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‘Promote entrepreneurship among students’

KOCHI: What does India need? More newborns or more jobs? “An economy needs to create more jobs than babies. Or, at least as many jobs as babies. If the birth rate exceeds the job creation rate, then the economy is heading for disaster.”

The powers-that-be better take note, for the observation comes from Larry Farrell, the globally renowned entrepreneurial expert and the founder and chief executive officer of the U.S.-based The Farrell Company, one of the world’s leading firms in teaching and researching entrepreneurial practices.

Mr. Farrell shared a concept, which he regarded as “job-baby ratio” with a select group of journalists in the city recently. The author of three best selling titles on entrepreneurship, he must know what he is talking about. India, Mr. Farrell feels, needs to create 10 million jobs annually. Things are not rosy when researches show that the most any economy was ever able to create in a year was 5 million to 5.5 million jobs. Besides, every country needs to constantly monitor and improve its product-market competitiveness. Achieving that calls for reforms in the country’s education system, he counsels. “You have to teach young minds how to make things and services the world wants to buy,” Mr. Farrell says. That, he believes, must be at the core of education along with its more classic academic goals.

Mr. Farrell is happy that world over, the attitude towards entrepreneurship has undergone a sea change from what it was a couple of decades ago.

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