“Small and medium-sized enterprises (SMEs) are considered to be the world’s largest. They play a vital role as they create jobs and improve the living conditions of their local communities as they contribute to the country’s GDP growth. Due to their contributions to the nation’s economy, they have been given much attention in entrepreneurship (Kanaan et al., 2022). Therefore, how entrepreneurship education affects entrepreneurial competencies and entrepreneurial mindset and what is the impact of entrepreneurial education on small and medium enterprises’ performance?
“The characteristics of a successful entrepreneur are related to the company’s performance and the success of its business (Kanaan et al., 2022). Research (Kanaan et al., 2022) shows that the value of the entrepreneurs’ services and talents is significant in determining the firm’s performance. It can be considered that the characteristics of a successful entrepreneur can be seen in the growth of a small business.
The entrepreneurial mindset is defined as a feeling or tendency to provide a critical and creative thinking ability (Nabi et al., 2017). Entrepreneurial competencies include being able to satisfy the wants of one’s body and mind, being well-equipped with the necessary knowledge, and being able to perform a task efficiently (Kanaan et al., 2022). Therefore, can entrepreneurship education improve these elements?
The fact shows that entrepreneurship can be taught and learned. Handayati (Handayati et al., 2020) stated that entrepreneurship education from all level education promotes two prominent entrepreneurial mindset roles. First, education enables students to create a culture and deeply understand entrepreneurship. Second, entrepreneurial education promotes students to obtain experience. For example, students can learn how to avoid common mistakes that can lead to failure in starting a business so that students can reduce the negative image of failure (Kanaan et al., 2022). It can also help them meet famous entrepreneurs and build their networks so that students can identify their potential business partners and role models. Once students improves their entrepreneurial mindset, they have acquired the ability to meet complex demands in a given context which refers to entrepreneurial competencies.
In conclusion, entrepreneurship education can improve students’ mindset and competencies by enabling students to enhance awareness and necessary skills of entrepreneurship. Most importantly, it can help them improve their performance and develop a stronger business.
Reference
Kanaan-Jebna, A. M., Alabdullah, T. T., Ahmed, E. R., & Ayyasamy, R. K. (2022). Firm performance and the impact of Entrepreneurial Education and entrepreneurial competencies. Business Ethics and Leadership, 6(2), 68–77. https://doi.org/10.21272/bel.6(2).68-77.2022
Nabi, G., Liñán, F., Fayolle, A., Krueger, N., & Walmsley, A. (2017). The impact of entrepreneurship education in Higher Education: A systematic review and Research Agenda. Academy of Management Learning & Education, 16(2), 277–299. https://doi.org/10.5465/amle.2015.0026
Handayati, P., Wulandari, D., Soetjipto, B. E., Wibowo, A., & Narmaditya, B. S. (2020). Does entrepreneurship education promote vocational students’ entrepreneurial mindset? Heliyon, 6(11). https://doi.org/10.1016/j.heliyon.2020.e05426
