Hank [BS/MSEE,
MSM $$$, Ph.D. Mgmt] teaches
The question is does it work? Does all this educational activity actually produce more (and more successful) entrepreneurs? The consensus seems to be—as you might expect—yes and no.
What matters, Experience or Education?
Many entrepreneurs, particularly serial entrepreneurs, tend to argue that the secret of their success is that they have already created similar business (and often failed at them) before. In other words: experience.
On the other hand, equal numbers will admit that they could usefully have used knowledge and skills in areas such as marketing. In other words: education.
Education may show you how to avoid pitfalls
And this is the area where entrepreneurial education seems to offer something. No one really claims that a major in entrepreneurship will turn you into the next Steve Jobs. But learning how to write a realistic business plan, seeing how venture capitalists actually operate and just observing successful entrepreneurs in action may at least show you some of the pitfalls and how to avoid them.
Entrepreneurial education does seem to have a definite cash return
But in any case, entrepreneurial education does seem to have a definite cash return on investment. Academics from the University of Arizona carried out a survey for the Kauffman Foundation tracking the career progression of graduates of entrepreneurial programs. Admittedly, this covered the period 1985-1999, an epoch marked, especially towards the end, by some irrational entrepreneurial and VC behavior. Even so, they found that compared to other alumni students of entrepreneurship courses tended to make more money and their firms to grow more rapidly. They were also more likely to work for high-tech companies and to be instrumental in new-product development.
The study found that after controlling for personal and environmental factors, “entrepreneurship education increased the probability of …being involved in a new business venture by 25 per cent…”
three times more likely to be self-employed
It also found the students were three times more likely to be self-employed, more likely to be employed full time, and less likely to work for government or non-profit entities, and to have annual incomes 27 per cent higher and own 62 per cent more assets.
Income of the graduates higher
“Controlling for personal characteristics, entrepreneurship education increases the income of graduates by $12,654,” the study’s authors deduced. Controlling for individual characteristics, entrepreneurship graduates working for large firms earned about $23,500 more than their counterparts. So, even though you don’t want to be Richard Branson, maybe that entrepreneurial course may be useful in the long term.
From here: & my thanks to former ENTR200K student Nwokedi cited below for passing this most relevant link for a semester start! So what are your thoughts/comments? Hank
Nwokedi C. Idika
Doctoral Student, Computer Science
President, Black Graduate Association
http://www.purduebga.org/
nidika@exchange.purdue.edu
yes, i am paying 26,000 dollars in the hopes that it works. like anything, teachers of entrepreneurships give expertise. the only other why is to become a business owner yourself and make costly mistakes
I will not care if it works, but it would be appreciated if it did. This entrepreneurial class will give me the know how to make things in the real life go easier. I think the best way to learn is to take an internship or work at a company in a team. I realize people have different outlooks, but if you do not take a step in a direction you will still be stuck in making decisions and not doing anything.
I want to take away from this class a foundation to start building upon. I believe that you can only take so much from a textbook. Just because you read the book, doesnt mean you will have a successful business. you need the drive and passion to get it where you want to be.
I think Entrepeneurship Education only works if you want it to work. I think most of us (or atleast I am) are interested in being entrepeneurs one day and that’s why ‘’students have annual incomes 27 per cent higher”. I mean I want to be an entrepeneur one day and I think that that same passion, interest or whatever you want to call it made entrepeneurship grads so succesful. With the proper motivation (which would make you take the entrepeneurship class) and the proper education (entrepeneurship class) you should be able to be succesful.
I’m not saying people who don’t take this class will fail, but I think people who do want to be succesful entrepeneurs will be (if they have the chance) more likely to take this class and thus allow themselves the opportunity to learn some of the pitfalls and how to avoid them and stuff like that.
I mean who do you guys think will be more likely to make a scientifical breakthrough: the person who was really interested in science in college and took science classes or a 12 year old playing with chemicals. (Ok, maybe not the best example) Sure, with some logical reasoning, several tries and/or luck the kid will make the breakthrough, but the scientist is just so much more likely to succeed, just because a) he wants it and b) because he had the proper training.
So again: If you want this class to work, it’ll work. If you’re not really that excited/motivated/… then maybe you should rethink if you really want to take this class.
Just my two pence
I believe that entrepreneurship education can be very helpful in teaching you the steps needed to start your own business. Having experience will help you out a lot but if you learn from others mistakes or from someone who has done it before you can avoid making costly mistakes.
I think this class will really help me be able to organize a business idea in a way that I could actually make it happen. I have always wanted to start my own business but have not yet come across a great idea, and if I have in the past, I never thought it was possible to put it in reality.
I think that entrprenuership definatley gives you an advantage over other students. You are constantly thinking outside the box and running you life with business in mind. While other students are learnign just general studies you can use your business ready mind to always have your eyes on the “bottom line”. You can always find a way to create incoming funds primarily from your ideas. I believe in myself most so why not for my future finance.
While experience is a great way to learn I think you can learn alot from someone who already has that experience too. It would give you a better start when you try it rather than not knowing anything and jumping in. Do you think you would do a better job swimming if someone talked you through it before or if they pushed you in?
I also agree with Jacque. i’ve had ideas but don’t know where to go with them. This class should help alot with that.
I think having that experience is a good thing but also taking risks in trying new things is also a great way to succeed. This class I hope allows us to use that drive that we know everyone has and put it into trying to solve those little problems that we face everyday. To achieve I know I have to take the knowledge given to me from this class and apply it to everyday life and keep striving for the ultimate best I possibly can.
An entrepeneur class will provide one with a strong background in business, and comminications. Not too mention the class appears to help make all around stronger students. Maybe it is not just what Entr200 teaches, but also how it is taught. The class forces us to think creatively and practice business habits which would lead to a more successful person in any endeavor, especially in starting up one’s own company.
I think Entreprenuership education serves as a tool for prospective entreprenuers to have a foundation to what they may do. I think if you allow yourself to absorb what you’re learning it could be a factor in your success. I do not believe that taking a course determines your success or failure for that matter. Like any other class what you put in is what you get out. Those persons with the drive to become an entreprenuer would probably be more likely to take the class seriously and take advantage of the lessons a teacher is trying to educate you with.
Real experience more powerful than just reading out of my text book. When you read and take tests you are simply proving that you learned the material. When you apply it to the business world in are successful in it, you have proven that you can take what you learn in school and apply it. I also think the things we’ll be learning in this class are so important because it will help us to avoid common mistakes when we take what we’ve learned to the real world…and also give us a huge advantage from the get-go in the stressful but so rewarding world of running your own business. I think we will be challenged in this class in many different ways, our brains will be stretched and we’ll be more creative and professional business people by the time we are done hanging out with hank. I’m excited about the projects in this class, and just learning from the successes and failures that we’ll talk about.
In starting and owning my own landscape business for the past 6 years and being a landscape horticulture and design major while at Purdue, I have learned that education is a wonderful tool that if taken advantage of correctly, can take you to a whole new level in your profession. However, I still say it comes down to 2/3 experience and 1/3 education. (Not trying to be exact, but you get the point) Especially if you’re like me, and you learn most effectively by doing. There’s just so many details that either are not taught, or taught and forgotten that you will have to deal with in the real world. That’s why I think the best thing your education can teach you is how to think critically and problem solve.
I think education and experience go hand in hand in a situation like this. Even after we graduate and have college degrees, companies will still be looking for people with experience.
I think you’re education is big because you have to be able to come up with an idea but then you have to be able to market it as well and if you cant do that then whats it really matter? You have a great idea with no experience on what to do so I would say that they really go hand in hand wiith one another for the fact that with education comes experience and with experience comes education.