Dropouts, outliers, and mavericks are all terms used to describe young businesspeople. However, creating a productive environment for student entrepreneurship requires supporting individuals who may be competent but may not realize it. As a result, since this is a collective effort, a clear vision is needed. The following are a few training components that this ecosystem must offer:
What if starting a business is viewed as an opportunity to make money? The “Art of Entrepreneurial Success” should be reframed as the “Science of Creating Predictable Wealth” for students, parents, and teachers.
Differentiate Between Projects and Entrepreneurship
The difference between a school or college project and genuine entrepreneurship has become blurred. Many colleges and institutions form project teams and refer to themselves as incubators. An incubator is merely a hospital for a short period after birth. With the help of a real entrepreneurial ecosystem, the newborn will grow into a healthy adult. As a result, distinguishing between a project, a product, a business, and entrepreneurship is critical.
A project is a step to building a product or service; a product that has a paying customer and can be reproduced or scaled is the basis of the business.
A business is the creation of a successful entrepreneurial venture, which includes several functions such as sales, marketing, finance, production, and customer service.
Understanding how a business idea will affect potential clients and its viability economically is an essential component of mentorship in the ecosystem. The revenue model is determined by the economic increase in value or time savings that is built into the innovation. The learning process must therefore include providing students with the tools they need to come up with winning ideas. Mentoring should ideally consist of both successful business owners and corporate leaders with operational, financial, and marketing expertise.
Entrepreneurs know how to filter opportunities because changing a business plan on paper is easier, cheaper, and faster than doing so in the marketplace. Students must be trained to embrace failures and learn from them.
Student entrepreneurship relies heavily on teamwork and collaborative learning. A culture like this is the foundation for future value creation. The bond and trust between team members determines whether a team can manage challenges.
Access to Capital
Every business relies on capital to survive. Student entrepreneurs must learn how to raise appropriate capital in terms of size, type, and timing. Such learnings must be enabled by the ecosystem, which must include both public and private funding sources. Student entrepreneurs must learn how to access non-controlling growth capital.
A student entrepreneurship ecosystem must help students connect the dots. Entrepreneurship is the process of creating, retaining, and growing wealth for all shareholders. Wealth creation metrics are based on sound business models. Entrepreneurship should be taught to students as a methodical approach to capitalising on one’s passion in order to create wealth for all shareholders.