The Entrepreneur in Residence at Loretto, Edinburgh, on why building young people’s business savvy is a sound investment in bright futures
Unlike a typical classroom, entrepreneurship education has no heavily bound books or statistical graphs lining the walls. Instead, you’ll likely find Post-it notes, flip chart paper, laptops, and – with the help of marshmallows and spaghetti sticks, as well as real-life experiences – an abundance of creativity, innovation, and inspiration. But what exactly is entrepreneurship education, and why is it important for young people today?
Over the past 20 years, entrepreneurship and enterprise education have gained traction in higher education across the UK, backed by government bodies, think tanks, businesses and charities. Understanding the importance of such a programme, Loretto embedded an Entrepreneur in Residence initiative within its curriculum, delivering a range of exciting opportunities for pupils throughout the year while also bridging the gap between academia and industry.
One of the first events on the programme is Stop and Startup, where business pupils enjoy a tour of Edinburgh’s hubs of innovation and network with creative entrepreneurs. Over the course of the day, pupils are inspired and then formulate their own business ideas, brainstorming and practising pitches on the bus journey between stops. At the end of the day, pupils deliver confident and compelling pitches to a panel of judges.
In June, Startup Sprint invites all Lower Sixth pupils to collaborate and develop viable business ideas (or further develop and refine those formulated during Stop and Startup). They share intermediate pitches and gain insight from entrepreneurial mentors, presenting their final pitches on day three.
Through entrepreneurial education, pupils develop teamwork, creativity, originality, problem-solving, curious questioning, and time and risk management skills – all highly valued by employers. These skills are not exclusively for professional purposes but are crucial for personal development. These are skills which will maximise what young people are truly capable of in all areas of life.
In addition to developing these competencies, entrepreneurship education also develops business competencies. Ultimately, entrepreneurial education builds confidence and knowledge, equipping pupils with the tools to launch a viable business, now or in the future.
It’s imperative that a safe, nurturing and creative space is cultivated, ensuring pupils have room to make and learn from mistakes – developing their resilience along the way. Engaging in the innovation process helps pupils become self-determined, highly employable and capable of navigating challenges.
Entrepreneurship education prepares pupils for life after school and the opportunities of the modern world. It’s our responsibility to prepare them for the future. No matter which career path they choose to follow, programmes like these ensure that young people can become innovators, who lead rewarding lives and who are competent, active, and responsible members of society. And if we can launch a successful startup along the way, we welcome that too.
Loretto loretto.com
Further reading: Elevator pitch – why study Business?
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