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Entrepreneurship education |
Entrepreneurship
education seeks to provide students with the knowledge, skills and motivation
to encourage entrepreneurial success in a variety of settings.
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FUNCTIONS OF Entrepreneurship education |
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To provide
meaningful education for the youths, which could make them self-reliant and
subsequently encourage them to drive profit and be self-dependent
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To provide small and
medium sized companies with the opportunities to receive qualified graduates
who will receive training and tutoring in the skills relevant to the management
of the small business centres
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To provide graduates
with training in skills that will make them meet the manpower needs of the
society
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To provide graduates
with the training and support necessary to help them establish a career in
small and medium size businesses
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To provide graduates
with enough training that will make them creative and innovative in identifying
new business opportunities
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To stimulate industrial
and economic growth of rural and less developed areas.
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To foster
entrepreneurial mind-sets, skills and behaviours among the recipients
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To empower students
with the competencies and skills necessary to prepare them to respond to their
life needs, including running their own business, so that they become
productive citizens
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To develop
innovation in youths and develop their skills to identify, create, initiate and
successfully manage personal, community, business and work opportunities
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To increase the
awareness and understanding of the process involved in initiating and managing
a new venture as well as to enhance the public’s perception of learners of small
business ownership as serious career option
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To identify and
stimulate entrepreneurial drive, talent and skills to undo the risk averse bias
of several analytical techniques and to devise attitudes towards change
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PROCESS OF ENTREPRENEURSHIP |
a) Discovery: the
stage in which the entrepreneur generates ideas, recognises opportunities, and
studies the market. An idea is a concept for a product or service that doesn’t exist
or is not currently available in a market niche. It may be a brand new concept
or an improvement of a current product.
b)
Concept Development:
Develop a business plan; a detailed proposal describing the business idea.
Important components of business plan: executive summary, mission, company
overview, product, the market, marketing plan, risk employee’s management etc.
c)
Resourcing: The
stage in which the entrepreneur identifies and acquires the financial, human,
and capital resources needed for the venture start up etc.
d)
Actualisation: The
stage in which the entrepreneur operates the business and utilizes resources to
achieve its goals.
e)
Harvesting: The
stage in which the entrepreneur decides
on business’s future growth development or demise.
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PHASES OF ENTREPRENEURSHIP |
a) Sensitising: Preservation and
stimulation of faculties of creativity and initiative. Mobilising and
encouraging students for new business formation as a career prospect. Students
are informed about opportunities, challenges and risks of entrepreneurship,
enterprise formation and self-employment.
b) Training and qualification:
Entrepreneurship training offers the essential skills including drafting
business plans, finance, accounting, project management and intellectual
property management. Qualification and training can be offered by qualified lecturers
and coaches in business plan seminars and entrepreneurship workshops
c)Coaching: business take off in post formation period requires support a networking. Support activities include business plan and coaching. Networking activities focus on the arrangement of contacts to partners-financial institutions; venture capitalists, business angels- legal supporters; patent attorneys, auditors and accountants.
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