Entrepreneurship has been studied since the 1600s when Adam Smith wrote about economics. In the 1940s, Joseph Schumpeter popularized the idea that economic development was most possible when capitalist systems supported visionaries by supplying necessary resources and credit. Since 1980, the Consortium of Entrepreneurship Education has set standards for vocational programs and entrepreneurship education by running conferences, providing resources and communicating effective ways to prepare future leaders.
Entrepreneurial education policy and procedures define how to provide instruction necessary to develop the traits and behaviors associated with successful businesses. These documents detail how the established entrepreneurship competencies are most effectively learned through a combination of formal educational courses and real-life practice. Policies and procedures function like a recipe or prescription for deriving achievement. Standards also enable creating assessments that allow entrepreneurial education program coordinators to compare their students' results to established criteria.
Entrepreneurs are found in every occupation and at every level. Entrepreneurship education policy and procedures cover how to teach awareness about different types of key concepts such as generating ideas, determining feasibility and assessing risk associated with ventures.
These procedures also identify the basic business acumen required for starting a successful business. These skills include being able to explain marketing management techniques, human resource management and strategic planning. Other critical skills include dealing with conflict, making effective presentations and negotiating contracts. Entrepreneurship education policy and procedures support educators in developing creative problem solving in all these areas.
Educators are better able to assist entrepreneurs with their own development if they follow policies and procedures designed to complement the entrepreneurial life cycle. By providing support beginning at the strategic development phase and extending through reaping the rewards, entrepreneurship education covers the whole range of activities. The use of case studies and simulations adequately prepares students for the complexities associated with managing an emerging business and realistically portrays the amount of effort required.
Student entrepreneurs experience the most success when they take responsibility for their own learning. They should rate themselves against established success criteria in their fields to determine where to focus their study. By customizing their own curriculum, they will best make long-term gains. Rather than solely relying on teacher expertise, a student should seek out fellow students, alumni and potential investors to help manage his development.