values ​​as a base of departure for the cultivation of other values​​. Furthermore, core values ​​are integrated in all subjects. Thus each subject focuses on the cultivation of certain core values ​​that most closely to the characteristics of the subjects concerned. Entrepreneurial core values ​​are integrated into all subjects at the first step there are 6 (six) the principal amount that is: independent, creative risk-taking, leadership, action-oriented and hard work.

The integration of entrepreneurship education in the subjects carried out starting from the planning, implementation, and evaluation of learning in all subjects. At the planning stage, the syllabus and lesson plans designed to facilitate the learning content and activities to integrate the values ​​of entrepreneurship. How to prepare a syllabus which integrated the values ​​of entrepreneurship carried out by adapting the existing syllabus by adding one column in the syllabus to accommodate the values ​​of entrepreneurship that will be integrated. As for how to prepare lesson plans that integrate with the values ​​of entrepreneurship carried out by adapting the existing RPP by adding arrows material, measures of learning or assessment with the values ​​of entrepreneurship.

Learning principles used in the development of entrepreneurship education effort so that learners know and accept the values ​​of entrepreneurship as their own and are responsible for the decisions taken through the stages of familiar options, assess options, determine the establishment, and then make a value corresponding with confidence. with this principle, learners learn through the process of thinking, acting, and acting. The third process is intended to develop the learners ability to carry out activities related to the values ​​of entrepreneurship.

Integrating the values ​​of entrepreneurship in the syllabus and lesson plans can be done through the following steps:

     - Assess SK and KD to determine whether the values ​​of entrepreneurship have been included therein.
     * To embody the values ​​of entrepreneurship that have been listed in the syllabus into SKdan KD.
     - Developing a learning step that allows learners active learners have the opportunity to show the integration of values ​​and behavior.
     - Including step of active learning that integrates the values ​​of entrepreneurship into the RPP.

Business Education - A Professional Support for New Business

Entrepreneurship education elucidates a lot of success stories encouraging several people to join the bandwagon of successful entrepreneurs - but how? There are certain prerequisites and skill sets that are imperative to pursue the dream of becoming a successful entrepreneur. Merely a desire, ipso facto, cannot transform your vision to reality. One of the preconditions is entrepreneurship or business education which can open the doors of opportunities and success for future entrepreneurs and prove to be a support for new business.

Appropriate education in entrepreneurship will assist you becoming more prepared to brave the hard realities of business world and take calculated risks. Business education prepares you to take the challenge of venturing into the business world head on, as you virtually have no idea how the market will react to the change you introduce. Given this situation, you need to anticipate the multiple risk factors that may affect your calculation of business. Cutting down the risk factors is of utmost significance in the business. Business education organizations, acting as support for new business, offers the well rounded and precisely structured courses that educates you how to run and succeed as an entrepreneur integrating innovation and business skills.

Every entrepreneurship education stimulates innovation and, in turn, innovation triggers progress. Leveraging these business courses students can develop effective business communication skills, critical envision and problem solving techniques. These business courses offer more rigorous education that is driven towards career-oriented professionals. This type of entrepreneurship training gives students the creativity, innovation and flexibility that are needed when undertaking the task of establishing their own companies.

Just business education is not enough entrepreneurs also contemplate on the business services that can consolidate their business. They search for better service vendors and suppliers for the non-core activities so that they can focus only on their core business. There are some non-profit organizations those are helping entrepreneurs and small business owners to get the best vendors and suppliers at reasonable cost. Such support services are also fast becoming a part of business education structure of several business education institutes.

What it takes to become an entrepreneur are passion, determination, knowledge, self discipline, and commitment. The spirit of entrepreneurs is catapulting and enabling more youngsters to take ownership of their responsibilities. Huge corporations value an entrepreneur due to their willingness to make sacrifices to gain a foothold for their business. Business courses produce such entrepreneurs and enable them to pursue their goals in the genre of business world.

The only contemplation and focus that should be taken into consideration is the right selection of educational organization suiting your needs and long term goals. Don't take the plunge in haste and take enough time to research, find and zero in to the appropriate business institution which can help you in transforming your dreams of carving a niche in the competitive world of business.

StepUp Venture University is a not-for-profit organization aiming to offer business education to future along with already established entrepreneurs. It is committed to teach business skill sets to those who want to start their own business and succeed. Acting as a support for new business, StepUp is dedicated to offer quality education and support system to its students.

Non-boundary Governance of Entrepreneurship Education within Higher Education


The focus of entrepreneurship and innovation education and research at institutions of higher education ipso facto implies a wish to enhance the quality of graduate and post-graduate business venturing prospects as well as business know-how in the normally pre-entrepreneurial stage. This should happen within a sense-making framework that integrates the research and education agenda for graduate entrepreneurship. Further, an entrepreneurship and innovation education and research approach should be followed that guide the content of the competitive landscape in which the prospective entrepreneur will function and not lag behind and thereby looses its relevance.

Of particular importance to entrepreneurial education lies the ability of institutions of higher education to shift and circulate information and technologies across faculties despite different academic disciplines, professional codes, and academic language that act as academic venture boundaries. These boundaries frustrate the need to integrate entrepreneurship education throughout a higher education institution, thus inhibiting the smooth functioning of entrepreneurial education. Thus, a need exists to overcome these barriers by amalgamating the various faculties socially across faculties whereby entrepreneurial educators could play "bridging roles" by acting as "boundary spanners" between faculties and forming close cohesive networks through the whole institution. This will enable educators in entrepreneurial higher education to link otherwise unconnected faculties to facilitate the development of unique knowledge and access to special knowledge and opportunities. This create an advantage over the traditional structural design where educators were only part of a specific faculty cohesive group.

In the new economy, technology and knowledge production on which it is based, have become an intrinsic part of the economy. As a result, it may be envisaged that education and research in institutions of higher education will need to support the whole technology development process, which also include the process of innovation. In this regard, it may be more appropriate to develop education and research policies that addresses the whole technology-innovation chain instead of merely the research-development chain, as the research-innovation chain involves taking ideas, turning them into technologies and taking these, through research and development, out of the laboratory and proving them in real-world situations.


The aim of this paper is to propose an educational governance framework for entrepreneurship and innovation at institutions of higher education to foster the upgrading of entrepreneurial competencies in students whilst preserving the traditional academic competencies of students and the provision of unique entrepreneurial opportunities to students to perform entrepreneurial tasks.

Non-boundary governance

Firstly, with regards to the governance of entrepreneurship education at higher education institutions it is proposed that it should be managed by an "inter-faculty-inter-industry committee" (boundary-spanning leadership is provided) in order to achieve a greater measure of integration (common building blocks is created) in terms of generic entrepreneurial skills requirements that cross over academic disciplines, whilst simultaneously making provision for the unique disciplinary requirements and needs of specific disciplines. This implies a shift away from the traditional independent faculty approach (functional myopia) which lacks commonly shared interests that is adopted by most universities and substituting it for a new re-configured structure able to create entrepreneurial value through a holistic, yet focussed approach (integrated birds eye view) among various faculties. This largely represents the antithesis of the traditional academic governance approach followed at the majority of institutions of higher education. However, it is considered necessary, as it is able to strike out higher potential for entrepreneurship and innovation directions through the whole academic supply chain. In essence a virtual horizontal department - operating on the basis of value chains - is created, without necessarily increasing the staff operational cost to the institution. Creating a virtual horizontal department will ensure that all employees (lecturing staff) interpret the market signals better, and ensure that customer and entrepreneurial concerns become known to all faculties, regardless of their function in the university leading to a better customer focus. By establishing an inter-faculty-inter-industry committee, opportunity is created for healthy and critical curriculum content debate (knowledge interaction), whilst module developers become better informed on borderline subjects and aspects. Even more essential is the protection that will be provided to ensure that the disciplinary, inter-disciplinary and trans-disciplinary entrepreneurship field of study is not vulnerable to the "tactic of isolation" by claiming academic ownership in one faculty.

Secondly, entrepreneurship and innovation cannot flourish within institutional isolation. Cross-fertilisation of national and international academic and industry business networks is required not only to build leading edge relevant curriculum content, but also to keep up to date with the dynamics in the field. In this regard it would be important to create entrepreneurial knowledge champions in each of the faculties, whilst still operating under the academic guidance of an Entrepreneurial Centre of Excellence that could coordinate all activities and ensure proper co-operation between faculties. In essence, the Entrepreneurial Centre of Excellence's focus is to orchestrate the entrepreneurial functions in all the faculties. This will further ensure that the "big divide" in entrepreneurial education between faculties is largely eliminated. With regard to its functions within the institution the Entrepreneurial Centre of Excellence's role could be to:

Establish an operating and repertoire-building entrepreneurship and innovation education framework and technique approach applying to real-time methodologies;

Facilitate new entrepreneurial and innovation horizons for the institution through the diffusion of new information, the establishment of dialogue processes, and the exploration of new required dynamic capabilities;

Build entrepreneurial talent for intellectual entrepreneurship leadership; and

Establish bonding entrepreneurial networks that form the nucleus of the core of the university's entrepreneurial value system through web-connectivity, conferences and seminars, mobilising critical mass of people for innovation and the management of Memorandums of Understanding.


This paper emphasised the need to create governance mechanisms that could properly address the disciplinary, interdisciplinary and trans-disciplinary nature of entrepreneurial education in higher education institutions. It proposed the establishment of a joint-responsibility structure able to span the entrepreneurial holes in institutions of higher education whilst receiving guidance from a centrally Centre of Excellence that could coordinate all entrepreneurial education and ensure cooperation by all academic faculties. Implementation of these proposals could be done at minimum cost to the institution.

Jan Grundling is the Head of the Centre of Entrepreneurship at Tshwane University of Technology, South Africa. He has published extensively nationally and internationally in various journals.

Monday, November 7, 2011

Entrepreneurship Education and Innovating Success

Entrepreneurship education spawns a lot of success stories and these encourage a lot of people to go start their own businesses. And with the help of the internet, entrepreneurship education opens its doors to a whole new people as well as opportunities for future entrepreneurship. This, however, has led to tougher competition too. The wider playing field also becomes a host of different businesses where people can learn, compete, and innovate.

And the best way to counter competition would be through innovation. Think about it as finding ways to put up your own playing field or even inventing a new game. If you innovate, you will basically be creating a whole new market and conquer that. Your education in entrepreneurship will help you become more prepared; innovation ensure success -if you take the right risks.

You have to realize that business is all about taking calculated risks, which can be learn through entrepreneurship education. Innovation can be a pretty big gamble, especially if you have virtually no idea how the market is going to react to the change you introduce. As such, you need to anticipate the different factors that may affect your innovations success. Keep in mind that in risk reduction is very important in the business.

Innovation isn't just about introducing a new product or service to the market. If you want to succeed, you need not use your education alone; you have to think outside the box and consider your business as an organic whole. This means you have to combine it with innovation can come in the form of a new and more efficient way of production.

Every entrepreneurship education as well as program encourages innovation and, in turn, innovation encourages progress. It is because of the constant competition between entrepreneurs that our civilization has reached the heights we have today.

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Entrepreneurship, Education and Values

The world of business is changing very fast. The last quarter century has witnessed a remarkable change in the manner business in India is run. From a predominance of owner-managed enterprises, we are witnessing a steady shift towards professional management.

The prime objective of a developing country like India is to achieve rapid, balanced and sustained rate of economic growth, which must be consistent with the principles of democracy, ensuring that the economic tasks will be in full accord with the interests of the humanity. Economic development if conceived without appropriate social changes soon becomes stagnated. The economic reforms initiated in 1991 have today made India one of the leading economies in the world.

Economic growth refers to an increase in a country's production or income per capita, with economy's total output of goods and services being measured by Gross National Product (GNP). At the present juncture, our economy needs more than growth. Economic development on the other hand goes beyond the economic growth to include changes in output, distribution and economic structure which may affect things such as improvement in material well being of poor, technical breakthrough, increase in economic activities and increase in the education level and improvement in the health.

The factors contributing to economic development are labor, technology, natural resources, capital and entrepreneurship. Successful new business ventures and economic development do not just happen. They are the result of combination of right environment, planning, effort and innovation. New business formation is the result of excellent human skills with developed technology added by available capital as well as other infrastructure to set in a development process. This right mix can only be achieved by entrepreneurs. India today has all the elements required to make it an economic giant, large technically qualified manpower, a huge consumer base, and a strong financial structure.

Indian industries and businesses operate in an environment entirely different from that in which American, European or even Japanese entrepreneurs do. We have mammoth problems of population, poverty, illiteracy, unemployment and stagnation. This, coupled with an acute scarcity of resources, calls for ingenious management of what is available for the welfare of one and all. Unfortunately, a pan of our best talent, viz., young graduates, remains unexposed to and unconcerned with these problems. The aim of business education as taught by textbooks is making optimal, effective and efficient use of available resources. The objective, generally, is maximizing one's profits. What is needed today is a shift in thinking from the narrow domain of business to a broader concept of prosperity of the whole nation. The purpose of education should not only be to teach entrepreneurs generation of wealth but also its equitable distribution to ensure the well being of a country's production or income per capita, with the society at large.

A business is only a sub-organization of the society. The society is the largest possible kind of organization with goals of production, distribution and harmonizing individual relationships. If the aims of the part run contrary to those of the whole, the part will die out sooner or later. Therefore, we need entrepreneurs who do not think only in terms of business but also social welfare. Towards this end, we require entrepreneurs with social concern, social accountability, a broadened outlook and an Indian personality. These entrepreneurs will blend business sense with entrepreneurship.

The existing system of education in our country fails to inculcate such a vision in the young students. Careerism is the basic philosophy of students today. Most of the graduates prefer jobs with multi-national companies. Seldom do join they sectors that may be financially less rewarding but socially more satisfying. This mindset is partly a product of social norms and partly due to the education imparted to them. Therefore, we need a new model of education in this country which could create such entrepreneurs who have a larger view towards the society.

A student should receive not only training in technical and management aspects but also of a population, poverty, illiteracy, unemployment and sense of morals and ethics. If the educational system fails to achieve its goal of imparting skills with values - if it imparts only the wherewithal and not the judgment of right and wrong -the result will be a herd of competent but confused and directionless professionals. Unfortunately, that is the state of affairs in India today. In this context, both the institutions and enlightened educators must critically examine their crucial role in developing successful citizens of tomorrow.

Unfortunately education system today has degenerated into a process of information transmission. Value inculcation is largely ignored. Needless to say that even skill development is also not up to the mark. Education, should also concentrate on the development of social, moral, aesthetic and spiritual sides of an individuals personality. These have been largely ignored in the present day education.

Education as described above will prepare entrepreneurs of tomorrow who will blend business with social responsibility. They will still maximize profits, but for the cause of society and not at the cost of society. Harmonizing diverse forces and interests is an essential part of management. Harmonizing is always better than competition. An Indian education system will groom entrepreneurs who will replace competition with harmonization. They will be able to harmonize individual, organizational and social goals.

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