Creating the next generation of entrepreneurs, “in practice”
Youth entrepreneurship programs show results!
Michigan State University Extension is committed to communities and sustaining their economic prosperity, by growing the next generation of entrepreneurs and bringing knowledge to life.
Michigan 4-H Youth Development partnered with the Generation E Institute to provide extensive entrepreneurship training to adults who work with middle and high school students. Fourteen volunteers and 4-H staff received 18 hours of training on a variety of topics which included entrepreneurial characteristics, venture simulation, interest exploration and developing business ideas, marketing, advertising, financing a business as well as business plan and development. As a result of the training, adults were committed to bringing youth entrepreneurship to their community and to evaluate the results.
Preliminary data of Michigan State University Extension programs using Generation E curriculum have been very positive. Based on the evaluation results of 31 youth, those involved in entrepreneurship programs using Generation E curriculum increased their knowledge in the following areas: Realities of business ownership, record keeping and documentation, structure of a business plan, how to start a business, methods of marketing, customer service skills and the concept of break-even analysis.
Youth involved indicated that as a result of participating in the 4-H Entrepreneurship program, the following:
- Eighty percent learned how entrepreneurial skills could be used in any career.
- 48.4% said they may consider pursuing further education about business and/or entrepreneurship.
- 67.8% said they would include social entrepreneurship (helping others in their community) in their business plan.
- 83.4% identified resources (human, capital, natural) needed to develop their product or service.
- 35.5% of the youth involved plan to start their own business as a result from participating in the program.
Michigan State University Extension continues to provide youth entrepreneurship programs throughout the state using quality curriculum such as Generation E and National 4-H Be the E curriculum. The upcoming Entrepreneurship Academy offered in Clinton Township is just one of many program examples where youth learn the dos and don’ts of business. Volunteers and staff who have attended Generation E training will be organizing this event demonstrating their commitment to bringing entrepreneurship education to their community.
See part one of this series for more helpful information on youth entrepreneurship education.