Importance of Entrepreneurship Education

Entrepreneurship is a key driver of our economy. Wealth and a high majority of jobs are created by small businesses started by entrepreneurially minded individuals, many of whom go on to create big businesses.

People exposed to entrepreneurship fre uently express that they have more opportunity to exercise creative freedoms, higher self esteem, and an overall greater sense of control over their own lives. !s a result, many experienced business people political leaders, economists, and educators believe that fostering a robust entrepreneurial culture will maximi"e individual and collective economic and social success on a local, national, and global scale. #t is with this in mind Entrepreneurship Education were developed by #.$.%.#.!. &'()& to prepare youth and adults to succeed in an entrepreneurial economy.

Importance of Entrepreneurship Education

Entrepreneurship education is a lifelong learning process, starting as early as elementary school and progressing through all levels of education, including adult education. &he )tandards and their supporting Performance #ndicators are a framework for teachers to use in building appropriate objectives, learning activities, and assessments for their target audience. (sing this framework, students will have* + progressively more challenging educational activities, experiences that will enable them to develop the insight needed to discover and create entrepreneurial opportunities, + and the expertise to successfully start and manage their own businesses to take advantage of these opportunities.

Benefits of Entrepreneurship Education

&he -onsortium for Entrepreneurship Education +sponsored &hink &ank recently worked on group consensus about the different outcomes for entrepreneurship programs at various levels of education. &he &hink &ank is a voluntary .future thinking. group composed of a wide selection of educators who are practitioners in a variety of settings, educational levels, and locations throughout the () and beyond. While the results are not based on formal scientific research, they are provided here for the purposes of discussion and orientation to the concepts underlying the $ational -ontent )tandards for Entrepreneurship Education.

Benefits to Elementary Students

#ncreased attendance /igher academic achievement
o )tandardi"ed &ests o Pre 0 Post &ests o Portfolio

1ewer discipline referrals #ncreased sense of .locus of control. !wareness of career and entrepreneurial options !c uire basic economic understanding !c uire basic financial concepts %efine entrepreneurs2 contribution to society (se opportunity recognition3 problem solving skills Explore ethics issues -onsider steps in business startup

Benefits to Middle School Students

-ontinue on to high school #mproved academic skills + 4 's Experience entrepreneurship across the curriculum #ncreased self+esteem and respect #ncreased number of students identifying entrepreneurship as a career choice /eightened awareness of the role of entrepreneurs Encourage risk+taking 0 learning from failure 5earn to identify and recogni"e opportunities %ecrease in teen pregnancies and substance abuse #mproved economic literacy and understanding of capitalism #mproved financial literacy %evelop workplace literacy (nderstand entrepreneurship process3 business plan 6ecome an educated, empowered consumer 5earn about opportunity cost Embrace diversity3 sociali"ation skills %emonstrate conflict resolution3 negotiation3 sales+marketing3 persuasion skills 5earn how entrepreneurs give back 5earn how to make money 'ecogni"e the contributions of entrepreneurs 7they started small8 1oster and value idea generation

Benefits to High School Students

-reation of entrepreneurial thinkers who also have the skills and tools to start their own businesses. Write a business plan !pply economic principles %etermine individual entrepreneurial interests !pply basic marketing skills (se strategies for idea generation !ssess feasibility of ideas 9anage risk #dentify legitimate sources of capital Evaluate ownership structures &ranslate problems into opportunities !pply principles of human relations management )peak .business. 0 .entrepreneurship. !pply basic accounting principles Engage in ethical business practices %emonstrate financial management

Benefits to Post-Secondary and Adult Students

%emonstrate skills in business startup %emonstrate skills in maintaining business longevity %emonstrate knowledge of business closings versus failure !bility to find next level of training or access other resources and services %emonstrate business management3 operation skills (se components of a business plan %etermine impact on unemployment -hanged attitude toward entrepreneurship as a means of making a living

Benefits to Post-Secondary and Adult Students

-hanges in personal and career attitudes including

o o o o o o o o o o )elf+worth !bility to control one2s own life )elf awareness )elf management3 personality responsibility &ransfer of learning 9otivation &eamwork #nterpersonal communications Problem solving -reativity