Evolution of Entrepreneurship Education

Introduction

Entrepreneurship is seen worldwide as a means to grow the world's economy. Universities throughout the world are therefore developing entrepreneurship education that can be taught to respond to this new demand. The entrepreneurship field is dynamic and requires constant research to be carried out in this area. The new research in entrepreneurial research contributes to new knowledge in the field, which students need to keep updated about to keep abreast of the changes that can occur in this business sector.

The critical themes to be discussed in this chapter are as follows:

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  Background into Entrepreneurship and its Impact on Society and the Economy

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  Unpacking the Concept of Entrepreneurial Education

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  The Importance of Entrepreneurial Education

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  Teaching Entrepreneurial Education Programs within universities

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  Areas of Future Research

The discussion below will serve as a starting point and highlight the background of entrepreneurship and its impact on society and the economy.

Background

Entrepreneurship and Its Impact on Society and the Economy

One of mankind’s main challenges in societies across the world is the issue of poverty alleviation. As more graduates flood the market, inflation, electricity shortages, wars, diseases, and a world economy tethered on depression make employment difficult. A way forward for these unemployed graduates is entrepreneurship. Taking up opportunities within the business environment and opening up small business ventures within their communities and countries is what makes entrepreneurs so well respected and dynamic thinkers of this century. Dutta, Li, and Merenda (2011) posit that entrepreneurial ventures help to maintain the economic vitality of a nation in a variety of ways including opportunity recognition, the generation of new business ideas, economic activities, value creation, and employment generation. Mohammed (2018) indicates that entrepreneurship is a type of activity in which a business owner arranges the four factors of production into four basic components: vision, invention, risk - taking, and business organization. Qian and Lai (2012) add that an entrepreneur is a person who, by critical thinking, establishes a new business that did not exist earlier.

Vermeulen (2011) advocated that SMEs contribute the following to the economy:

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  SMEs are the engine of growth;

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  SMEs are essential for a competitive and efficient market;

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  SMEs are critical for poverty reduction; and

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  SMEs play a particularly important role in developing countries

Sutter, Bruton, and Chen (2019) argue that entrepreneurship is universally accepted as a panacea for poverty reduction and job creation. Governments in many countries are investing in entrepreneurship and small business development. Shane and Venkataraman, (2000) are of the opinion that entrepreneurship generates creativity and change, especially technical change, and thus works to achieve economic growth. Van - Praag and Versloot, (2007) add that entrepreneurship is widely regarded as being the primary driver of economic, technological, and social progress, with entrepreneurs widely viewed to be the ‘agents of change’. Bayarçelik and Taşel (2019) suggested that entrepreneurship has been accepted as one of the vital factors that contribute to the advancement of the nation’s economy. Xavier et al. (2013) add that the Global Entrepreneurship Monitor (GEM) in a multi - country survey, has made stout inputs to the understanding of the concept and nature of entrepreneurship and how the various types of entrepreneurship have an effect on economic growth across different countries and world regions.