Entrepreneurial Education
Literature review
According to Henry, 2003, entrepreneurial education is important because it provides the students with skills, knowledge, and motivation for the purpose of encouraging success in entrepreneurship in a variety of settings. Entrepreneurial education is focused on opportunity realization whereby education on management is focused on ways that are appropriate in operating hierarchies that are existing. Education on entrepreneurship can be oriented towards different ways of opportunity realization which include: entrepreneurship that is regular which is starting a new organization. The other approach is promotion of innovation or introduction of new services or products .This is known as intrapreneurship or corporate entrepreneurship.
Another approach involves the creation of charitable organizations their design is to be self supporting as well as doing their work that is good and this is referred to as social venturing or social entrepreneurship. Education on entrepreneurship has various benefits on youths with disabilities which include: experiences on work during high school for youths with disabilities help them get jobs at wages that are high after they graduate. Furthermore, those students who involve themselves in special education and occupational education in settings that are integrated are likely to be employed competitively than those students who have not involved themselves in such activities Entrepreneurship education provides an opportunity to develop skills that are interpersonal and also exercise leadership.
Through this, students learn communication skills and are able to influence others through skills of resolution of conflicts and through self advocacy development. Furthermore, students learn how to involve themselves in solving of problems and thinking which is critical. Another benefit of entrepreneurial education is that it makes the student have development on social psychology and also to have perceived health status that is improved. It also equips a person with skills on management of money and also skills on public speaking. (Henry, 2003).
According to West, 2009, entrepreneurship education leads to a lot of success and this gives encouragement to a lot of people to start their own businesses. Internet has led the education on entrepreneurship to open its doors to many people and also opportunities for entrepreneurship in the future. However, this has led to competition that is very tough and also people have opened new businesses and they learn, innovate and also compete.
According to Therese Cyr, 2004, education on entrepreneurship helps in creating entrepreneurs that lead to development of small businesses and therefore maximizing the potential of the economy. Entrepreneurial education has an advantage that is tremendous because it leads to increased chances of success of an entrepreneur. Education on entrepreneurship leads to a change in the orientation of the mind from the mentality of ‘take job’ to a mentality of ‘make job’. The education system of today prepares students to take job after finishing training. Through the powers of observation, a student can venture into virtues of the mentality of make job and this makes so many people who would have been entrepreneurs to have a disadvantage.
These people can never have lessons on entrepreneurship if they don’t have proper mentors. Most students will never be entrepreneurs even if they are interested in engaging in activities of entrepreneurship because they don’t know how to find opportunities that conform to their desires and interests that will lead to success in entrepreneurship. Education that is effective is important in helping these youths create businesses that are successful from their interests, abilities and dreams that are unharnessed.
There are three attributes that are important in education on entrepreneurship and they include: the ability to recognize or identify an opportunity on market and also the ability generate an idea of business, product or service, the ability to resource commitment to carry out that opportunity while facing the risk prospect, and finally the ability to create an organization of business that implements that business idea that is opportunity motivated. (Cyr, 2003).
Many programs on education on entrepreneurship have no focus on teaching these principles and instead they have so much focus on principles of management that are needed in the maintenance of the business. These general principles on management are necessary for the student but instructions on recognition of the opportunities on business need to precede these topics, gather the resources that are necessary and then start the business venture. Principles of management are important in entrepreneur budding only in the phase implementation of business creation. If the three enterpreurship principles are not learnt by the student, the training on entrepreneurship serves as preparation that is inadequate for the students’ future as entrepreneurs.
Many programs on education on entrepreneurship focus on practical approach which is also known as approach of experiential instead of classroom instruction that are tradition in teaching the students on entrepreneurship. The techniques on experiential learning that are employed by theses programs are encouraging students to involve themselves in business while in school over the course of the term. Even if students enjoy this practical learning, it does not teach them ion how to become entrepreneurs since it doesn’t teach them the three principles that are foundational that guide entrepreneurship and their success of entrepreneurship. The first step of an entrepreneur that is successful is the recognition of opportunity and then after this is finding and devoting resources by the entrepreneur to that opportunity into an opportunity that is viable. (Cyr, 2003).
These resources are external as well as personal and are found when there is risk. Creating business is the last step and this is where the entrepreneur turns all the resources that were gathered in what is required in turning the opportunity that is viable into a venture that is viable. Education on entrepreneurship lacks these skills and yet they are very important in the entrepreneurs’ success. Education on entrepreneurship and also training on entrepreneurship should focus on teaching of these three fundamental principles. Initiator should be the focus of education on entrepreneurship.
Many programs on entrepreneurship do not focus on education that is initiator oriented and those who at least mention it do not touch on the primary principles of entrepreneurship and therefore they become ineffective. This education should have a greater focus on the initiator and entrepreneurship that flows from the level of initiator for it to have success in equipping entrepreneurs. Initiators will not have the ability to start new businesses unless students are taught on recognition and development of opportunities because they will not be able to recognize them. (Cyr, 2003).
Reflection based on evidence from business portfolio
Education on entrepreneurship has had a positive effects on business portfolio in that when individuals complete the course, they are able to prepare a business plan that is effective, they are able to start a new business or but a franchise, they have the ability to finance the businesses venture by acquiring capital for starting up, they are also able to manage activities on business accounting and also manage controls on inventory and purchases.
Another impact of entrepreneurial education that is evident in business portfolio is that the individuals are able to develop a plan on marketing and carry it out, they are able to determine technologies on information and communication that are needed and also they have the ability to prepare for the business opening. The other effects of education on entrepreneurship are that it enables the individual to develop a mission statement of the business and develop a plan on continuation. It also equips the individual to identify the types of risks of business and the way to assess them, describe how to use technology appropriately in business, they are able to carry out the SWOT analysis, analyze the patterns of cash flow and interprete the statements of finance, and explain the business records nature.
It is evident that the individuals who have finished entrepreneurial education are able to establish the procedures of operations and plan the layout of the business. They are also able to explain on the generation of a product and conduct analysis that is competitive analysis of breakdown. When the complete this education, they are able to gain listening and responding skills that are active, gain an understanding of how communication works, view items from a different perspective, effectively manage their assumptions and also are able to determine how others see them. They are able to understand the language of the body, understand strengths of their own, gain more confidence, ability to deal with people that are difficult and fill up the tool of communication. (Henry, 2003).
In many businesses, entrepreneurial education is insisted because it is evident that it enables the individuals to integrate economics, accounting, marketing, finance and other disciplines of business and therefore it offers educational experience that is integrative and enriching. The second thing is that it enhances the founding of new business ventures and helps in building skills on critical decision making that enhance success of the business.
The third thing is that education on entrepreneurship leads to an increase in the transfer of technology from the learning institution to the market through development of business plans that are based on technology and also student based on technology. The other good thing about education on entrepreneurship is that it enhances links between the communities and the business and it is taken by leaders as an approach that is useful in the study of the economy and business and as a result, the entrepreneurs who are established fund programs on entrepreneurship. (Henry, 2003).
Conclusion on future entrepreneurial career.
To ensure that future entrepreneurial career is successful, there should be developments on entrepreneurial education in order to develop the skills and knowledge of individuals. Entrepreneurship can be taught through initiatives that are skills based. Policy makers of education consider that thought of entrepreneurship must begin before higher and further education, but it should start at school and home. To create an entrepreneurial future, people should be entrepreneurial minded.
Individuals who are entrepreneurial minded act as agents of change and they have the capability of making tangible contributions whether social or economic within an organization that is existing or a new venture. Within a new business, entrepreneurs can accumulate various business portfolios or start various differences but sell them to other people to build them. For an individual to be entrepreneurial minded he must have the following core elements: attitude, creativity, opportunity and relationships. (Hergarty, 2007).
References
Cyr T. (2003): Entrepreneurial education effects on rural economic development-University of Maine.
Hergarty C. (2007): Creating an entrepreneurial future. Retrieved on 5-5-2011 from http://www.dairyscience.info/jobs-careers/125-entrepreneurial-future.html. Accessed: 4 May, 2011.
Henry. (2003): Entrepreneurial education and training- Ashgate publishing limited.
West, G.P. (2009): Hand book of university wide entrepreneurship education: issues and newness-Edward Elgar publishing.
Is this your assignment or some part of it?
We can do it for you! Click to Order!
