Entrepreneurial education has been defined as “a collection of formalized teachings that informs, trains, and educates anyone interested in participating in socioeconomic development through a project to promote entrepreneurship awareness, business creation, or small business development”. The primary objective of entrepreneurship education is to develop all essential entrepreneurial skills to meet entrepreneurial success (Lazear, 2004; Audretsch et al., 2016). Traditional entrepreneurial knowledge learning can no longer meet the dynamic environment’s demand for entrepreneurial ability.
Entrepreneurship education improves interpersonal relationships, teamwork skills, money management and public speaking skills. It also increases job readiness and job preparedness (“Encouraging Future Innovation: Youth Entrepreneurship Education”). Psychological research shows that intention is a crucial predictor of subsequent planned behaviour (Bagozzi et al., 1989). Consequently, entrepreneurial intention is a decision to form a new business venture that is planned rather than being conditioned. Entrepreneurship is important, as it has the ability to improve standards of living and create wealth, not only for the entrepreneurs but also for related businesses. Entrepreneurs also help drive change with innovation, where new and improved products enable new markets to be developed. Owning a business teaches kids and young adults risk taking, financial competency, communication skills and practical skills of life. Self-confidence, autonomy, strong work ethic, ambition, empathy are traits of a successful entrepreneur.
The value of raising a little entrepreneur.
Think for a moment how much you would have benefited from being exposed to entrepreneurship at a younger age. If you actually were exposed to it, think about how much it has shaped your life.
Ideas Of An Entrepreneurial
1. A better work ethic
It should come as no surprise that young children develop a better work ethic when they’re surrounded by entrepreneurship. This happens in two ways. First, they experience business operations first hand. Whether they’re filing papers and stuffing envelopes or cutting grass and pressure-washing driveways, you quickly understand the value of hard work if you’re thrown into the middle of it.
2. Stronger appreciation for money
One of the biggest benefits of teaching your children about entrepreneurship is that you’re able to give them a stronger respect for money. Some children might believe you if you told them money grows on trees, but kids who are exposed to business operations know better.
3. Creative thinking
Starting and expanding a business isn’t easy. Problems inevitably arise, and it’s up to you to fix them, and keep the firm moving in the right direction. Instead of hiding challenges and even setbacks from your kids, you should expose them directly to what’s happening. Not only will their unique input help, but you’ll show them what it looks like to think creatively.
4. Improved people skills
Certain kids are outgoing and gregarious, but most young children tend to fall toward the shy end of the spectrum when faced with interacting with adults or people with whom they aren’t familiar.
The beauty of working in a small business is that you’re forced to interact with unfamiliar individuals on a daily basis.
5. Better goal setting
The value of setting and achieving goals isn’t something that easily registers with many children. Kids are notorious for starting something and then moving on without finishing it. Somewhere between the excitement of embarking on an adventure and the pleasure of arriving at the finished product, the average child gets bored and loses his or her sense of purpose. Fortunately, research shows regular conversation and interaction between parents and children actually helps to shape a child’s “academic socialization.”