One of the major goals of Illume is to activate the entrepreneurial mindset in our youngsters, so as to prepare them for the future of work or their entrepreneurial ventures. Before we delve into the importance of entrepreneurial mindset, let’s look at a few key definitions. What is Entrepreneurship? The word ‘Entrepreneurship’ is derived from the French verb, ‘Entreprendre’, meaning ‘to undertake’. The concept of ‘entrepreneurship’ was first established in the 1700s for works undertaken by architects and contractors of public works. Since then, ‘entrepreneurship’ as a concept has undergone many changes. Joseph Schumpeter, the 20th century economist, popularised entrepreneurship as ‘the process of creative destruction’ where entrepreneurs use innovation to bring ‘new combinations’ in businesses and processes thus creating ‘upheaval and change’. Management Guru, Peter Drucker, described ‘entrepreneurship’ as the process where one searches for change, or responds to it and exploits it as an opportunity. Today, entrepreneurship is seen as ‘the process of setting up a venture, taking on financial risks in the hope of profit’ (Oxford dictionary reference) Who is an Entrepreneur? According to A Shapero, The three distinct behaviours common in entrepreneurs are: 1) Initiative Taking 2) The organising or organizing of social, economic mechanisms to turn resources and situations to practical account and 3) The acceptance of risk of failure. Entrepreneurship as a growth, innovation and employment engine. In many emerging markets like Latin America, Asia and Africa, entrepreneurship has accelerated the economic growth, filled the gap where government initiative alone is insufficient for the development, introduced leapfrogging technologies and democratised education, trade and commerce. We, at Illume, strongly believe that ‘Entrepreneurship is key to our economic and social development’. It is pivotal in job creation, innovation, community development and the overall development of the country. ‘Entrepreneurial Mindset’, the key to survive, thrive and lead in the 21st Century. Being entrepreneurial or being trained in the skills of entrepreneurship doesn’t limit one to start his/her business. It is more than that. It activates an entrepreneurial mindset. The Network for Teaching Entrepreneurship defines the entrepreneurial mindset as the set of attitudes, skills and behaviors that students need to succeed academically, personally and professionally. These include: initiative and self-direction, risk-taking, flexibility and adaptability, creativity and innovation, critical thinking and problem solving. Other definitions include the ability to see opportunities, marshal resources and create value. Our premise is that learning the entrepreneurial mindset is a critically valuable 21st century skill. Those who learn it well will have outsized success in their careers — no matter what they choose to do — because by definition they become resourceful and adaptable. It gives them the ability to ‘think outside of the box’, to see ‘old problems with new approaches’, to recognise ‘patterns within disruptions’, to see ‘opportunities within challenges’, to see ‘endless possibilities’ and to view themselves as ‘someone who can impact the world’. Whether the next generation aspire to work for a large company, run their own startup, go into academia or work on solving social problems, having entrepreneurial mindset and skills will help them be resourceful, seek out for opportunities, be adaptable and problem solve. Thus, preparing them for the future of work or entrepreneurial ventures. Developing Entrepreneurial Mindset- everyone’s role. At Illume, we are investing in our next generation to activate their entrepreneurial mindset, develop their non-cognitive skills like emotional intelligence, creative thinking, leadership so they can in turn invest in their communities and others, thus, breaking down the structural inequalities and opening the door to new opportunities for all. All of us can play a role in putting our young people on the path to success. There are many ways to get involved in our program- Then, please reach out to us. Together we can- ‘fostering entrepreneurship, building communities and helping young generations to thrive and succeed’. Laxmi Pun Illume Foundation
