How to Encourage Entrepreneurship Amongst Your University Students

Motivating students to develop their entrepreneurship skills is a critical step in setting them up for success after graduation.

The coronavirus outbreak has thrown the gradu

ate employment market into a state of fragility.

A recent survey has revealed that two-thirds of new university graduates in the UK have had job offers “paused or withdrawn” as a direct result of the coronavirus crisis. Reports have also revealed that many MBA recruiters have scaled back their hiring efforts while the global crisis continues, including Adobe, Visa, Wipro, and Facebook.

With so many industries badly hit by a forced reduction in business, many companies have no choice b

u

t to review their fin

ances and cut back on spending in order to survive.

However, t

here are certain i

ndustries that have benefitted from

the

current

state of the

world.

According to a report by Gulf News, there has been a surge in demand within the UAE for employees in the technology or e-commerce industry.

Unfortunately

, it has

also

been observed that

this demand is

mainly

for

“

high-end technology professionals who can help companies through their digital transformation,”

a request that

graduates

are unlikely to

fit

.

Even without the recent

uncertainty

produced by the

current pandemic, the graduate employment

market is

typically

a challenging and competitive environment.

A report by

the

New York Federal Reserve Bank revealed that in 2019, before the pandemic had emerged, the unemployment rate for college graduates in the US was at an all-time high.

G

raduates

of

certain

subjects were in a worse position than others

,

including the

liberal arts, media, performing arts, ethnic studies, criminal justice, anthropolog

y

,

and philosophy

.

These graduates faced

an unemployment rate of over 6%

;

close to double the

national

average

.

Insights such as these demonstrate the importance of equipping university students will the skills needed to stand out

to employers.

Some of the most valuable skills

in the employment market

nowadays

are

closely

tied

to

the concept of

e

ntrepreneurship

.

E

ntrepreneurship is

used to

describe

the

process

of

creatin

g

and running

a

new busines

s

,

yet it is the skills

associated

with

this activity that

are

desperately

needed in

many

industries

today.

Ten of the key sk

ills

seen

in entrepreneur

s,

as identified by Forbes, include:

• Curiosity
• Time management
• Strategic thinking
• Efficiency
• Resilience
• Communication
• Networking
• Finance
• Branding
• Sales

According to The Guardian, “big companies want to employ what are known as ‘intrapreneurs,’ people who can create change within a firm and break through institutional inertia and bureaucracy.”

Therefore

, these skills are not only needed in graduates looking to set up their own companies, but also in the employees hired to reinvigorate

large and established organizations.

However, the

QS 2019 Global Skills Gap Report reveals that many university graduates are missing the entrepreneurship skills needed for the workplace. As identified by employers, the report shows that the most common skills that graduates are lacking are problem solving, resilience, communication, and creativity; all of which are present in entrepreneurs. The report also shows that employers consider problem solving and communication to be two of the most importance skills they look for in an employee. These insights highlight the failure by higher education institutions to provide students with skills that will help them enter the workplace as innovative, forward-thinking, and efficient workers. Staff with the entrepreneurship mentality are more likely to help business owners drive their companies forward and progress in a positive direction.

It

’s crucial

that

universit

ies acknowledge the value of teaching entrepreneurship to

their

students

;

prioritiz

ing

the learning of

related

soft skills

as well as subject-specific knowledge.

Beyond the benefits entrepreneurship can bring to

already

established businesses,

inspir

ing

graduates to

create

their own companies

is a crucial part of

s

timulating

economic growth.

New businesses ventures help to “create jobs and contribute to a growing economy.” So, how can universities encourage entrepreneurship among their university students? Teaching

One of the most fundamental steps in producing graduates with

entrepreneurship

skills

is reviewing your institution’s approach to teaching.

As explained by the

Higher Education Policy Institute (HEPI), “university courses are too often limited to the theoretical.”

They explain further that

,

“

w

hile this may develop students’ problem-solving

skills,

most students have no idea how to actually implement a real solution to a problem they have written about in an essay or thesis.”

Institutions must prioritize employability; not only equipping students with the right soft skills but also ensuring they know how to utilize these

skills

in real-life scenarios.

However,

according to Jonny Rich, consultant for HEPI, many academics don’t see the employability of their graduates as being their responsibility.

He writes

:

“

It’

s hardly surprising that people who have devoted their lives to study, research

,

and teaching do

n’

t necessarily have a great interest in, nor enthusiasm for, the attributes that the world beyond academia values highly.”

Senior staff members at your institution have a responsibility to encourage

their

teaching staff to proactively implement employability

training

as part of their courses, no matter the

ir field of study

.

According to a report by the

European Commission, the benefits of entrepreneurship education are evident.

Students who

take part in

entrepreneu

r

ship

education

“have better jobs and make more money”

and are

“

at lower risk of being

unemployed

and

are more often in steady employment.”

Th

is

can be attributed to having the right skills for the graduate employment market

,

or for some,

the drive to create

successful

businesses of their own.

According to the All Party Parliamentary Group for Entrepreneurship, these insights make the case in favor of “university-wide entrepreneurship training, not just targeted at students looking to set up their own businesses, to foster an entrepreneurial culture.”

In

order to produce graduates that are attractive to

future

employers, your institution must put time and resources into developing entrepreneurship education

that can then be implemented

throughout

the

curriculum.

Extra-curricular activities

Entrepreneurship

is

not only learnt in the classroom but also during time spent

participating in

extra-curricular activities.

Clubs and societies

are an excellent way of expanding the skill set of students

in

order to prepare

them for the workplace

.

To

develop

entrepreneurship among your students,

you can also

encourage them to take part in

one of the many

business workshops and competitions

that exist today.

NESTA Challenges provide a range of opportunities for innovators to “help solve pressing problems that lack solutions.”

One of their most recent challenges

, the

CareerTech Challenge even aims to solve the very issue of employability itself.

It asks

for

the development of digital innovations that

will “improve people’s working lives and unlock employment opportunities.”

While t

h

is

challenging

competition is open to all

,

there are

many

other

opportunities b

uilt solely

for the participation of

higher education students.

The Shark Tank of Wellness competition is a global challenge that asks university students to present “their innovative and viable business ideas for the wellness industry.”

The 20

19 winner

was

Jazmin Darling, a student a

t

Georgia's Savannah College of Art & Design

,

who won

for her “WEL organic organizers

,

which are designed to

increase the longevity of fresh produce while stimulating healthy eating habits through visualization.”

Case studies and

guest

s

peakers

are also an excellent way of demonstrating the value of the entrepreneur mindset to university students.

According to Forbes, putting students “face-to-face with real-life business situations” is an effective method of spurring curiosity in students, and helping them to “dig deeper into processes and procedures that executives follow to make decisions.”

T

o inspire entrepreneurship

amongst

your students,

i

t’

s important that case

studies and speakers

provid

e

a balance between the

benefits and challeng

es

of

their experiences

.

The Guardian argues that “external speakers who discuss failure openly, or explain that ‘failing is a learning experience,’ can deter some students. This can mean that self-efficacy and confidence suffer as the initial excitement fades.

Ensure that

the focus remains on

the value in developing skills such as creativity, innovation

,

and

resilience

, regardless of

whether this is applied to the

development

of

a

new

business

.

Business partnerships

A practical method of equipping students with entrepreneurship skills

is through partnerships

between your institution and industry.

These connections make it easier for students to get experience of working in a business

via internships

and placements

,

as well as providing them with opportunities to network.

In a

GOV.UK review of business-university collaboration, they argue that “networking between universities and the business community is a critical component of an efficient innovation ecosystem.”

As such, s

pending time in a business

environment

will help

students

apply,

practice

,

and develop their entrepreneurship skills

.

The

review

highlights how

interactions with a community outside the university add further dimensions to self‐confidence, experience

,

and skills

.

It

’s important that your institution establishes relationships with businesses on a local

, regional,

and global scale

and

encourages

students

from all fields to

pursue

these opportunities

.

To discover more of the skills your

graduates will need for future employment, please see the

QS 2019 Global Skills Gap Report.