Entrepreneurship Education Report Summary
The World Economic Forum aims to increase entrepreneurship Worldwide through use of Education and other stakeholders. Firstly, there is a call for policy makers who have been asked to raise awareness about its importance and through use of multi stakeholders. Secondly, key stakeholders are given more specific action items.
In the specifics, academic institutions including primary, secondary, higher and informal education are called to transform the education system and encourage entrepreneurial tendencies. The recommendation is to make entrepreneurship central to the way education operates. The education system will need to develop new tools and systems which shall encourage learners to be innovative,
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Governments – These include local, regional, national and international. They help with funding for R and D projects which encourages entrepreneurship. They also provide the legal framework in which entrepreneurs have to operate. ii. Businesses – These include fellow Entrepreneurs, SMEs, High Growth companies and large companies. These help with financial support, mentoring, knowledge, social capital and those with entrepreneur based culture further encourage it through that. iii. Academic Institutions – These include primary, secondary, higher and informal education. These are the center of the Entrepreneurial Eco System. They provide places for entrepreneurs to learn required skill and mind set as well as providing a center for collaboration between the leaners and the teachers as well as collaboration between the learner themselves. iv. Individuals & Intermediaries - Last but not least. These include Entrepreneurs, Champions, Foundations, NGOs, etc. These often link the various stakeholders, where we find champions who mostly single entrepreneurs but also teachers and students who almost single handed use their social capital to improve Entrepreneurial Eco …show more content…
The advent the internet and improvements in telecommunications and IT has played a very major role in view of this. The other major driving forces of entrepreneurship include a well-functioning business and regulatory environment. The international community needs embrace these facts in order to entrepreneurship to thrive. This will help to spur growth and job creation making the economy more competitive and attractive.
The report also talks about how entrepreneurship evolved mentioning how young it is in the curriculum and has only been around for about half a century in school. It was introduced by Professor Mile Mace in 1947 according to Katz(2003). During the years the course has been pushed forwards by mostly the students, and has evolved into basically three approaches of teaching or better known as the three
Hisrich, R.D. and Peters, M.P., (2004) Entrepreneurship, Fifth Edition – International Edition, McGraw-Hill Higher Education
I understood some common myths about entrepreneurs. They are said to be born, not made, outgoing energetics and gamblers motivated only by money. To deny the myth, we got introduced to businesses companies such as Tree Planet which aims to solve a social problem and benefit the community. In addition, I got to understand the difference between Exploration(Creative Thinkers) and Exploitation(Financial Managers).I got to know the ways for identifying opportunities such as observing a trend going on, solving a problem and finding gaps in the market (being a pioneer to others).
financing. They are often comparatively modest, in-order to help the founders get on their feet, build
As demonstrated in this report and by the course material covered in class, being an entrepreneur is an approach that though commonly associated with business, can also be applied to all aspects of our lives. To achieve success in all our endeavors we should approach all we do with the entrepreneurial ethos of vision, passion and planning.
Joseph Schumpeter, an American economist, renowned for his term ‘creative destruction,’ defined ‘entrepreneurs as individuals who exploit market opportunity through technical and/ or organisational innovation.’ Entrepreneur is derived from the French verb ‘entreprendre,’ meaning to undertake and consequently entrepreneurship is the ability and will to develop and manage a business scheme; accompanied by any of its risks with the intention of making turnover. Conversely, innovation is the process of transforming a creation into a product or service that generates value; ‘the commercially successful exploitation of ideas.’ It is integral to any developing economy, particularly in those where prevailing business models have become outmoded. Entrepreneurship
Globally, it is felt that entrepreneurship emerged as a progressive and developmental idea for the world of business, Scott (1986). Hence it is in the consideration that entrepreneurship is the vital ingredient not for the current era of globalization only, but also for the future potential performers for creating diverse opportunities, Mita (2002). Entrepreneurs are identified as creator, innovator
5). Therefore to bring students to their full potential for entrepreneurship, there needs to proper support infrastructure and entrepreneurship education. Universities can incorporate more entrepreneurship courses into the curriculum. This will help students to gain relevant knowledge and broaden their minds on the concept of entrepreneurship. Furthermore, instead of assigning structured curriculum to students, the freedom of planning their own learning paths allows students to be more innovative in the way they gain new knowledge. By providing support infrastructure such as facilities for business incubations allows students who have great business ideas to realize their entrepreneurial
Entrepreneurship is a powerful combination of imagination, enthusiasm, vigour, passion, excitement, insight, assertiveness, and hard work which enables great ideas to become more than just a dream but a reality (Bessant and Tidd 2011, p. 10). Bessant and Tidd (2011, p. 11) suggests entrepreneurship is a human characteristic which combines structure with passion, planning with vision, tools with the wisdom to use them, strategy with the energy to execute it and judgement with the propensity to take risks, and the new start up venture in which the lone entrepreneur takes a calculated risk to bring something new into the world.
Entrepreneurship incorporates unconstrained imagination and a readiness to settle on choices without strong information. The entrepreneur may be driven by a need to make something new or assemble something unmistakable. As new ventures have low achievement rates, the business person should have impressive tirelessness. Because of this, the entrepreneur may have the best risk of achievement by concentrating on a business sector corner either too little or too new to have been commanded by built up organizations.
The return was largely due to the social managerial and psychological factors than the economic theory. Having different perspectives to the concept of entrepreneurship was common early on as the different views regarding it made the entrepreneurship very difficult to progress and develop in international trade. According to Misses (1998) it is not possible to neglect the role of the entrepreneur in the market of economy as the different complementary components of the production is gathered and embedded by the entrepreneurs. Entrepreneurship is about the identifying and creating opportunities. Entrepreneurship is major drivers of present and future welfare. Entrepreneurship can cause economic growth, the idea of starting a new business that involves innovative ways such as improving the quality of a product and decreasing its price so they attract customers and also save the customers extra spending on a product will lead to economic
According to Hisrich, Peters and Shepherd (2010), the interest in corporate entrepreneurship within the established ventures has intensified due to a variety of events occurring on social, cultural, market demand, competitiveness.
Ana Maria Romero-Martinez, Angeles Montoro-Sanchez (2008). How clusters can encourage entrepreneurship and venture creation Reasons and advantages, Int Entrep Manag J, (4) 315-329.
Nowadays, entrepreneurship becomes most popular career, where our government encourages our graduated student to involve in business so that unemployment will not happen in our country. Policymakers, academics, and researcher agree that entrepreneurship is a vital route to economic advancement for both developed and developing economics (Zelealem et al., 2004). Entrepreneurship has many types for example small business and others. Today small business, particularly the new ones, is the main vehicle for entrepreneurship, contributing not just to employment, social and political stability, but also to innovation and competitive power (Thurik & Wennekers, 2004).
Entrepreneurship is a key driver of our economy, wealth and the majority of jobs are created through entrepreneurship, and it also helps and educates people in terms of growth and realizing opportunities (Nolan, 2003). Entrepreneurship is also seen as one of the important contributing factor to local development (Nolan, 2003).
It can be concluded that entrepreneurship cannot exist in the absence of innovation. Innovative entrepreneurship is the key to a successful business leading to economic development. Entrepreneurs are very prominent figures of society and therefore their actions and decisions have a significant impact on the welfare of stakeholder groups. Sustainability plays a vital role in this relationship in that it provides a solid foundation upon which a business can expand with more temerity and assuredness.