Bringing the Power of Entrepreneurship Education to Students in Philadelphia and Beyond

• In Event: Community, Industry, and Research Partnerships Can Shift the Science, Technology, and Entrepreneurship Workforce in Philadelphia

Abstract

The nature of work is rapidly evolving, and young people may need to prepare for jobs that do not even currently exist. Added to the changing job market is the increasing visibility and growing presence of entrepreneurship. According to data from the U.S. Small Business Association, small businesses created 10.5 million net new jobs compared to the 5.6 million generated by large companies from 2000 to 2019, and small businesses have accounted for 65.1% of net new job creation since 2000 (U.S. Small Business Association, 2020). Acknowledging the evolving work landscape, the Network for Teaching Entrepreneurship (NFTE) aims to promote more equitable access to economic opportunity through effective entrepreneurship education.
NFTE’s programs are founded on gold-standard project-based learning, which offers students autonomy and real-life application of business concepts. Additionally, NFTE programs exemplify the lean startup approach, adopting a combination of business-hypothesis-driven experimentation, iterative product releases, and validated learning. Finally, the programs focus on igniting the entrepreneurial mindset, a set of social and emotional skills identified as integral to entrepreneurship and the workplace, such as communication and collaboration, comfort with risk, and future orientation. Previous studies provide evidence that those who participate in NFTE programs increase their entrepreneurial mindset compared to those who do not (Rodriguez & Lieber, 2021). NFTE activities are further supported by business professionals in the field who serve as mentors, coaches, and judges alongside students as they ideate their businesses.
This session aims to introduce NFTE’s model of entrepreneurship education and how it partners with schools and organizations throughout the country, including those in Philadelphia, to ignite the entrepreneurial mindset that can serve students well in whatever career they choose. The session will describe NFTE’s Entrepreneurial Mindset Index (EMI), a validated tool created alongside ETS that uses Likert-type items and situational judgment tests to measure entrepreneurial mindset. It will review survey data highlighting NFTE’s impact on growth in this measure and entrepreneurial self-efficacy. The session will further explore some of NFTE’s alumni data to highlight the diversity of careers its students pursue after programming, including those in STEM careers.
The results of this session will shed light on how entrepreneurship education can help students grow their entrepreneurial mindset (social and emotional skills that are highly valued in the workplace regardless of field), expose students to the possibility of entrepreneurship as a viable career, and connect students to industry professionals who can serve as mentors in the field. Through partnerships with schools and youth-serving organizations, high-quality entrepreneurship education can expand students’ social and emotional skills and empower them to take advantage of a wide expanse of economic opportunities.

Author

• Elizabeth Kim, Network for Teaching Entrepreneurship (NFTE)