What is Entrepreneurial Education?
Entrepreneurship education is that type of education that builds the necessary skills, knowledge, behavior and motivation needed for successful business start-ups. It is a learning process that prepares people to be responsible and business-oriented individuals. It assists people in learning the skills, information, and attitudes they need to attain the objectives they set for themselves. Entrepreneurial education also makes people more creative, innovative, and employable, according to research. In fact, entrepreneurial education has proven to be a viable tool for lifting both individuals and nations from economic slumber.
What are Objectives of Entrepreneurial Education?
Entrepreneurship education encompasses all formal and informal training intended to provide functional education for youths in order to enable them to be self-sufficient in relevant entrepreneurial skills, attitudes, orientations, experiences, and values for both individual and societal development. Entrepreneurship is eradicating poverty in many countries of the world. It also encourages determination in individuals, as well as economic growth and development in rural and underdeveloped communities. As a result, it is critical to provide an enabling environment for entrepreneurial education so that people can earn a living via their creativity and invention in recognizing new business prospects. Similarly, successful business, economic growth, and overall sociopolitical, educational, scientific, and self-employment opportunities provide graduates with the necessary training to become self-sufficient. It also intends to provide them with proper training in skill acquisition, allowing them to meet society’s workforce needs while also eradicating the poverty that plagues the youth, enhancing their perseverance in any economic venture they undertake.
Furthermore, the Sustainable Development Goals (SDG) emphasize the increasing importance of entrepreneurship and entrepreneurial education. However, even in larger companies, both public and private, an innovative spirit is critical. They all have a vital role to play in entrepreneurship and entrepreneurial education in any entrepreneurial context. As a result, entrepreneurial education must be given due recognition and priority in all types of education, from elementary to post-secondary education.
The objectives of entrepreneurial education are beneficial to all environments, and this post highlights a few of them:
To Enhance Human Capacity Development
Building human capacity is one of the core objectives of entrepreneurial education. It is thought that inadequate human capacity development leads to widespread poverty. Entrepreneurship education, on the other hand, proves to be an effective tool for human capacity development by instilling entrepreneurship skills such as creativity, knowledge, expertise, experience, confidence, and courage, to name a few. Entrepreneurship education, for example, seeks to improve entrepreneurship structures such as the development of business skills, self-improvement and development, behavioural training, the facilitation of access to finance, and the creation of an enabling environment for business opportunities. The preceding, it is hoped, will go a long way toward reducing poverty by assisting people in becoming self-employed.
To Boost Self-Employment and Self-Sufficiency
As a result of the skills and other abilities developed through entrepreneurship education, businesses are formed, innovations are born, and wealth is created, while poverty is pushed to the sidelines. This is what entrepreneurial education aims to achieve. In a similar manner, entrepreneurial education ensures that human capacity is correctly channeled to wealth production in addition to human capacity development. As a result, graduates and young people who have been equipped are motivated to turn these assets into products and services, resulting in the creation of additional jobs and increased productivity, as well as economic growth.
To Promote Economic Growth
Both domestic and international markets depend on entrepreneurship. The goods and services involved are products of entrepreneurship. Therefore, there exists a direct relationship between entrepreneurial education and the ability to transform raw materials into finished or semi finished goods to be used in the market. As a result, it is critical to the growth and development of local businesses. Production is enhanced through research and development, which is a function of entrepreneurship education. In addition, entrepreneurship education seeks to promote the use of better and cost-effective technology in small and medium-sized firms, which increases local factor productivity, particularly in low-income countries where the traditional rural economy is their mainstay. As a result of many people being empowered to start businesses, local output of products and services increases, raising the country’s overall productivity and per capita income, thus bringing poverty to a conclusion.
In conclusion, entrepreneurial education is a phenomenon that means well for any economy and society. It serves as a remedy for poverty reduction in any society, by increasing human potential, increasing self-employment, and fostering economic progress. If it is to produce the desired result, it should be given due attention in both secondary and post-secondary academic institutions, and should be well supported.