International Affairs and Global Strategy www.iiste.org ISSN 2224-574X (Paper) ISSN 2224-8951 (Online) Vol.42, 2016 38 Making of an Entrepreneurial University in the 21st Century - Global Universities as a Role Model Dr. Margaret E. Akpomi*, Professor Simeon C. Achinewhu**, Dr. Joy Amesi*, Dr Ndubisi S. Amadi***, and Nyemaekile Wogboroma*. * Business Education Department ** Department of Food Science & Technology *** Department of Science & Technical Education All of the Rivers State University of Science & Technology, Port-Harcourt, Nigeria. Abstract This paper looks at what it takes to make a university entrepreneurial in the 21 st century, especially with the global trend of Entrepreneurship Education. Universities need to be entrepreneurial so as to churn out graduates who will create, rather than seek jobs. The high rate of unemployment globally, calls for this. The paper focuses on the concept of and economic perspective of Entrepreneurship and Entrepreneurship Education as well as portraying universities as role model in teaching entrepreneurship in the 21 st century. The paper finally suggested establishment of Entrepreneurship Centre in each university, fully equipped with resources; internet connectivity and a globally friendly delivery system and assessment for the teaching of Entrepreneurship Education in universities. Keywords: Entrepreneurship Education, Entrepreneurial University, 21 st Century, Global universities, Entrepreneurship concepts, Economic perspective, Entrepreneurship Centre, Internet connectivity, Self- employment, Delivery system and assessment. Introduction Entrepreneurship education is the process of training which is aimed at enabling the trainee to assimilate and develop knowledge, skills, values and understanding that allow a broad range of problem to be defined, analysed and solved. Entrepreneurship education is important because the move towards self-employment is and will continue to become an increasingly important element of economic growth globally. In this paper, the entrepreneurial university is one with global best practices in the training of entrepreneurs and we shall regard the entrepreneur as a combiner of resources. This is a courageous, independent, and tenacious individual who can surmount difficulties created by the social milieu to combine or marshal such resources as initiative, risk taking, know-how, organizational ability, leadership, and marketing skills to establish a profit- oriented enterprise. Entrepreneurs and Entrepreneurship education - the concept The term entrepreneur is synonymous with independent business activity. The title of an entrepreneur is transient and applies to a state of behaviour rather than the ownership of a particular business. The traditional image of an entrepreneur setting up a small local business has been replaced by a plethora of images; entrepreneurial activity is no longer confined to the private sector economy, social entrepreneurs set up organisations with strong ethical or community approach without necessarily generating huge profits. Intrapreneurship is associated with entrepreneurship. The former being applied to individuals often employed in large organisations, who act in an enterprising, innovative, risk-taking manner. According to Shailer (1994), the entrepreneur, now a widely used term has considerable diverse meaning associated with the intended interest of the users. Ownership of business does not necessarily fit any of the current popular definitions of 'entrepreneur'. One of the popular and a very simple definition given by Falkang & Alberti (2000) is that entrepreneurs are people with entrepreneurial spirit. People with entrepreneurial spirit are likely to have knowledge and skills requirements unique and different from other kinds of entrepreneurial types, that is, potential entrepreneurs, managers of entrepreneurs, and entrepreneurial sympathizers. Entrepreneurs learn in the real world through "adaptive" learning (Gibb, 1995). They are action oriented and much of their learning is experientially based (Rae & Carswel, 2000). They also learn by doing which encompasses activities like trial and error as well as problem solving and discovery (Deakins & Freel, 1998; Young & Sexton, 1997). For Smilor (1997, p.344) learning is not an optional extra, but is central to the entrepreneurial process: “Effective entrepreneurs are exceptional learners. They learn from everything. They learn from customers, suppliers, and especially competitors. They learn from experience. They learn by doing. They learn from what works, and more importantly, from what doesn't work. “