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Why Entrepreneurship Should Be Taught In School To Save The Economy
 

Moneyball's picture
ER
 
Points)
 on 7/14/12 at 3:05pm
entrepreneur-001.jpg

How do we fix unemployment? Adjusting taxes, interest rates, student loans? Who really knows, but entrepreneurship can be one of the answer to our economic woes, and it starts in the classroom. In this article by Times Business explains why entrepreneurship is so important, especially in this ailing economy:

Owner-entrepreneurship education also tackles youth unemployment. The youth unemployment rate is brutal–16% to 25% since the market meltdown of 2008. Professor Andrew Hahn of Brandeis University notes: “Research shows the scarring effects of early unemployment. The lack of work experience among minority teens contributes to a host of more serious challenges in their early twenties.”

The problem needs to be addressed during school when students are developing their habits and character:

Owner-entrepreneurship education empowers young people to make well-informed decisions about their future, whether they choose to become entrepreneurs or not. Our students discover that, like every individual, they already own five powerful assets: time, talent, attitude, energy and unique knowledge of one’s local market. They learn to use these assets to create businesses and jobs, and build wealth in their communities.

Why is entrepreneurship underrepresented in our school system? Is it because business and money carries a certain stigma? Is it because teachers lack the business acumen? After all, they're teachers, not business owners. Even business schools are meant to train managers, not entrepreneurs. Another article by Times Business explains how we can foster entrepreneurial society:

  • Integrate academia and the real world

    In a 2011 survey, 88% of young people said that entrepreneurship education is vitally important, given the new economy — and yet 74% of college students had no access to entrepreneurship resources on campus. And when resources were available, most students felt they were woefully inadequate.

  • Eliminate government barriers

    let’s pass the Youth Entrepreneurship Act, which would defer or forgive student-loan debt for young entrepreneurs using the precedent set by the Income-Based Repayment program. And let’s pass the VET Act of 2011, so that our returning vets can use GI benefits to start businesses.

  • Invest in and mentor young entrepreneurs
  • Teach technology inside and outside the classroom

    The Web has revolutionized the way we do business, creating a far more level playing field for young entrepreneurs — provided they have the skill set to take advantage of it.

  • Foster entrepreneurship at the regional level

What about financiers? After all, bankers and fund managers provide liquidity and credit to the market, not create the next iPhone. But how do we have those precious banking jobs if there's no new deal activity that entrepreneurs provide? What happens to your (client's) portfolio in an economy of high unemployment? Entrepreneurship is one of the likely answer to economic prosperity, and it needs to be emphasized at a young age. Even Warren Buffett had a run at installing pinball machines at local barbers.

What do you think? Should entrepreneurship be a stronger part of school with math and science? If so, when? Elementary, highschool, college? Do you think entrepreneurship is one of the keys to economic prosperity? Is entrepreneurship underrepresented in our schools? If so, how do we fix it? Have you tried any ventures yourself?

Moneyball
See my other WSO blog posts
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Comments

blastoise's picture

Fuck no. Do not discharge

O
 
Points)
 on 7/14/12 at 4:02pm

Fuck no. Do not discharge student loan debt, period. You morons signed the doted lines now you pay the price; welcome to the real world.

BlackHat's picture

"In a 2011 survey, 88% of

HF
 
Points)
 on 7/14/12 at 5:00pm

"In a 2011 survey, 88% of young people said that entrepreneurship education is vitally important, given the new economy — and yet 74% of college students had no access to entrepreneurship resources on campus. And when resources were available, most students felt they were woefully inadequate."

In another survey conducted by Common Sense, 88% of young people were found to not know what entrepreneurship was, and 99% of college professors admitted to having no idea how one would teach entrepreneurship in school, with the other 1% arguing that you can't teach entrepreneurship. The only thing everyone agreed on is that it had to be emphasized more.

I hate victims who respect their executioners

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Beretta's picture

I don't think

ST
(Orangutan, 358
 
Points)
 on 7/14/12 at 5:05pm

I don't think entrepreneurship can be taught in a classroom.

JDawg's picture

I agree that entrepreneurship

(Gorilla, 518
 
Points)
 on 7/14/12 at 5:14pm

I agree that entrepreneurship is important. If they teach that stuff in business schools, why not in undergrad? My only concern is that most student entrepreneurs that I know are "social media consultants", fugly TV shirt designers, or make stupid websites/apps that nobody needs or cares about. Shit like that isn't going to get us out of this economic slump.

Cornelius's picture

i think the zuck is too busy

(King Kong, 1,707
 
Points)
 on 7/14/12 at 5:18pm

i think the zuck is too busy to teach..

------------
I'm making it up as I go along.

FormerHornetDriver's picture

No student loan forgiveness.

IB
(Orangutan, 363
 
Points)
 on 7/14/12 at 5:45pm

No student loan forgiveness. NONE!!!

If you took out two hundred grand to go to Stanford and get a degree in Women's Studies then you better start stripping in order to pay for it.

chicandtoughness's picture

Entrepreneurship isn't really

CS
 
Points)
 on 7/14/12 at 6:00pm

Entrepreneurship isn't really a thing that can be taught; I've taken my fair share of classes and nothing in them has really equipped me to go out and found a firm. On the flip side, university-affiliated programs, personal endeavours, and networking with other entrepreneurs has greatly helped me. I wouldn't necessarily advocate for a curriculum for entrepren, but integrated programs (mentorships, etc.) can do wonders.

That said, I don't think it's in any way the path to economic prosperity.

"Accept no one's definition of your life; define yourself."
Currently: quantitative marketing/business development
Previously: management consulting, investment banking

APAE's picture

I don't believe that

(Neanderthal, 3,660
 
Points)
 on 7/14/12 at 6:37pm

I don't believe that entrepreneurship can ever be taught in a formal setting. You can learn several key attributes or attitudes or the ideology from an apprenticeship sort of relationship with a very entrepreneurial person, but sitting in a classroom does not teach you entrepreneurship.

A lot of people do certain things to add days to their life. I do things to add life to my days.

marko's picture

I think entrepreneurship can

(Monkey, 60
 
Points)
 on 7/14/12 at 6:51pm

I think entrepreneurship can be taught, but only in a very particular way. It can't be taught by lecturing and having guest speakers, even if the guest speaker is Mark Zuckerberg. It probably can't even be taught with case studies and group discussions.

However, I think if entrepreneurship classes operated more like startup incubators, it could work - have students in groups with an idea, and the only role a professor would play would be that of guiding the students in the right direction and serving as the "facilitator" connecting the students to investors, graphic designers, technical people, marketers, the media/press, etc.

R0bin's picture

I can see how

(Orangutan, 292
 
Points)
 on 7/14/12 at 7:29pm

I can see how entrepreneurship can be taught, I just don't see my nerd-ass professors teaching it lol.

Baby you're the perfect shape, baby you're the perfect weight. Treat me like my birthday, I want it this way and I want it that way. It makes a man feel good baby.

APAE's picture

marko: However, I think if

(Neanderthal, 3,660
 
Points)
 on 7/14/12 at 9:07pm
marko:

However, I think if entrepreneurship classes operated more like startup incubators, it could work - have students in groups with an idea, and the only role a professor would play would be that of guiding the students in the right direction and serving as the "facilitator" connecting the students to investors, graphic designers, technical people, marketers, the media/press, etc.

Again, however, it isn't really being taught in the true sense of the word. The entrepreneurial spirit already latent within the person is simply being exploited, honed, and maximized. That's an incubator, not a classroom. An incubator can mimic a classroom in that it may afford a few of the same elements, but the same is not true in reverse.

A lot of people do certain things to add days to their life. I do things to add life to my days.

Moneyball's picture

I get the general consensus

ER
 
Points)
 on 7/14/12 at 9:11pm

I get the general consensus that entrepreneurship can't be effectively taught in school. What about personal finance? I'd like to see that be part of the school's curriculum. Maybe that'll teach kids to manage their debt and expenses, and think twice about student loans.

Moneyball
See my other WSO blog posts

R0bin's picture

APAE: marko: However, I

(Orangutan, 292
 
Points)
 on 7/14/12 at 9:27pm
APAE:
marko:

However, I think if entrepreneurship classes operated more like startup incubators, it could work - have students in groups with an idea, and the only role a professor would play would be that of guiding the students in the right direction and serving as the "facilitator" connecting the students to investors, graphic designers, technical people, marketers, the media/press, etc.

Again, however, it isn't really being taught in the true sense of the word. The entrepreneurial spirit already latent within the person is simply being exploited, honed, and maximized. That's an incubator, not a classroom. An incubator can mimic a classroom in that it may afford a few of the same elements, but the same is not true in reverse.

Babson college does a great job doing this. I have a friend who attended there and had companies sponsoring and financing the start-up ideas, while the professor facilitated with the execution of the ideas. Maybe entrepreneurship isn't being "taught" but the spirit is certainly being cultivated by professors and classmates.

Unfortunately, my alma mater relied too much on textbooks in their business and finance curriculum.

Baby you're the perfect shape, baby you're the perfect weight. Treat me like my birthday, I want it this way and I want it that way. It makes a man feel good baby.

APAE's picture

Babson is in fact a great

(Neanderthal, 3,660
 
Points)
 on 7/14/12 at 10:11pm

Babson is in fact a great exception, good point. HBS's case method is also phenomenal, Noam Wasserman does a tremendous job in the classroom.

A lot of people do certain things to add days to their life. I do things to add life to my days.

cibo's picture

The UK government recently

(Baboon, 164
 
Points)
 on 7/15/12 at 12:53am

The UK government recently created a policy which makes STEM majors take classes in entrepreneurship. After 3 years there was something like a 10 to 20% increase in graduates pursuing entrepreneurship.

Saying you can't teach entrepreneurship is the same thing as saying you can't teach business. Yeah, business is more practice oriented but there are still some frameworks and theories to work with so you're not flying blind here. Additionally, since entrepreneurship is practice oriented, many times these entrepreneurship classes are taught by professors more like how consultants give advice to clients.

Some of my classmates liked their team/bplan enough they went off and implemented the plan.

Working9-5's picture

I see how it is nice to be

ST
(Gorilla, 613
 
Points)
 on 7/15/12 at 9:52am

CNBC sucks

"This financial crisis is worse than a divorce. I've lost all my money, but the wife is still here." - Client after getting blown up

cibo's picture

Working9-5: I see how it is

(Baboon, 164
 
Points)
 on 7/15/12 at 3:07pm
GoodBread's picture

'Teaching entrepreneurship',

AM
(Neanderthal, 3,604
 
Points)
 on 7/15/12 at 4:22pm

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