In a recent interaction with Higher Education Review, Ram Kumar Kakani shared insights on the changing landscape of entrepreneurship education in India and the innovations that have emerged in this sector. He is a Professor and Head (Center for Governance) at IIM Kozhikode. Ram started as a technocrat in the corporate sector and moved towards the academic world, focusing on Finance-Performance-Strategy. Earlier, Ram was faculty at XLRI Jamshedpur and LBSNAA Mussoorie. He has also worked as an academic in Denmark, Nigeria, Singapore, and UAE.

In today’s rapidly evolving educational landscape, we see a shift towards nurturing adaptable, creative, and forward-thinking individuals. How do you believe traditional models of education should adapt to better cultivate these skills in students?

An individual who underwent education two decades ago had very limited information input, and the quality of information was also far more curated than it is now. Modern education is dealing with two difficult situations currently. First, the amount of information a candidate comes across is extremely high and comes at a very high speed. People receive notifications at any time, be it morning or midnight, or while spending leisure time. This tests their focus and concentration levels, demanding a higher level of consciousness. Secondly, individuals now have to deal with information coming from varied sources. Many people who underwent traditional education feel that they are the ones who are correct, but it doesn't work like that. In this regard, it is worth mentioning that twenty years ago, social media was as good as non-existent, but now these platforms are in a contest to establish their presence over the internet. On the negative side, the support structure is not high for students today, which is most relevant in the case of nuclear families. Institutional and family-based support structures are lacking and are not as high as they used to be. Apart from the information input and the accuracy of information, these are also aspects important for the all-around development of an individual. To eliminate these constraints, new course structures and education models need to be developed.

In your view, how does the entrepreneurial mindset enhance an individual's ability to navigate challenges and drive innovation not just in business, but also in personal endeavors or broader societal contexts?

The aspect of casual negativity needs to be discussed in this regard. It means whatever one does; people will always have something negative to say about it. Casual negativity is not always harmful or said with ill intentions. It can be done with good intent as well, but most of the time, human intentions are generally very parsimonious with the truth. So, for someone to innovate or take a leap towards entrepreneurship, they have to keep absorbing all remarks and negativity that come their way. They should keep experimenting with their ideas, and whenever something goes wrong, notes need to be made on those. These are the things one needs to understand. Secondly, one should always keep in mind that entrepreneurship and innovation are also about taking calculated risks. Traditional ecosystems are in many ways bureaucratic and do not generally make room for new ideas and innovations. This is exactly where the western and developed parts of the world have gone ahead, and there is a lot that we can learn from them. We need to give people the opportunity to explore and work on their ideas to achieve progress.

Many experts emphasize the importance of hands-on experiences in shaping students' understanding of entrepreneurship. How do you envision incorporating such experiences into the educational framework to ensure students gain practical insights into entrepreneurial concepts?

Here, first comes business mechanics, which concerns all the aspects of conducting a business. It deals with the detection of economic offenses and how to find solutions to them. One of the necessary aspects of learning before starting a business is to learn business mechanics. It is divided into 17-18 sub-components or courses; one of them is GST. Secondly, the factor that needs to be learned is the business gene. It involves working on aspects like simulation, thought leadership, and other things that can be experienced in the world of business. Thirdly, individuals also need to learn the principles of entrepreneurship and management.

In your experience, what strategies or approaches do you believe are most effective in helping students overcome institutional inertia and embrace change to cultivate an entrepreneurial mindset?

Every individual realizes some hard professional realities based on past experiences and the kind of people they have worked with. If an individual finds a way to get around that, it is rewarding for their career. The best way is to surround oneself with an environment and professionals who will be able to detect these issues and provide the right solutions to solve them. These will provide an individual with the right understanding of how to go forward with an entrepreneurial journey.