First article:’Businesspeople, Educators seek ways to teach students Entrepreneurship’
Educator trying to find an effective way teaching student entrepreneur skill. The traditional ways to let students gain the entrepreneurial skill is creating a business plan. To add more entrepreneurship lesson in the class can actually encourage more young people to start their own business. However, young adults usually may own poor financial situation and lack of working experience. Steve Blank, a veteran technology entrepreneur and lecturer at the University of California, stated that we misunderstand what is entrepreneurship. We think it is such a job that you can teach directly, such as accounting. Moreover, according to Dawn Bowlus, director of the University of lowa’s Jacobson Institute for Youth Entrepreneurship, educators trying to change the conversation so that learning entrepreneurship is not just creating a business plan.
Is there really an education needed to be an entrepreneur?
This is a question often asked by aspiring entrepreneurs. There are times even when those that have no educational business background are still able to make it big in the business world. On the other hand, most of the successful entrepreneur claims that it would take good education to be an entrepreneur. The important thing is to take enterprise education seriously because we can use them when the right time comes. Moreover, while student studying, they have to develop all the needed skills and characteristics of being an entrepreneur. An effective enterprise education may impart specific knowledge and skills to student. Moreover, it conveys a mindset which embraces a certain amount of risk and is ready to learn from failure. Unfortunately, most of the teacher may not have any experience being an entrepreneur, and some of them don’t even know a business owner.
What teachers do at the university is not what researchers say that they should do in the enterprise education, such as uncertainty and ambiguity, situated learning, team based learning, focus on value creation. The teacher do lectures, business plan creation, guest speakers and class discussions. The reason of those may because costly and complex, culture clashes, lack of methods, lack of incentives. This effect assessment of entrepreneurial education because when teacher do what they do today, there is a failure to show strong effects. There are also Methodological challenges. It is not easy to get to premature post measure and a control group and a treatment group in enterprise education
Is creating a business plan is a necessary part in Enterprise education?
Business planning, which can be planning for and with action, is a commonplace technique in enterprise education. In order to survive and develop our own business, we must adapt to the changing business environment, change their operating structure and seeking to develop new business. To achieve these objectives, we have to seriously predict future changes in the environment, enterprise and analytical results, according to the basic principle of setting corporate direction and goals of long-term development, and on this basis, work out in a timely manner on the business environment with a new business plan adaptation. The essence of the new business plan for the business is the company’s development strategy. It is the future direction plan of the business over an extended period, such as the scale of operation and operating results have an impact on the formulation of the future development of the enterprise global and long-term business policy and strategy. Therefore, to develop new corporate business plan, the analysis should be in a corporate environment and business capacity analysis conducted on the basis of the onus on the whole situation. Try to take risks, but also consider the real possibility, the current interests and long-term interests combine and to achieve long-term stability of interest-based.
1) Understand the market:
The purpose of writing a business plan is to describe the size of the market, the current operators of the potential business opportunities and future trends. If management team effectively to quantify the market size and segmentation of the target market that can be achieved, entrepreneur may understanding clearly of the company’s future development, without introducing excessive resource in the narrow market space; and the current operator products, services and recognize qualities, you can help the team to find a better marketing strategy and help define a clear target market, identify potential customers and business opportunities. ‘planning is an important precursor to action because it provides a framework within which subsequent action takes place’ (Ansoff, 1991).Moreover, As long as the plan put on paper, so as to ensure that improve your ability to manage the enterprise. You can also concentrate on dealing the deterioration of any deviation plan appears in the book before it is getting worse. He/ She has enough time for the future plans, do take precautions.
2) Essential for investors
As an entrepreneur needs money to start up a new business, they need founder. Entrepreneur needs to raise substantial start-up capital from institional investors or business angels. A good business plan is a key factor in obtaining loans and investments, to persuade some outside third party, such as bank. How to attract investors, especially venture capitalists involved in venture capital projects? This is a high-quality, content-rich business plan, will enable investors to faster and more effective understanding of investment projects, will make investors project with confidence and investment involved in the project, and ultimately achieve the role of raising funds for the project.
Business plan is an essential process for the project financing of investment. Every investor will receive a lot of business plan, business plan quality and professionalism has become a key business needs investment. Access to venture capital for entrepreneurs in the beginning, the first business plan should be produced as a top priority.
Why doesn’t need a business plan?
This study examined whether writing a business plan before launching a new venture affects the subsequent performance of the venture. The data set comprised new ventures started by Babson College alums who graduated between 1985 and 2003. The analysis revealed that there was no difference between the performance of new businesses launched with or without written business plans. ‘The findings suggest that unless a would-be entrepreneur needs to raise substantial startup capital from institutional investors or business angels, there is no compelling reason to write a detailed business plan before opening a new business.’ Lange et al(2007)
The phrase ‘unless a would-be entrepreneur needs to raise substantial startup capital from institutional investors or business angels, there is no compelling reason to write a detailed business plan’ merits discussion. Most venture capitalists require a business plan as part of due diligence. This doesn’t mean they spend more than ten minutes reading the plan, and it certainly doesn’t mean that they believe it.
Recent year, the enterprise education may not focus on how to create an entrepreneur, but they focus on bring skill and knowledge which involve in entrepreneurship. It may help student to understand business rather than being an entrepreneur.
The question of ‘is entrepreneur is born or made’? has taken on urgency recently. In this essay have discuss the view of the characters of entrepreneur cannot be learn and we can learn entrepreneurship skill by experience of taking business action. Considering the definition of entrepreneur that have been describe which may or may not be taught in the real world? Moreover, the material which use in enterprise education in recent year may not is the best method to teach student to being entrepreneurial.