Teaching students how to conceptualize, plan, organize and grow personal businesses can increase their chances of financial success in an ever-changing job market. Teaching entrepreneurship skills to students can benefit young learners whether they want to work for established companies or start their own businesses. Teaching entrepreneurship offers several types of benefits:
- Financial — students can learn financial management and basic accounting skills through business bookkeeping tasks. Students may learn to write a business plan and identify funding sources.
- Emotional — students can develop self-confidence by learning how to transform consumers’ needs into financial opportunities. Learning how to think creatively and generating ideas can boost self-esteem.
- Psychological — students can develop initiative by learning to grow their own enterprises. Taking ownership of the mistakes and successes involved in building a business increases self-reliance and enhances critical-thinking skills.
- Social — students can learn how to successfully communicate with a diverse range of business professionals and consumers to develop market opportunities.
The following are seven tips for teaching entrepreneurship.
1. Definition and Benefits
First, clarify the definition of entrepreneurship and how it may benefit students on their career paths. Identify entrepreneurship in curriculum and instruction as an alternate career path for those who would prefer to work in fields other than business.
Discuss the individual strengths and skills common among successful businesspeople, such as determination, risk-taking, self-motivation, leadership, creative thinking and a love of learning.
3. Discover Business Ideas
Have students list their personal hobbies and interests. Each item on the list is a potential market, so students can brainstorm business ideas that appeal to them personally.
Starting a successful business may ultimately involve additional education. For example, a student may need to earn a professional certification in computer technology to confidently start a computer services business. Aspiring finance professionals may find accounting classes at local junior colleges that offer the necessary bookkeeping know-how.
5. Financial Skills
Touch on basic business accounting and discuss the apps that can help. Teach students how to write a simple business plan by referring to the step-by-step guide available on the U.S. Small Business Administration website. A carefully devised business plan can be a dependable guide in the early stages of a startup.
6. Tax Requirements
In the U.S., a business owner may be responsible for paying local, state and federal taxes. The most common small business taxes are income- and employment taxes. Ask students to search SBA.gov for tax information for their states and then demonstrate how to set aside a percentage of their earnings to pay taxes.
Discuss basic marketing strategies such as networking and market research. Touch on print and online advertising opportunities such as newspapers, magazines, blogs and social channels.
Teaching students about entrepreneurship can inspire young people to successfully start and manage their own businesses. Entrepreneurship may give students more opportunities to exercise creative freedom, improve self-esteem and take control of their futures.
Learn about the LSUS online M.Ed. Curriculum and Instruction program.
Have a question or concern about this article? Please contact us.