Entrepreneurship Development in Developing Countries-Equifinality and Ideographic Approach
Developing countries face the challenge of developing entrepreneurs despite having a shortage of funds to build capital-intensive incubation centers. A paradigm shift from leveraging material resources to psycho-socio-economic resources, by employing the law of equifinality in re-designing the entrepreneurship course holds the promise for developing countries to effectively nurture entrepreneurship. The re-designed course described here, in addition to the transmission of knowledge, assessed the entrepreneurial mindset, fixed and growth mindset, organizational culture, motivations, preparedness, commitment, and inspiration for pursuing entrepreneurship. A customized report to each student engaged and excited them, and enlivened the course by enabling them to relate their psycho-socio-economic disposition with the modules of the course. Additionally, students prepared their entrepreneurial plans, signaling cognitive preparation that awaited manifestation when personal circumstances and external environment were conducive to launching the entrepreneurial venture.
