In our vision, entrepreneurship is not only about people having and running a business. It also involves people with an entrepreneurial mindset.
What is entrepreneurship?
Entrepreneurship, in our vision, can be defined as:
“Seeing opportunities, exploiting them and creating value for yourself and others, sustainably”
Therefore, we identify three types of entrepreneurship.
Types of entrepreneurship
- The entrepreneur, who has and runs a company or entrepreneurs starting a business.
- The intrapreneur, who needs to be entrepreneurial within an organization or large company.
- The edupreneur is a student who needs to get an entrepreneurial mindset.
Let’s have a closer look at each of these three types of entrepreneurs.
The first type of entrepreneurship is, of course, all about the entrepreneur. There are many business owners in the world, but not all of them are enterprising too. Anyone can be a business owner. You only have to register at a companies house and apply for a VAT number, and you’re ready to take off.
So, a business owner has to be entrepreneurial too. At least entrepreneurial enough for the business he is in. Therefore, the main question business owners should ask themselves is if they are the right man or woman for the job.
Lack of self-knowledge: Why entrepreneurs need business coaching.
Being entrepreneurial means seeing and exploiting opportunities successfully. The good news is that an entrepreneurial mindset can be developed. There is also research to back this statement.
However, it all begins with self-awareness and self-knowledge. This means entrepreneurs need to assess their strengths and weaknesses, objectively.
Unfortunately, many entrepreneurs lack this self-reflective ability. Research shows that only 28% have accurate self-knowledge. Because of this, they follow the wrong strategy, which eventually results in failure or bankruptcy. Business coaches can improve the self-knowledge of small business owners and help grow their businesses.
Closely related to the entrepreneur, the intrapreneur is the second type of entrepreneurship. Due to a rapidly changing world, corporations, large and small, have to change too. They have to anticipate and act. Not only the management board has to be enterprising, employees too must be more like an entrepreneur.
Intrapreneurship means employees must foresee what will come, even though they do not know what direction it will be going to. Therefore, they first need to see opportunities. Secondly, they have to convince others, like the board, to ensure that the company can utilize them. Ultimately, creating value for the whole company.
How HR can spot entrepreneurial DNA
However, in many jobs, they are looking for an entrepreneur. Yet, what they mean is an enterprising employee. Still, there are a lot of employees who lack this entrepreneurial DNA. With special programs, HR can discover the best entrepreneurial employees. Moreover, for some of them, there is potential to further develop an entrepreneurial mindset within their job.
Furthermore, it also important to have the structure and culture of a company ready to implement intrapreneurship.
The third type of entrepreneurship is that of the edupreneur. Lots of students are positive about starting a business of their own. But, even if they don’t want to start a business, employers are looking for staff with an entrepreneurial mindset.
So, education has to focus on entrepreneurship. As a consequence, vocational education is forced to change its qualifications. These should entail orientation towards entrepreneurship, enterprising behavior, and running your own business. However, most teachers really don’t know how to develop an entrepreneurial mindset with today’s students.
Why teachers need to have coaching skills for the students of tomorrow
Being entrepreneurial is an umbrella term for an entrepreneurial mindset and behavior. Thus, it is essential for entrepreneurship. Entrepreneurship means creating value for yourself and others. However, value is much more than money alone. An entrepreneurial mindset helps everyone in daily life, such as at home, at school, and work.
The good news is that it can be developed, also among students, especially if it happens in a continuous and blended learning environment. But it requires, above all, business coaching skills of the teacher. We have E-Courses to teach teachers how to coach student entrepreneurs.