Byline: Irfan Mahmood Janjua and Muhammad Farooq
Entrepreneurial education is demand of the present era, so in hand research, is an attempt to understand and explain how the process of entrepreneurial education that has influenced the entrepreneurial intention of the students particularly youth of Pakistan. Today entrepreneurial education has become the subject of rapidly expanding business including the effect of demographic transition across regions level of economic development and the impact of socio-capital development on youth of Pakistan. Furthermore, entrepreneurial education is influencing youth political participation, religious practices, moral values and financial stability (Ahmed et al., 2010). Out of 207 million, 63 percent of Pakistan's population comprises of youth (Govt. of Pakistan, 2017). The UNESCO Institute for Statistics estimated in 2016 that around 25 percent of the Pakistani youth is illiterate whereas 8.2 percent is unemployed with no vocational and technical skills.
Access to education remains low in the country with completion rate for primary education among the lowest in the world (UNESCO, 2016). About 8.2 percent youth is unemployed with no vocational and technical skills. According to World Bank (2016) during the period from 1991 to 2016, the average value of youth unemployment for Pakistan during that period was 10.39 percent with a minimum of 7.18 percent in 1993 and a maximum of 14.39 percent in 2001 which leads towards youth bulge and shows that the youth unemployment rate was very high in Pakistan.
Education of entrepreneurship has increased enormously. Universities have introduced programs and curricula of new venture creation and entrepreneurship. Number of colleges and universities offering courses related to entrepreneurship has increased from a handful to 1,600, from 1970s to 2005 and they are still increasing (Donald and Kurtoko, 2005). Entrepreneurship education and entrepreneurial know-how is most promising factor of economic development and it is most difficult to implement (McMullan and Long, 1987). Business education has been promoted to encourage entrepreneurial behavior (Shariff and Saud, 2009). But a big question arises why business students are not going for entrepreneurship. Also, the content of entrepreneurship education has to respond to the growing interest and demand.
Currently the programs seem to concentrate on new project formation supported by possibilities on rising business, backing entrepreneurial trades, rule, linkages, domestic business and public initiative with business strategy playing central part (Gibb, 2002).
Pakistan is amongst the regional states with not so impressive ecosystem for entrepreneurship. According to a report compiled by Global Entrepreneurship Monitor in 2011, the number of people in Pakistan who have an aptitude for Entrepreneurship is less than the average of its factor driven peer countries. The new business ownership rate in Pakistan was just 1.78%, far less than the average of its factor driven peer countries. Fear of failure, lack of governmental support, cultural and social norms, lack of entrepreneurial training programs, ignorance of academia towards contributing to entrepreneurship education are amongst the top factors that has restrained the growth of entrepreneurship culture in Pakistan (UNESCO, 2012).Entrepreneurship education initiatives at university grade are considered important for growing potential entrepreneurs stock by making further pupil saw and attentive in selecting entrepreneurship as a profession choice.
However, situation in Pakistan show dismal performance, according to Economic Survey of Pakistan there are 178 public and private sector universities and HEIs in Pakistan. The higher education institutes (HEIs) enrolment reached up to 2million students this year up from 1.3 million in 2011-12. There are many universities/HEIs in Pakistan which impart entrepreneurship education and many students graduated as well but no significant level of economic activity achieved. We rarely see the startups coming out of universities despite efforts by HEC and universities to promote entrepreneurship and incubation centers in almost every other universities (Samo, 2017).
Today, entrepreneurship is considered as a viable employment option for university students. The education policy of Pakistan aims at equipping students with the necessary skill and knowledge that would help them to become an entrepreneur in the future. Basically, the end goal of educating citizens is not only to become an employee in private and public organization but also to become an entrepreneur by using knowledge and skill acquired through education. However, according to the theory of planned behavior (TPB), equipping students with necessary knowledge and skill would not be a guarantee for the students to become an entrepreneur in the future. According to this theory, being an entrepreneur is not a matter of accident rather it is a result of consciously planned behavior (Ajzen, 1991). It means that intentions precede action/behavior.
Entrepreneurial intention is an initial step for decision to create a new business. Therefore, Students should have to have an entrepreneurial intent on to become an entrepreneur in the future.
This research examines the proportion of business graduates willing to opt for entrepreneurship, identify their problems and the reasons for preference of jobs instead of setting up their own business.The study in hand also provides an awareness of the role of business education in upward certain attitudes and behaviors among youth, particularly about the university students. In short, the research will enhance the overall understanding about the importance of entrepreneurial education and intentions in social and cultural values. This in turn will help in devising progressive youth policies and also improve entrepreneurial experiences for all segments of business students.The main objective of the study to analyze the relationship between socio-economic status of the students and their entrepreneurial intention.