8 Reasons Why We Must Teach Entrepreneurship in Schools

The school is the birthplace of great minds in every society. It is the place where anyone who enrolls is enlightened and exposed to in-depth knowledge of a particular subject matter. This implies that just about anyone can be taught especially as learning is continuous and could be obtained through various channels. 

For any society to build and strengthen its’ economy, there must be increased private sector participation which in most cases is composed of small and medium scale enterprises.
Many small and medium scale businesses can be started with little or no capital at all. It is important that for society to continue to move and increase it’s GDP, considerably drop the level of unemployment and reduce crime, there must be a positive shift in favour of teaching entrepreneurship in schools.

Who is an entrepreneur?

An entrepreneur is a person who engages in business. He could sell an invention, product or provide a service. This places on him the responsibility of ensuring that opportunities are not wasted and accepts full responsibility for failure.
What does an entrepreneur do?
For anyone to qualify as an entrepreneur, he must be able to carry out certain functions which include;

• He should be able to identify opportunities;

• Be creative;

• Be able to duplicate existing results.

Every entrepreneur should be able to identify a need that can be met, tackled or solved. This solution to an existing need could be in the form of a product which can either be in the digital or physical form or as a service which would help people achieve more, provide comfort and satisfaction in life and business. Value can also be added to an already existing product or service and repackaged for sale.

So, every entrepreneur must be creative in order to remain relevant in whatever industry he or she operates in. Bearing in mind that there are people already established in different business niches, an entrepreneur must analyze what is already available and come up with better products and services, new technology, better ways of getting more profit out of his business model while improving customer experience and satisfaction on a regular basis.
With numerous competitors out there in the market marketplace, the entrepreneur should be able to duplicate an already existing product or service. The uniqueness of his product or service would then be an improvement on the weak points of his competitors.

The place of entrepreneurship education

Having said who an entrepreneur is and what he is expected to do, there is a need to explain what entrepreneurship education entails.
Entrepreneurship education involves acquiring relevant knowledge, skills and, attitudes which promotes better business experience. This education would equip an individual to make use of their creative ability to solve pressing needs in society, seize opportunities that come their way and reduce dependency on government to create jobs.

What skills do I need to effectively learn to be an entrepreneur?

There are lots of traits, skills and, characteristics which everyone who wants to be an entrepreneur should develop in order to succeed at it. These traits which the entrepreneur should have include;

• Creativity
• Risk-taking
• High energy and drive
• Organization
• Task-oriented
• taking initiative
• Build trust
• Draw financial statements
• Make relevant decisions concerning the business

Channels of learning

Classroom learning
Online learning
Homeschooling

Classroom learning
This kind of learning involves teaching students the rudiments of successfully running a business within a classroom or specified locations. Workshops also fall under this form of learning.

Online learning (e-learning)
This method involves teaching entrepreneurship on the web using different online tools like webinars, online courses, youtube videos, apps and the likes. This learning set up is usually open to all learners as long as there is an electronic device that can be used to learn and, an internet service. Many online schools like Coursera, Khan Academy, and teach different courses that would be beneficial to the entrepreneur.

Homeschooling

 Though homeschooling is gaining momentum in many parts of the world, some people are yet to utilize this method. In this method, the rudiment of business is taught by a parent or a tutor within the home environment of the learner. For this form of learning, the parent or tutor can serve as teacher and mentor to the learner.
  
Reasons why everyone should learn entrepreneurship

There are several  reasons why entrepreneurship should be taught in schools they include but are not limited to the following;

1. Job creation
2. Results in higher self-esteem
3. Brings about financial gain
4. The economy of the society grows
5. Reduces poverty and dependency levels
6. Results in the development of positive traits.

Job creation:   with entrepreneurship comes the need to create jobs for others. Irrespective of the business niche, there will be a need to employ people to execute certain tasks associated with certain aspects of the business for which the entrepreneur may not have the skill. An entrepreneur who is weak in the other organization would need to employ the services of an assistant either in a full-time capacity or an outsourced virtual assistant. When the business starts to scale up and expand, chances are that more hands will be employed for improved profit and drive business growth.

When people are taught entrepreneurship with practical sessions, the successes of the entrepreneurs leads to a corresponding increase in self-esteem and a desire to venture out into other territories. This boldness is founded on previous success and propels business owners to want to do better.

With more people taught and encouraged to do business, society will benefit as more SME’S will spring up, and grow the economy of the society with the payment of tax to the government coffers, employ more of the unemployed in society leading to a reduction in unemployment rates and an increase in gross domestic product of the society.

With everyone taught the basic rudiments of entrepreneurship in school. More people will be equipped to turn their innovation, product or idea into profit. Every business needs to make a profit if it is to be termed successful. So, the key elements to a profitable business needs, to be taught in school.

Teaching entrepreneurship in schools will challenge students to learn and read wide, enhance creativity and inculcate a positive outlook on life and business. When more people are hopeful of the financial gains they would likely get from starting a business, they will strive to be creative and step into the world of entrepreneurship.

Reduction in poverty comes with the creation of businesses as the creation of these new businesses creates opportunities for growth and expansion which will require more staff and jobs which translates to the lesser number of qualified people depending on others for survival as they can now fend for themselves.

Business  Growth           More opportunities for job creation                 Increased workforce                  Lesser dependents.

Lastly, when the attributes which enable entrepreneurs to succeed are taught in schools, students can achieve substantial success in their chosen business. Characteristics such as leadership, a delegation of duties, taking initiatives, risk-taking, management, and self-confidence can be developed.

Practical approach to teaching entrepreneurship

•  Start small business groups for practical involvement.
• Explain what market systems are all about.
• Help the students visualize the relationship between themselves as entrepreneurs, the market and the quality they will be giving to society.
• Discuss the market system and what it has to offer the society while exposing the student's ways to exploit the market for profit.