How The World Economic Forum Aims to Approach Education for Increasing Entrepreneurship Worldwide?

 

The World Economic Forum

The World Economic Forum is a not-for-profit, independent, and impartial international organization for public and private cooperation such as political, business, and cultural leaders of society to shape global, regional, and industry agendas. 

How The World Economic Forum Aims to Approach Education for Increasing Entrepreneurship Worldwide?

The World Economic Forum emphasizes innovation and economic growth since they depend on future leaders who have skills, attitudes, and behaviors to be entrepreneurial in their professional lives. They thought also that entrepreneur who has entrepreneurship is the engine of the economic growth that could create new ideas to solve current challenges in the global economy. And, a great strategy is needed to scale them up. The World Economic Forum has launched some initiatives focusing on the evaluation and assessment of entrepreneurship education practices to facilitate policy changes. By creating a common framework and crucial resources available to all stakeholders to help build collaboration and partnerships.

According to the Cambridge Dictionary, Entrepreneurship is the skill of starting new businesses, especially when this involves seeing new opportunities. I think starting new businesses means more jobs, more innovations, and of course, more opportunities. However, saying is much easier than doing. To start a new business and to maintain its success, need an excellent strategy to connect and use all the resources. Although strategy can be trained by a great education system, those necessary resources also play crucial roles in the developing processes. Even though you are Albert Einstein, you still need a great team and resources to make your ideas come true. 

For example, Tesla is a successful electric car manufacturer found by Elon Musk. However, he doesn't always so successful. In the beginning, most people don't think electric cars are our future vehicle because they cannot find chargers easily enough, and the battery performance was not good enough as well. But, electric cars can solve our carbon emission issue. Elon Musk sees the need and takes the financial risk to do it. It has created new opportunities for moving on to a better future. So, in general, an entrepreneur means someone who sees a need and takes on the financial risk to start a business to fill that need. In this case, Elon Musk sees the need for zero-emission cars and takes the risk to start the electric car business, even though it was not sharp in the past. 

But, how can a country or the world encourage more people to pursue their dreams like Elon Musk? According to an Initiative published by the World Economic Forum Global Education in June 2011, it can be achieved by a great education system, provide essential resources, and proper policies. For example, we may easily find a need but hard to take action. Therefore, create incentives for action to help them overcome the barriers is the start point of the initiative. Then, build trust and an interest in collaboration can help the entrepreneurial ecosystem to create opportunities for key stakeholders from various sectors to get to know each other.

Academic institutions are central in shaping students' attitudes, skills, and behaviors, including new entrepreneurs. Education should be better linked with practice to ensure that future skills match future jobs. For example, more well-educated people mean higher chances to build a good team for a startup company to provide good services or products. In addition, foundations often helping to link various stakeholders, mostly capital or human resources for building the entrepreneurial ecosystem. As mentioned above, the founding systems and the links to various stakeholders can help the entrepreneurs by lowering their financial risk, encourage them to fill the need they found.

When someone pops up with a strategy, the next step is to prioritize efforts and measure the results. Therefore, appropriate policies must be in place to set metrics. And, the proper incentives need to be in place for the key stakeholders involved in implementing the policies such as employ students before graduating so that they can be more readily integrated into the workforce. It is obvious that greater coordination is needed at any level. 

In today’s environment, technology plays an increasingly important role in the educational process, both as a delivery channel and a teaching tool. Technology provides a mechanism for reaching greater economies of scale as well as providing broader sharing of practices. For example, with the lack of better battery technology and faster construction of its Gigafactory, Tesla's success can be far less than it is today.

Why They View This As A Priority?

The Forum does strive in all its efforts to demonstrate entrepreneurship in the global public interest while upholding the highest standards of governance. For better competitiveness to create more opportunities, sustainable growth of the economics, and positive changes of the future, the Forum invests in developing entrepreneurial and innovative skills to build sustainable economic development, create jobs, generate renewed economic growth and advance human welfare. 

Reference

Unlocking Entrepreneurial Capabilities Report_2011