Entrepreneurship: Long-term investment to ensure sustainable development

Having proved successful, along with its ability to find innovative solutions to many difficult economic situations that pose a formidable challenge to the world’s nations, entrepreneurship has become an ideal economic system and condition to be followed in all local and global economies; it is a flexible solution to eliminate many of the economic obstacles that hinder sustainable development; especially as it depends on small and medium enterprises and works to develop them.

Entrepreneurship, therefore, is not required to be based on one of the men of the economy and investment, but the ambitious entrepreneur should be trained and qualified by programs provided by business incubators, in accordance with an umbrella and or a government or international sponsorship, to qualify him scientifically and practically, so he is able to start an effective project that represents a tangible economic addition.

 Entrepreneurship education is a vital and ongoing process and one of the long-term human investment aspects. It is a powerful way to motivate individuals’ entrepreneurship, create a sense of independence and self-confidence, and create new opportunities to develop their career prospects. The training of new entrepreneurs enables them to learn about successful experiences, develop their expertise and help them start their own businesses.

Entrepreneurship’s Value at Developed Countries

Despite the growing growth of entrepreneurship training programs, the required awareness and impressive positive results continue to be at a low level across the developing world, but it is increasing significantly in the developed world, whose universities are teaching students the science of entrepreneurship, providing them with the skills to start new businesses, or develop existing ones, ultimately resulting in enormous human wealth that contributes to the creation of innovative jobs. This is in contrast to developing countries that still face the lack of tools to promote the entrepreneurial system.

The American Babson College has been the world’s leading provider of entrepreneurship education programs for many years. Its mechanism of action is to provide students with $ 3,000 to establish projects for each team, which are supposed to come up with executable entrepreneurial opportunities, provided that the idea contributes to solving an existing social problem, which reinforces the role of entrepreneurship in the development of society, because it moves the student from the academic theoretical frame to the practical reality by doing a small project, provided that the idea is useful to society.

In Europe, JA Europe is the largest provider of entrepreneurship education programs. Its business and financial training plan has targeted more than 3.5 million students in 39 countries in 2015.

Challenges of Promoting a Culture of Entrepreneurship in Arab Countries

Many developing countries are undergoing drastic reforms in their education systems to cope with pressing economic and social needs, especially as the world is experiencing tremendous and rapid progress in all areas.

These countries have recognized that initiatives are the vital engine for the development of their economy and that the interest in teaching the culture of entrepreneurship is a great success on both individual and collective levels. Unfortunately, developing countries face some difficulties in developing an educational system that encourage their youth to know entrepreneurship and its economic importance.

At the level of Arab countries, there are many challenges facing entrepreneurship education, but they can be overcome by focusing on educating young people at an early age. This will contribute to the establishment of a new generation of pioneers that will give a strong dynamic boost to the economy of the Arab world in general and help it achieve the rapid transition from the culture of consumption to the culture of creativity, and stimulate the free work that may finally eliminate the crisis of unemployment and other social problems related to it. This has already been done by some Arab countries, such as Jordan, Morocco, Saudi Arabia, the United Arab Emirates, and Egypt, as well for they activated the system effectively through investing in youth ideas, transforming them into emerging projects, establishing business incubators to contain these ideas, developing them and training young people on them.

 Entrepreneurship is a combination of science and art

There are many educational programs designed to develop entrepreneurial capabilities, which must be focused on by new entrepreneurs or others. Examples of such programs include business incubators, patent support centers, and other programs of creativity and positive orientation, flexibility and leadership, risk management and communication skills, teamwork, market trends and change paths.

Entrepreneurship education combines science and art; the first part, scientific, is related to providing students with the necessary professional skills to set up a business, such as: learning financial matters, linking funding sources, and the second, the artistic, part that is related to teaching them matters that depend on innovation, innovation, and creative thinking.

The artistic part is the most important to entrepreneurship education because leadership – in essence – is an innovative process and not a mechanism. Hence, it is difficult to qualify individuals to become pioneers. This requires the adoption of innovative and active teaching methods that go beyond the limits of the focus on scientific content only, but the trainee – based on knowledge of theories and theoretical sciences that he has received within the institutions and incubators of entrepreneurship – needs to be innovative in terms of the idea or plan of action, the marketing and financing plan, the entry of the market and the target group, and thus innovation is more closely linked to the concrete practical aspects that the trainee needs to reach in the end.

Entrepreneurship education programs achieve many outcomes, which can be divided into several levels, including the thinking of pioneers; they change their social and emotional skills, the level of cognitive and technical abilities, and the level of entrepreneurial status; they also contribute to the development of business activities or finding a new job, and the level of entrepreneurial performance, for they create a marked change in the indicators of the project’s performance.

There are some determinants that affect the extent to which these results are achieved, including: the economic, political and cultural frameworks through which programs are implemented and the best programs cannot be designed and implemented unless they are compatible with their objectives.

The personal characteristics of trainees such as gender, education, individual skills, previous experience and willingness to enter the entrepreneurial field are also taken into consideration. The characteristics of the programs themselves are also taken into account, including design and content, teaching methods and the skills of trainers.

Finally, entrepreneurship education programs can deliver tremendous results, but firstly policymakers must start implementing educational and training programs at an early stage; ensuring a guaranteed investment of the human element, setting accurate and realistic targets, carefully monitoring the surrounding frameworks and ensuring their compatibility with objectives, and continuous measurement of achievement. All efforts must be made for the success of that system, which would be a positive factor in raising the rates of sustainable development.

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