How Does the World Economic Forum Aim to Approach Entrepreneurship Education?
The World Economic Forum ( WEF) is an international NGO that aims to improve the state of the world by “engaging business, academic, political, and other leaders of society to shape global, regional, and industry agendas” (01).
What is the purpose of the World Economic Forum?
WEF holds annual meetings with its members, i.e. worldwide business and political leaders. They come together to discuss the significant issues faced by the global economy. That’s where the new trends and issues in global markets and the political economy are discussed, and the public and WEF members are brought together. WEF also seeks to encourage collaboration between the public and private sectors. Further, it directs much effort into highlighting the importance of entrepreneurship education and its significance for the global public interest.
How Valuable is Entrepreneurship to the World Economy? What is WEF entrepreneurship?
The WEF regards entrepreneurship as a significant facet of the world economy. Entrepreneurship’s contributions to global industries in terms of innovation, technology, market development, etc., are invaluable. However, due to the shift in the global economy and political climate of the world, the emergence of entrepreneurs is at a steep decline. Contributing factors are many, but the most significant reason is that times are uncertain and turbulent economies.
What kind of impact does the World Economic Forum provide?
In the past, universities served as hubs for creative like-minded young people to come together, share ideas, and pave the way for groundbreaking innovations. What role university can play to promote entrepreneurship education How important is it to promote so? Universities identify and bring to the forefront innovative ideas, and provide support to entrepreneurs in the form of R&D facilities, networking with investors and venture capitalists, etc. This, however, has been adversely impacted by the global pandemic as the structure of education provided by universities has been entirely upended. But given the current trajectory of the global economy, universities, now more than ever, must equip graduates with entrepreneurial knowledge and skillsets. These skills will help students kickstart personal careers by offering suitable curricula, providing facilities that help students apply knowledge, incentivizing entrepreneurial activity activities, etc.
Why Prioritise Entrepreneurship?
WEF has prioritised entrepreneurship, and entrepreneurship education because as the world begins to heal and move on from the pandemic, there will be a need for new employment and re-building of industries that suffered the most. Entrepreneurial ventures best fill this gap because they create value by identifying problems in the current markets and capitalising on these opportunities. Moreover, because small businesses are more flexible and responsive than large organisations, they adapt promptly to the ever-changing conditions of markets and the economy.
The WEF aims to encourage universities to devise programmes geared toward entrepreneurship along with supplemental activities. The curricula must equip students with knowledge on problem identification, financing, negotiation skills, rights to intellectual properties, etc. Entrepreneurship courses allow students to build aptitude in terms of critical thinking, analytical, problem solving, and leadership. Additionally, universities must also provide facilities that create an environment where students can research, invent and apply ideas and knowledge to create tangible outcomes. Finally, universities should provide opportunities for students to network with successful entrepreneurs and receive mentorship from them so that students get to see a best-case example that they can aspire to and look up to.
By providing a platform where leaders and entrepreneurs can be visible and heard to impart their knowledge and wisdom to aspiring young entrepreneurs, WEF hopes to reinvigorate the spirit of entrepreneurship in fresh graduates. Hence, the global economic landscape continues to grow for the better.
Check the following reference articles to learn more about the How Does the World Economic Forum Aim to Approach Entrepreneurship Education?
- Dodgson, M., & Gann, D. (2020, October 14). Why universities should support more student entrepreneurs. World Economic Forum. (URL)
- World Economic Forum Official Website
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