Masuku Nsuku
22219413
TEMS701
Introduction
Whether or not a society can be called ‘entrepreneurial’ depends in part on the
legitimacy and esteem accorded to those who pursue the entrepreneurial route.
Communities, programs, individuals should comprehend that entrepreneurship can
thrive to create more jobs and wealth.
According to Formica, Entrepreneurial studies and lessons in schools foster interaction
and networking. They embed entrepreneurship in academic culture in order to achieve
economic returns from the knowledge generated through research projects, empowered
teams of teachers, students and business people, face-to-face and electronic
relationships, and networked enterprises emerging from their spin-off activity.
Purpose
Entrepreneurial education is according to Jones” the process of providing individuals
with the ability to recognise commercial opportunities and the insight, self‐esteem,
knowledge and skills to act on them. It includes instruction in opportunity recognition,
commercialising a concept, marshalling resources in the face of risk, and initiating a
business venture. It also includes instruction in traditional business disciplines such as
management, marketing, information systems and finance”.
In this regard, the purpose of this study is to show effect of entrepreneurship in
Economic Management Sciences, with emphasise on start up businesses, learner
programs, business skills and mindset as well as acquiring capital. Consequentially, a
major route for individuals seeking change not only one’s own life but also the fate of a
region and even the destiny of a country.
Findings
In my personal observations with lessons with my pupils, we do something called an
entrepreneurs day with the Grade 7 EMS learners. Learners are taught the basics of
entrepreneurship. Such as Costs, Mark-up and profits. Learners are given a full day at
school where they are allowed to practice their entrepreneurship lessons in real-life.
They have to all contribute a certain fixed amount to be used as capital, for example
R100 per learner.. they then have to do a quick research class by class to find out what
their customers are willing to pay. Follow by what they think they are able to sell. For
example, something that fits their budget. Once the cost for selling goods has been
determined now indirect cost has to be taken into consideration; for example, transport,
packaging etc.
The buying of costs of sales gets underway. Learners then have to put a mark up percentage on all the cost of the items to
determine the selling price. Learners then get to sell products all day at the mark up price.at the end of the day, they have to
subtract the selling price from the cost that then gives us the profit. In this Instance, cost of sales can be R500, mark up could be at
50% which is R250. The selling price is therefore at R750.00., which then means the profit is R750.00 minus R500.00 (equivalent to
profit of 250.00)
Furthermore, teaching this basic entrepreneurial concepts allows learners to understand
the true meaning of entrepreneurship. It takes learning outside the classroom into their
everyday experiences. When entrepreneurship is done, learners have to divide the
profit amongst themselves.
These practical’s lessons demonstrates that young people will be able to successfully
lead their start-up initiatives through their diversifications, networks and leadership and
learning Therefore, it is important to make such a network and leadership-based
entrepreneurship become foundational in our southern African neighbouring nations, by
developing the unique characteristics and strength of the students. More especially in
the studies of ems.
Conclusion
In conclusion, this paper proposes practical implementation for robust economic
sustainability and grassroots development for learners to strive in market based
research and entrepreneurialism. Lastly, administrators involved in developing
assessment initiatives for entrepreneurship education programs, including, the use of a
learner to educator ‐driven approach for setting assessment priorities, and the need to
allocate financial, mental and physiological resources to practical initiatives so they can
be sustained long term and foster successful entrepreneurship from a young age.
(690 words)
References
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Planning for entrepreneurialism in a rentier state economy: Entrepreneurship education
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A contemporary approach to entrepreneurship education. Colin Jones, Jack English.
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Entrepreneurial universities: the value of education in encouraging entrepreneurship.
Piero Formica. Industry and Higher Education 16 (3), 167-175, 2002