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DIMAPUR — The ICFAI University Nagaland (IUN) conducted its 12th NJY memorial lecture on October 6 in memory of the founder of the ICFAI Society.
An update from the university stated that the event was chaired by Dr. Kevizonuo Kuolie, associate dean, while an introduction on NJ Yasaswy was delivered by Rupanka Bhuyan, registrar, wherein he spoke about the philosophy of the great personality and his initiatives particularly in promoting professional education through the 37 ICFAI institutions which included law schools, technical schools, business schools and universities in the country.
The speaker of the memorial lecture Dr. S Borbora, who is also the vice-chancellor of ICFAI University Nagaland, spoke on ‘Entrepreneurship and innovation: understanding institution environment.’ He mentioned that various studies were conducted to highlight the individual attributes and capabilities of entrepreneurs like risk-bearing attitude and discovering new opportunities.
He stated that entrepreneurs need a favourable institution and conducive environment in order to implement their ideas. He also indicated that the second best link for measuring entrepreneurship is micro small and medium enterprises (MSME).
According to him, MSME plays a role in shaping and administering the interactions of human beings by providing help in having a prior knowledge of what other people would do. He added that the concept of entrepreneurship comprises numerous dimensions like unique traits, risk-taking, opportunity recognition, coordination, recombination, motivation and innovation.
Dr. Borbora also highlighted that formal, informal and enforcement mechanisms of the institution should create order in society and reduce uncertainty in exchanges. He further stated that policymakers should focus on improving institutions rather than trying to frame policies such as increasing the quantity of subsidies for education, technology, and venture capital.