The University Environment and Graduate Entrepreneurship: A Study of Ranchi City

Introduction

Every individual wants to be self-sufficient and economically independent. The individuals who become self-sufficient seems to be creative, innovative, and confident. They can take risks and initiatives in setting up their new business to raise income. These individuals may be termed as entrepreneurs and the phenomenon as entrepreneurship. The term entrepreneurship is business related phenomenon which explains the activities necessary to start and maintain ones' business, to raise ones' income, by enhancing opportunities of employment. Entrepreneurship consists of establishing a firm or a company, buying and selling things, public relations, understanding market dynamics, marketing etc. Based on recognition, evaluation and exploitation of opportunities, entrepreneurship is a process that stimulates economic growth, provides new products, boosts the incomes of houses-holds, and provides a solution to unemployment as it gives jobs to lots of people. In a world shifting towards sustainable development, entrepreneurship is of great importance.

The relevance of young people and students cannot be underestimated in any economy since they are the future of the economic sustainability of a country. A student’s positive inclination towards entrepreneurial activity is of paramount importance in anticipating the entrepreneurship possibilities of a country. If the young generation realizes the significance of entrepreneurship and are ready to venture into business, the redundancy rate can be reduced, and a growth in the economy will be seen. It is evident that young graduates who are starting a new venture after completion of graduation represent a vital class on the national economic level.

Graduate Entrepreneurship education is associated with entrepreneurial self-efficacy to enhance entrepreneurial intentions among graduates. Entrepreneurship education builds and promotes entrepreneurial abilities and attitudes among graduates, so that they can take initiatives and start their business. Graduate entrepreneurship cultivates mindsets and aspirations among graduates to establish a new firm or a company. Entrepreneurship education promotes awareness among graduates about business planning and starting a new business. The graduates equipped with entrepreneurial knowledge and talents are more confident to start new business and become economically independent. They also facilitate others by extending employment prospects to them.

Graduate Entrepreneurship teaches business and non-business students the core aspects of entrepreneurship. It provides them the groundwork needed to start successful commercial or non-commercial businesses, create, and endorse new products and processes, engage in social entrepreneurship, and serve as leaders and thought generators in existing organizations. Studies confirm that entrepreneurship education can transfer the skills, ability, and knowledge necessary to identify business opportunities, in students in nations. According to Lombardi et al. (2017) postgraduate studies may have an effective influence in students' decision to undertake entrepreneurship, based on the absorption of new knowledge, subjects focused on entrepreneurship and the university infrastructure. The importance of universities in supporting entrepreneurship has grown significantly in recent decades, leading to the emergence of new methods, cultures, and structures (Lombardi et al. 2017).

Graduate education can play a considerable role in the economic development of an individual, society, and the country. Many governments encourage their peoples to adopt entrepreneurship as a strategy to mitigate unemployment, particularly youth and graduate unemployment. A wide range of policies and initiatives across countries have apparently created momentum for the development of graduate entrepreneurship. Graduate entrepreneurship has become one of the top priorities in the policy agenda in many countries and world organizations over the past few years. There is now a consensus that new opportunities for students be created to develop entrepreneurial mindsets and behaviors.