Planting the Seeds of Effective Entrepreneurship by Teaching Risk, Advising, and Design through Growth.

Abstract

In order to be successful, new entrepreneurs must learn to know their tolerance for risk, the ways to grow a business, and how to adapt their organization’s structure for success.  This study explores several relevant teaching methods for helping entrepreneurship students learn essential concepts and skills.  Recommended teaching techniques include: Using realistic risk assessments that include having students address what their personal consequences of failure might be, development of individual business plans to mimic the commitment and ownership experience by entrepreneurs, accessing advisors while creating their business plans, and simulating rapid growth and consolidation as a platform for learning key concepts of organizational structure, design and change practices.  The practical and vivid nature of these teaching techniques contributes to their potential for retention and use by students in their future entrepreneurial organizations.