While 60% of youth want to start their own business, 90% of startups fail within the first five years of operation.
Want to know why entrepreneurial mindset is important?
There are numerous definitions put forward relating to the entrepreneurial concept and the enterprising person. Most of these definitions are problematic as they focus on the role of the entrepreneur in creating opportunities for economic growth and place the entrepreneur narrowly into an economic and business context. The entrepreneurship education in business schools, for example, is still on new venture management and the business planning process that goes with it.
This strong business stance neglects the pursuit of entrepreneurial behavior in wider personal and social contexts. It also fits less well with the current, almost universal, international, policy emphasis upon the relationship of entrepreneurial behavior to employability and the notion of developing an ‘Entrepreneurial Mindset’ in the population as a whole. The European Union describes this as a ‘key competence for all, helping young people to be creative and confident in whatever they undertake’ (EU 2006).
The entrepreneurial mind is seen as being central to wider graduate employability in general as well as a wide range of personal and organizational contexts. This demands that the concept, while still incorporating the establishment of new ventures in business, also embraces opportunity seeking, opportunity-realization, the pursuit of the entrepreneurial mindset, in any context.
The focus within IfDE’s educational context is therefore upon the ‘Enterprising Person/Entrepreneurial Mindset’ (displaying a number of behavioral and attitudinal attributes commonly associated with the entrepreneurial individual) in a wide range of contexts, be that within a business, social or personal context.
Participants in the Design Led Entrepreneurship program will go through an experiential studio-based education that combines theoretical rigor with practical applicability.
Various pedagogical guides have been applied to create the maximum impact. Each guide will form the educational tradition of ‘learning by doing’ to support the development of entrepreneurial mindsets of learners. The aim of each of these guides will be to support the development of entrepreneurial attitudes and behaviors, as well as building the capabilities, skills, and knowledge of an enterprising person.
The capabilities imparted to the student will be based on a Learning Outcomes Framework and will cover the following:
- Entrepreneurial behaviors, skills, and attributes including emotional intelligence
- Preparation for the ‘way of life’ of the entrepreneur
- Entrepreneurial values and ways of doing things, feeling things, organizing things, communicating things and learning things experientially
- Entrepreneurial behavior and management in different contexts – not just business
- Ideas harvesting, grasping and realization of opportunity
- Managing entrepreneurially, holistically and strategically (know how)
- Managing and learning from relationships (know who)
By the end of the programme, students will be able to:
- Respond positively and effectively to problems in unfamiliar contexts
- Apply new ideas, methods, and ways of thinking
- Engage with a range of stakeholders to deliver creative and sustainable solutions to specific problems
- Communicate effectively both orally and in writing
- Work effectively with colleagues with diverse skills, experiences and be able to critically reflect on own practice
- Consider the ethical and environmental issues and responsibilities into account when making decisions
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