Entrepreneurship

The Importance of Entrepreneurship in School Curriculum

entrepreneurship, the capacity to start companies and think creatively and ambitiously, is essential to be included in the school curriculum.

Entrepreneurship education aids students from all socioeconomic backgrounds to think outside the box and nurture unconventional talents and skills. It creates opportunities, ensures social justice, instills confidence and stimulates the economy. Entrepreneurship education is a lifelong learning process, starting as early as elementary school and progressing through all levels of education, including adult education.

Case Studies are the best way to introduce young minds to entrepreneurship, develop their initiative and help them to be more creativeand self-confident in whatever they undertake and to act in a socially responsible way. There are many ways entrepreneurship lessons can be integrated in the school curriculum.

Learning a Business

Students can practice writing, interview questions and conduct interviews with entrepreneurs. The information can then be compiled into a directory of the types of goods and services, locations, and hours of the businesses. Students can then discuss the location, advertisement and the products involved in the business.

Language arts

Students can be challenged to come up with business ideas or products, that they think others would be interested to buy. Students can then debate on the potential audience for the product and how they can make modifications to it, which will be more alluring to their audience. Students can also deliberate on with what and whom this product will be competing with.

Thinking skills

Teach students to think on, what’s positive or strong about their work and let them ponder on their weaknesses to find the changes needed to make their product more interesting. Let students to understand, passion and satisfaction to come up with their own original ideas to persevere in the project with what limited resources they have.

Imagination Power

Creativity dwells within imagination. Pass around common objects to students and make them imagine that object in a different outlook, it will help students to see the same object through a different perspective. It will make students to see possibilities in a common object in a new way.

ENTREPRENEURSHIP

Research skills

Have students to look through the yellow pages to spot businesses and interesting names, and then categorise these results in superlative forms of adjectives, foreign words, what the business produce or sells, geographic locations and their functions.

Teaching entrepreneurship skills through school is a process, and it is highly recommended that students be left free to find they are calling through it. Teachers should also be provided guidelines to manage students and help them to foster a pleasant environment for students to grow.

How Does the Entrepreneurship Education Influence the Students’ Innovation?

WE at MTAK aim to explore the multiple mediating effects of political skills and entrepreneurial opportunity recognition between perceived entrepreneurship education and innovation. Entrepreneurship education cultivates innovative talents, which are an important driving force for future development. At present, innovation-driven development strategies place new demands on entrepreneurship education. Entrepreneurship education builds a multi-level social network and comprehensive learning management for the professional ability of entrepreneurs. Entrepreneurship education develops students’ entrepreneurial skills, enabling them to cope with environmental uncertainties and new challenges interpret political skills from four dimensions- namely networking ability, interpersonal influence, social astuteness, and apparent sincerity. Political skill refers to “the ability to effectively understand others at work and to use such knowledge to influence others to act in ways that enhance one’s personal and/or organizational objectives” Entrepreneurship education is concerned with fostering creative & Political skills that can be applied in practices, education, and environments supporting innovation

8 types of entrepreneurs

Analyst entrepreneurs are people who like to take their time and thoroughly research when starting a business. They aim to do as much research as possible before they launch a product or service. They believe the more knowledge, preparation and information they have, the higher their chances of success can be. An analyst entrepreneur is likely to research and plan how they would like to structure and manage their company, to give them an in-depth understanding of the business model and service.

An analyst entrepreneur relies on data, facts and numbers when making decisions. This can mean they have detailed and logical processes and might take action slowly because they want all the information before proceeding. A detailed business plan is important to them, as they believe it minimises their risk of failure.

The buyer type of entrepreneur uses their money and wealth to fund their business ventures. They look for businesses in the market they believe could be successful, possibly when they are at an early stage, assess their viability and invest in them. This might look like acquiring them or owning shares. When they are a part of the business, they might make management or structural changes in ways they think would increase their chances of success. They might also find someone to run the business.

A buyer’s goal is to grow the businesses they gain and increase their profits. In turn, this can increase their wealth in the company. This type of entrepreneurship can be less risky because they may purchase companies that already have a validated and proven market idea.

Social good entrepreneurs are those whose primary aim is to make a positive impact on the world through their business. They want to solve social problems with their products and services. Due to this, they might spend a lot of time in customer and market research to make sure they create something that can serve their market. Making big profits or wealth is less important to them compared to making the world a better place. Social good entrepreneurs might start non-profit organisations, charities or companies dedicated to helping others.

The innovator type of entrepreneur describes people who frequently think of new business ideas. They can move multiple different products from conception to market, acquiring validation and market proof along the way. They can be very passionate and dedicated to finding solutions to complex problems. Typically, they look for ways their product or service can stand out from the crowd. This can happen through product creation, marketing strategies or finding new audiences. Examples of innovators include Larry Page from Google and Bill Gates from Microsoft.

Entrepreneurs who create scalable startups often believe that their company can make a big difference to the world. Due to this, they might set it up for the long term, which includes everything from the business plan, suppliers for the product and marketing strategy. They often seek funding from external investors and scale very quickly from being a solo company to having multiple employees. Since they grow so fast, they might hire specialised employees that can help the business and create solutions for them.

There are many examples of these businesses and entrepreneurs in various countries, and most are technology-focused, or may focus on social media products. They often start from a place of finding out what is missing in companies or the world, then devising a solution. These types of entrepreneurs tend to think creatively and try to find undiscovered solutions or create new ones.

The hustler type of entrepreneur believes they can find success by working hard and being willing to do all kinds of tasks, big and small. They typically start by themselves and focus all their efforts on creating a business, rather than looking for external investment. Due to this, they can be extremely passionate about their business and put in a lot of hours, especially at the beginning.

Hustlers typically put in a lot of effort to achieve their dreams, which is their primary motivation. This can lead them to remove all distractions and have high levels of focus. They might also make a risky decision if it means a greater reward, rather than having a slower and more comfortable growth process. They don’t give up easily and attempt harder tasks if it means a higher chance of success, such as cold calling lots of people to make even just one sale.

The imitator type of entrepreneur takes inspiration from other businesses, before coming up with ideas to improve and change their ideas. They might investigate the different ways to make a product or service better, which can lead them to gain a competitive advantage. A particular goal might motivate them, such as launching a more profitable product on the market or serving a different audience. Imitators can take advantage of the mistakes the originator made when first launching the product or service, learning from the actions they took. This can lead them to take a different path.

Imitators typically work very hard to create and launch a business, and tend to have a lot of self-confidence and may not stick to constraints set by other people or society. It can be a less risky type because they can refine an already successful business idea and benchmark their performance against the originator. They might use a combination of ideas for inspiration to create something that solves a unique problem or challenge.

Small business entrepreneurs are a popular type of entrepreneurs. They may be people who were previously employees and have now created a product or service that is successful enough to support their family and lifestyle. They choose not to scale or seek larger profits, including finding external investment. Small business entrepreneurs might work alone or have a small team of staff, which may include family members. They are the sole owners of the business. Examples of small businesses are local hairdressers, restaurants, plumbers and boutiques.