The economic development of a nation can be increased by combining entrepreneurship with innovation and creativity. Among all forms of businesses, Small and Medium-sized Businesses or SMEs contribute immensely to a nation’s GDP. SMEs are representative of 90% of global business. SMEs account for 99.8% of business in the European Union and 99.9% in the US.
The pandemic has resulted in a wide gap between business and the capabilities of people. Mark Creighton, the CEO of Avado, has said that essential skills that are date-fed, led by insights, and are unique no longer form a part of the student’s curriculum. If students are not educated about the skills to become successful entrepreneurs, they won’t lay the foundation of their start-ups. Sadly, entrepreneurship education has failed to keep pace with technological advancements. As pointed out by Dr. Carla Bonina, associate professor of Surrey Business School, start-ups are facing a crucial challenge in this digitally advanced world. Though these accelerate the pace of radical innovation, start-ups can also be susceptible to more challenges.
Modification of the marketplace
Dr. Bonina believes that a company cannot be launched within few hours. Neither has there been plenty of incentives nor barrier reduction factors. Becoming an entrepreneur is not that difficult, but investment is a significant factor in this case. The effects of teaching digital entrepreneurship globally have been highly uneven. While countries like France and Germany are witnessing start-up opening and innovation taking place just within a few hours, the same is a distant reality for Latin American countries. Entrepreneurial education has been an essential subject in the schools of Romania and has been taught as a part of secondary education. The universities have also incorporated the issue in all the higher education courses.
To promote the economic, cultural, and social impacts via entrepreneurship teaching, the Accreditation Council for Entrepreneurial and Engaged Universities or ACEEU was established. In addition, higher educational institutes that have kept their focus on entrepreneurial education have been featured by the Global League of Entrepreneurial Universities or GLEU. Owing to an excellent cross-institutional approach in providing support to businesses and start-ups, Aston University has been recognized as the Outstanding Entrepreneurial University by the Times Higher Education Awards.
Entrepreneurship Training in the UK
The UK boasts of intensive practices of entrepreneurial skills. Aston offers the students six weeks where the enrolled pupils will be enlightened to table their innovative business ideas. In addition, top-notch business leaders will mentor them through interactive masterclasses. Another excellent platform is ScreenSpace, formed due to the partnership between MetFilm School and the University of West London. It offers BAs in Content, Media, and Film Production, and Film and Screen Business. The module ‘Be an Entrepreneur’ is headed by Becky Knapp. She believes that a course can be called practical if the curriculum content revolves around career development. In addition, the system must be helpful for the students so that they can be significantly benefitted after graduation by earning profits in their start-up business.
Students in the third year of ScreenSpace are presently receiving training to carry on their businesses by using their innovative ideas in the niche they are interested in. Their ideas will find their place in digital marketing companies, branding, and social media management. The students are imparted training to design their resumes and are empowered to master devising strategies and team-building techniques. Based on the digital skills learned by the students, the students can look for job opportunities in the marketplace. Students are free to not go for entrepreneurship and opening start-ups. The course equips them in an all-encompassing way to have a career development plan spanning 3 to 5 years. They will now find a suitable job for them by considering the essential factors of marketing, income, expenses, and costs.
Important Curriculum Courses
According to Roger James Hamilton, the co-founder of Genius School (the first virtual school for budding entrepreneurs), educational institutions can adopt three measures for polishing the students’ entrepreneurial skills.
- By collaborating with the entrepreneurs and business firms, the students learn directly from the successful entrepreneurs. These partnerships are also beneficial for the companies as they want to recruit freshers who are well-adept at the varied skills needed to run a start-up business.
- Students are to be provided with the opportunity of developing self-awareness skills. By assessing their interests, the students get to identify their passions and areas of interest. This makes it easier for them to search for a job that matches their skills and interests.
- Lastly, it is essential to view the success of edtech firms not as a competitor but as a collaborator. Because that’s the way, the students of schools and colleges will be benefitted. Partnering with Genius Group has yielded productive results as global mentors tutored students. Some students have either started successful start-ups, while others have become popular YouTubers and Podcasters.
Students can now identify their niche that matches their mindset, interests, and skills. In this way, they will able to bring about innovative ideas and carry forward their start-up companies. Instilling within the students to collaborate and learn from each other will result in their high performance at their workplaces. To get jobs immediately after graduation, getting trained by enrolling in these courses is essential.
There are specific skills that are not incorporated into academic education. Modifying the ecosystem to include digital and entrepreneurial courses will help the students get established in life.