Entrepreneurship can be an intimidating thought for some. However, the definition is sometimes misunderstood. You don’t have to start your own business to be an entrepreneur. An entrepreneur, whether a business owner or employee, solves problems for profit, which is essential to boost the economy.
One of the best times to cultivate an entrepreneurial mindset and instill values such as honesty, integrity and responsibility is during high school. It’s at this point we should instill our youth with the confidence to create jobs, succeed as an entrepreneurial employee and understand the value of a free enterprise system. Through entrepreneurship education we can:
Inspire Confidence and Teach Essential Values
Young people are creative and can be adept problem solvers. This type of know-how isn’t learned flipping the pages of a textbook – it’s understood through hands-on experiences. Entrepreneurship education helps students develop business skills, an ownership mindset and financial literacy. These skillsets better prepare young people for productive futures after high school, whether it’s by furthering their education, kicking off their careers or starting their own business.
Prepare Students for Success
According to a recent survey by Youth Entrepreneurs, a nonprofit organization that teaches entrepreneurship to high school students in 35 Kansas and Missouri schools, 96 percent of Youth Entrepreneurs students said they expect to apply the information they learned in class to their future education and careers. In addition to business and economic knowledge, Youth Entrepreneurs provides a network of resources for students to succeed both academically and professionally. One essential component involves their interaction with businesspeople. Having mentors who educate them on their options and help them develop ethical business ideas encourages students to pursue their dreams.
Close the Gap Between Class and the Real World
Young people have little to lose and much more to gain from educated risks in entrepreneurial practice. A Bill & Melinda Gates Foundation report shows 81 percent of high school dropouts say they would have continued schooling if they thought the classes were relevant to their lives. When students are provided the opportunity to build and implement a business plan, they take what they’re learning in math, reading, science and public speaking classes and begin to understand how it applies to their aspirations.
Spur Our Economy
Entrepreneurs spark economies by innovating and supporting local communities. The Bureau of Labor Statistics reports that nationally, only 0.3 percent of employed people ages 20-24 run their own incorporated businesses. Compare this figure to a recent Youth Entrepreneurs survey in which 11 percent of the 2012-2013 Youth Entrepreneurs class reported they had started a business. These numbers illustrate the power of entrepreneurship education and its impact on new business development.
Through embracing and supporting entrepreneurship education, we can inspire the next generation of innovators and guide them toward prosperity.
To learn more about Youth Entrepreneurs, visit our website and register for the annual Business for Breakfast fundraiser on Nov. 13 at The Gallery Event Space. Kansas City area high school students will share displays of their business plans with Kansas City businesspeople and learn entrepreneurial success stories from Jimmy John’s Gourmet Sandwich Shops founder, Jimmy John Liautaud.
