Teaching entrepreneurship to students is important in order to demonstrate how having an entrepreneurial spirit as early as possible in life is a positive thing. They will learn the value of money, time management, and maturity that will prepare them for life.
By teaching them entrepreneurship, students will also be able to examine the worth of their abilities and what they can do to improve these abilities. Hand in hand with teaching them the benefits of entrepreneurship, students should also be given a realistic description on the daily life of an entrepreneur in order for them to have manageable expectations.
The best way to go about this is to put them in groups. The students can start with the idea and how to expound on it. Business concepts such as the SWOT analysis are introduced.
The most important part is to guide the students in turning the idea into reality. They should discuss important decisions on marketing, networking, sales, financial planning, business operations, and getting financing.
All throughout this process, it should be drilled into the students that being “in love” with their idea should be tempered with being realistic expectations. The business model that they come up with should be feasible, and more importantly will attract customers.
Make use of real life cases studies to demonstrate all points that were being discussed. Successful or unsuccessful, a solo venture or a business with employees – all these types of start up businesses should be shared with the students so that they will be aware of the things they will encounter the moment they start their business ventures.
Lastly, it is also important to impart to them that while the risk of failing is real, what is important part is the lesson learned. Who knows, these lessons learned would be essential later on in making the next business venture a success.
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