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Entrepreneurship education theory
Importance of education in entrepreneurship
Advantages and disadvantages of entrepreneurship education
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Recommended: Entrepreneurship education theory
The name of project is the “Readiness for Entrepreneurship (RE)”. The RE program helps the targeted people who are unemployed, and are interested in starting a business at the local level (for cities or counties). Once applicants are selected by objective criterion, the admitted applicants are eligible to get education of specific skills for six months or one year. The period of training will be depending on the area of establishment. In addition, the applicants may have financial supports after the education and interviews. Also, there is a strict condition when they start a new business: they should open a business within their administrative boundary (at least within in the neighboring counties).
Several conditions will be considerable for selection.
Age
Schooling/education
Periods of unemployment
Experience in the previous workplace
Startup experience
2. What are benefits and costs of the project?
Obviously, selected applicants will benefit from the RE program. They will have an opportunity to have enough knowledge and skills before they have their own businesses. Moreover, if they are qualified to get financial support from the local government, it should be easier to start a business.
Meanwhile, local inhabitants who should pay tax may be dissatisfied. Since the local budget is limited, budget for supporting the unemployed can bring a budget cut in other public service areas. However, it might be possible to apply federal subsidies for local economic development.
3. Relevant articles and evidences
According to Acs (2006), there are two kinds of entrepreneurship: necessity entrepreneurship and opportunity entrepreneurship. Necessity entrepreneurship has no option, except to be an entrepreneur. Unemployme...
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...increase of efficiency as a whole economy.
In addition, this program is only for unemployed or dismissed people from previous workplace. Among the applicants, a priority of the program candidate is for people who lost their job. Even if there are young people who are unemployed after high school graduate in the U.S., it can be argued that young people need more job experience. Instead of staring a new business just after graduate a school, it might be recommendable having job experience first.
Lastly, the regulation of opening location might have a negative effect. It can be inferred that some industry where clusters are specialized, the administrative boundary can be differ from their living areas. In this case, it can play as regulative costs. Based on tradition wisdom, opening location can be flexible, but it should not be other states or too distant locations.
If the federal government support the small business financially, this may result in more prospurity, and co9vergae of clinical shortage . It is important to assign deligates to persuave some banks to l begin accepting applications from financial institutions who are interested in becoming Community Advantage lenders. It is essential to lobby the government to join thousands of partnerships , and focus on health,, education and welfare. The role will be more effective if we expand the partnership globally. global funding. Global funding can be significant in building program targeting HIV/AIDS, malaria and tuberculosis that are high risk from these diseases. Our focus should be focused on human development and not on energy development.
WIBO is a private non-profit organization whose mission is to empower minority small business owners and entrepreneurs located in underserved communities to be able to start, operate and build successful businesses (WIBO, n.da). Moreover, by creating successful businesses these small business owners and entrepreneurs will develop economic power and provide jobs in their underserved communities (WIBO, n.da). WIBO’s goal is to increase the financial success of small businesses in underserved communities WIBO annually serves 1,500 entrepreneurs per year and is managed by four staff member who manage workshops, volunteers and support functions (Workshop, n.db). WIBO does not have objectives
Decision-making is one of the most important aspects of human life. Primarily, there are many factors that determine our daily decisions, and failure to consider such decisions may set an individual or an organization on the wrong path. This is arguably true for any entity regardless of its size, geographical location or field of operation. It therefore follows that awareness of the internal and external environment, and a more service oriented rather than profit oriented approach is a critical determinant in the success of a business. Sometimes it may take experience in an area to learn what exactly is fit for the business. In this case, a lot of patience and persistence may be necessary if any considerable advancement is to be realized. It is not always the desire for profits and class that oblige individuals into business. Banco Compartamos is a micro finance commercial institution that has an interesting history, having slowly grown from scratch to be one of the most popular micro finance institutions in Latin America. The primary objective that the founders had in mind was to help the poor, rather than doing business.
...tional support with universities, research laboratories, think tanks, trade associations and venture capital institutions allowing them to cultivate a mutually beneficial relationship. The success of the clustering will attract foreign direct investment due to the concentration of labour, skills and infrastructure and the favourable environment for innovative spin-offs.
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
With some support from the French Consulate in Kolkata, it was launched to turn underprivileged youngsters into successful entrepreneurs.
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.
My career objective is to become a successful entrepreneur where I can continue to grow, help other people, make a difference in the world and provide for my loved ones. I decided I wanted to become an entrepreneur because I seek opportunities to create positive changes out situations that display difficulty and adversity. I believe entrepreneurship provides daily challenges that will help me grow and become a better-rounded person. I also want to be able to implement my beliefs and ideas into my work. Many employment opportunities have strict expectations and responsibilities that are set by someone else’s rules. Although, my line work requires strict attention to details, it also provides flexibility for me to modify what I am doing at my discretion. Lastly, work takes up a large chunk of a person’s life. If I am going to put long hours towards a job, I want to dedicate my time to something I enjoy and I want my line of work to leave behind a little bit of me. Although there are thousands of paths an entrepreneur can take, the beginning of each journey is often times quite similar. I decided to interview two gentleman that I have had the pleasure of meeting in the past, whom both of which are also starting
...e of employment represents an excellent alternative while these people are waiting for long-term jobs. Examples of programs that build young people’s experience are internships, temporary work, part-time jobs and project work. These people are able to perform these programs during their vacations or semesters, so they can combine their knowledge from education with knowledge acquired in these programs. According to Boston Consulting group, 34% of applicants in Sweden had past experience in their fields and 85% of them got full time employments after a certain period of time. Lack of Bosnian economy is small number of companies that are likely to offer and perform programs that build young people’s work experience. Government of Bosnia and Herzegovina shall make a pressure on these companies to initiate such programs that would lead to decrease in unemployment rate.
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).
But a significant part of any successful entrepreneurial sector or locale is the dense set of relationships that help entrepreneurs tap expertise, resources, and support. For instance, in Kuala Lumpur, a student run incubator group called VentureSense performs surveys and experiments to support startup ideas so that they can be started with less risk and successfully run if they launch their project.
Entrepreneurship is an important aspect of social, economic and community life. It can be viewed as a critical factor to economic growth as well as a way of addressing unemployment (Nolan, 2003).Entrepreneurs are people who are persistently focused on identifying opportunities, they seek to create something worthwhile while taking into account foreseeable risk and rewards associated with the efforts (Nolan, 2003). Furthermore, entrepreneurs are frequently understood to be individuals who discover market needs and establish new business to meet those identified opportunities. The following assignment will firstly discuss the types of entrepreneurship, secondly it will discuss the reasons people become entrepreneurs, and thirdly it will discuss the importance of entrepreneurship.