According to Gallup, we need a minimum of 2 million startups per year to keep our economy strong. Unfortunately, we’re currently running at roughly 400,000 a year. One way to encourage a new generation of company founders is to put a stronger emphasis on business and entrepreneurship education in high school.
Young people are naturally creative problem-solvers who are inspired by unfettered dreams and imagination. Teaching business and entrepreneurship in the classroom can connect students’ passions with practical skills they can carry with them their whole lives.
Entrepreneurship education teaches personal and professional skills young people will benefit from for a lifetime. Students develop an understanding of economics, the marketplace, sales, research and financial literacy. They gain confidence, diligence and job readiness. Students also grow to understand the ethics necessary to operate their business with high integrity.
Youth Entrepreneurs is a nonprofit that teaches free enterprise and principled entrepreneurship fundamentals to high school students in Kansas and Missouri through a yearlong elective course. We define entrepreneurship as “solving problems for profit.” Whether students start their own businesses or bring entrepreneurial mindsets to companies (intrapreneurship), they develop a self-starter mindset that puts them on the pathway to success.
Thriving with Hands-On Learning
According to the Network for Teaching Entrepreneurship, 7,000 American high school students drop out every day. Eighty-one percent of dropouts report they would have stayed in school if it were relevant to their lives. Students are more engaged when they realize school can put them on the pathway to prosperity. Instead of reading from a textbook, aspiring entrepreneurs should engage in hands-on learning by creating business plans, giving presentations in front of classmates and working alongside mentors.
Entrepreneurs can play a tremendous role in the classroom by serving as mentors. The adults in students’ lives are typically teachers and family members, so introducing students to business professionals opens their eyes to new perspectives. Mentors share their stories, failures and advice while motivating students. Volunteer as a mentor for a business class or invite young people to shadow or intern at your office.
The practical skills they learn will serve as a strong foundation for success.
Entrepreneurs Fuel the Economy
The ultimate result of entrepreneurship education is that more young people will engage in solving problems for profit, creating a more prosperous and productive society. By educating the next generation of entrepreneurs, we not only help students pave the way to a productive future, but we also give them the tools to advance our economy.
