Build an ecosystem for student entrepreneurship

Fostering student entrepreneurship is a community effort that requires a consistent vision

Fostering student entrepreneurship is a community effort that requires a consistent vision

Too often, we hear young entrepreneurs described as dropouts, outliers and mavericks. But building a successful ecosystem for student entrepreneurship requires developing people who are capable but may not know it. So this is a community effort that requires a consistent vision. Some of the training elements that this ecosystem has to offer are:

Wealth thinking

Adults tend to view entrepreneurship as a risky and precarious career for students. What if entrepreneurship is seen as an opportunity to create wealth? What we need to do is to reinvent the “art of entrepreneurial success” as “the science of creating predictable wealth” for students, parents and teachers.

Distinguish between projects and entrepreneurship

The lines between school/university programs and true entrepreneurship have blurred. Many universities and colleges have established project teams and call themselves incubators. An incubator is just a hospital for a short time after birth. A true entrepreneurial ecosystem will help newborns grow into healthy adults. Therefore, it is necessary to distinguish between projects, products, businesses and entrepreneurship.

A project is a step in building a product or service;

A product that has paying customers and can be replicated or scaled is the foundation of the business.

A business is the creation of a successful entrepreneurial business that includes multiple functions such as sales, marketing, finance, production, and customer service.

guide

Understanding the economic impact of a business idea on potential customers and their viability is a key part of coaching in the ecosystem. The economic gain in terms of value/time savings from the design into the innovation determines the revenue model. Therefore, having students design competitive solutions must be part of the learning process. Ideally, mentoring must combine successful entrepreneurs with business executives with operational, financial and marketing experience.

filter

Entrepreneurs know how to filter opportunities because it is easier, cheaper and faster to change a business plan on paper than on the market. Students must be trained to accept failure and learn from it.

Create value

Student entrepreneurship is about building teams and learning together. This culture is the basis for future value creation. A team’s ability to meet challenges depends on the bond and trust among team members.

access to capital

Capital is the lifeblood of an enterprise’s survival. Student entrepreneurs must learn to find the right type, size and timing of capital. Ecosystems must be capable of such learning, including funding sources such as government and private individuals. Access to uncontrolled growth capital is a must-learn discipline for student entrepreneurs.

The ecosystem of student entrepreneurship must help students connect the dots. Entrepreneurship is the creation, retention and accumulation of wealth for all shareholders. The measure of wealth creation is based on a sound business model. Students must be taught that entrepreneurship is a methodical approach that inspires an individual’s passion to create wealth for all shareholders.

The author is the managing partner of U Group LLC and has mentored entrepreneurs

Source

Also Read :  Inflation adds cost to menstrual products on top of the 'pink tax'

Leave a Reply

Your email address will not be published.

Related Articles

Back to top button