Teaching entrepreneurship to students is important to show how being entrepreneurial early in life is a positive thing. They will learn the value of money, time management, and maturity that will prepare them for life.
By teaching entrepreneurship, students will also be able to examine the value of their skills and what they can do to improve these skills. In addition to teaching them the benefits of entrepreneurship, students should also be given a realistic description of the daily life of an entrepreneur so they have manageable expectations.
The best way to do this is to put them in groups. Students can start with the idea and how to present it. Business concepts such as SWOT analysis are introduced.
The most important part is to guide students to turn the idea into reality. They must discuss important decisions about marketing, networking, sales, financial planning, business operations, and obtaining financing.
Throughout this entire process, students must be instilled that being “in love” with their idea must be tempered with realistic expectations. The business model they propose must be feasible and, most importantly, it will attract customers.
Use real life case studies to demonstrate all the points that were made. Successful or unsuccessful, a solo venture or a company with employees – all of these types of start-ups should be shared with students so that they are aware of the things they will encounter when they start their business ventures.
Finally, it is also important to convey to them that although the risk of failure is real, what is important is the lesson learned. Who knows, these lessons learned would be essential down the line to make your next business venture a success.