2019

Entrepreneurial Culture and Mindset in Universities

Course: Entrepreneurship
Submitted To: Ms. Mehwish
Submitted By: Hunain-ul-Hassan
Date: 21st June, 2019
Table of Contents
Introduction: ................................................................................................................................................. 1
Literature Review: ......................................................................................................................................... 1
Global Entrepreneurial Index: ................................................................................................................... 1
Global Entrepreneurial index Ranking: ..................................................................................................... 1
World Bank Group: ................................................................................................................................... 2
Entrepreneurial education in Pakistan: .................................................................................................... 2
Conclusion: .................................................................................................................................................... 3
References: ................................................................................................................................................... 3
 Entrepreneurial Culture and Mindset in Universities 1

Introduction:
Entrepreneurial mindset refers to a specific state of mind which orients human conduct
towards entrepreneurial activities and outcomes. Individuals with entrepreneurial mindsets are
often drawn to opportunities, innovation and new value creation. For discovering and exploiting
entrepreneurial opportunities students face major challenges in assembling and configuring the
resources which includes human capital skills, capabilities and knowledge as well as resources
with regard to technology, finance, reputation, networks of contacts, and social capital.
Individuals’ motivations, abilities, skills, knowledge, and learning shape their ability to discover
and exploit an entrepreneurial opportunity and achieve advantage for their firms.[1]

Literature Review:
Global Entrepreneurial Index:
The GEDI methodology collects data on the entrepreneurial attitudes, abilities and aspirations of
the local population and then weights these against the prevailing social and economic
infrastructure.
The Global Entrepreneurship Index is an annual index that measures the health of
the entrepreneurship ecosystems in each of 137 countries. It then ranks the performance of these
against each other. [2]

Global Entrepreneurial index Ranking:

GDP World Bank International $

Rank Country GEI
2011

1 United States 52676 83.6

2 Switzerland 54933 80.4

3 Canada 42104 79.2

4 United Kingdom 37451 77.8

5 Australia 42149 75.5

6 Denmark 44005 74.3

7 Iceland 34541 74.2

8 Ireland 42012 73.7

9 Sweden 45533 73.1

 Entrepreneurial Culture and Mindset in Universities 2

GDP World Bank International $

Rank Country GEI
2011

10 France 37948 68.5

This chart shows the ranking of 10 countries but in this chart Pakistan is on 120th number with
very less GEI number.

Rank Country GDP World Bank International $ 2011 GEI

120 Pakistan 4848 15.6

World Bank Group:

At the World Bank Group, we recognize that innovation and entrepreneurship are important to
address major developmental challenges. Between 2000 and 2013, the World Bank Group
invested in a portfolio of $18.7 billion in Innovation and Entrepreneurship projects; $8.2 billion
was lent through the World Bank, $5.7 billion committed by IFC, and $4.8 billion in guarantees
issued by MIGA.
The Innovation and Entrepreneurship team of the World Bank’s Financial Access, Finance,
Competitiveness & Innovation Global Practice brings global experience, knowledge, research
and investments to help client countries develop effective innovation and entrepreneurship
ecosystems, such as policies, strategies, regulations and institutions that foster investments and
jobs.
The Innovation & Entrepreneurship program operates uniquely at the levels of the
firm/individual, as well as the innovation eco-system and provides a range of support by:
 Identifying current performance, opportunities for growth and addressing constraints for
successful, innovative entrepreneurship
 Designing targeted solutions that promote the innovative capabilities, growth and
productivity of firms
 Strengthening policy design and governance for policy effectiveness
 Engage globally with key stakeholders[3]

Entrepreneurial education in Pakistan:

Pakistan presents a huge potential of youth in the region which can be utilized for development
through the provision of real time knowledge and developing in them a perspective of
entrepreneurship—creativity, innovation, initiative, uncertainty handling. However, the contents
of entrepreneurial education are still alien to the current faculty and curricula of education
system and are limited to one or two subjects in Business Administration degree programs.
Despite some intellectual debate upon the legitimacy of entrepreneurship as a discipline, there is
a wide acceptance from the scholarly circles that entrepreneurship can be learned and they accept
it as a discipline and as a research domain. There is also agreement that the entrepreneurial
education can minimize the risk of failure in new business ventures.
 Entrepreneurial Culture and Mindset in Universities 3

There is almost absence of any entrepreneurial education faculty. The total number of
universities and Degree Awarding Institutes (DAIs) in Pakistan is 128; of which 70 are public
sector and 58 are private sector universities (HEC). However, only few of them including the
Institute of Business Administration (IBA), Lahore University of Management Sciences (LUMS)
and newly established Islamia College University offer courses on Entrepreneurship in their
Undergraduate and Postgraduate degree programs. LUMS was able to establish the first center of
entrepreneurship in 1990, known as Entrepreneurship and Small and Medium Enterprise Center
(ESMEC) in collaboration with Konrad-Adenauer Foundation, Germany. IBA is also working on
the establishment of Centre of Entrepreneurship.
In this disappointing situation, it is welcoming that the Higher Education Commission (HEC) of
Pakistan has realized the significance of entrepreneurial education with the changing global
economic trends and has started taking initiatives in this regard. HEC launched a major program
to promote innovation and entrepreneurship which involved modification of curricula,
introduction of courses in innovation and entrepreneurship within university systems,
establishment of technology parks and technology incubators and providing access to venture
capital and soft loans to new start-up companies (Rehman, 2006). However, a clear agreement on
the concept of entrepreneurship education is needed for its pursuance and the issue of curricula
and faculty development needs to be addressed with more concern (Khan, 2008).[4]

Conclusion:
Entrepreneurship has been seen from three broad perspectives (Ward, 2004):
 Economic perspective: considers the role of the entrepreneur in the economic
development of a nation, region or locality.
 Sociological perspective: considers entrepreneurs as members of a social system and who
are influenced by and, through their entrepreneurial activities influence the social
environment and the personality traits that the sociological system stimulates.
 Idiosyncratic perspective: focuses on the entrepreneur as an individual with a unique
combination of personal characteristics and beliefs.
We consider this disappointing situation a high time for the Higher Education Commission
(HEC) to show a serious concern towards the pursuance of Entrepreneurship Education. The
issue of faculty and curricula development needs to be addressed with more consideration and
with the mutual coordination of public and private sectors so as to avoid disparities and ensure
consistency.

References:
1. Entrepreneurial assets and mindsets. Benefit from university entrepreneurship education
investment
Marina Z. Solesvik Center for Technology, Innovation and Culture (TIK) University of Oslo,
Oslo, Norway Paul Westhead Durham University Business School, Durham University, Durham,
UK and Bodø Graduate School of Business, University of Nordland, Bodø, Norway Harry
Matlay Birmingham City University, Birmingham, UK, and Vladimir N. Parsyak National
University of Shipbuilding, Nikolaev, Ukraine
2. https://thegedi.org/global-entrepreneurship-and-development-index
 Entrepreneurial Culture and Mindset in Universities 4

3. https://www.worldbank.org/en/topic/innovation-entrepreneurship
4. The Prospects of Entrepreneurial Education in Pakistan: An Economic Perspective
Yasir Muhib, Naveed Ali Khan