10.2478/9788395771361-002

CHAPTER 2

Entrepreneurial Mindset and the University Curriculum

Reference: Ridley, Davis and Korovyakovskaya (2017).

Until recently, most American university management programs focused on the development of students for work in corporate settings with little focus on entrepreneurial skills. The need for graduates with an entrepreneurial mindset has grown. A framework for developing students campus-wide with an entrepreneurial mindset across the management education curriculum is proposed. First, foundational theories and concepts are introduced to students. Next, they learn, practice and reflect on skills necessary for entrepreneurship. Student entrepreneurial mindset is further developed through business plan and case competitions. Finally, students apply the concepts and theories via student-run companies housed within business, science, engineering and technology incubators.

INTRODUCTION

Mindset

Countries such as those of the former Soviet Union, Sub Sahara Africa, South America and formerly oppressed minorities in the Unites States of America appear to be frozen in time with regards to entrepreneurship. Each of these communities has received American aid with little to show for it. The reason is that little attention has been paid to the debilitating mindset that remained after their segregation from a modernizing world. This is despite the fact that many universities have introduced entrepreneurship education to raise the capabilities of practicing managers. This paper presents a management education design for engineers and managers who have only a paucity of entrepreneurial family background and experience. To reconstruct confidence, evidence is shown that capitalism, democracy and rule of law constitute a joint indicator for economic success and pathway to understanding the rationale and benefits of entrepreneurship. Then, support is provided through the integration of curricula, faculty research and invention mining, munificent incubators, community, and angel investment of financial and human capital. The objective is to raise the rate of entrepreneurship and business formation, gross domestic product, and the size of the world’s economy for the benefit of all.

Pedagogy

Entrepreneurship is the process of starting a business, typically a startup company offering an innovative product, process or service. This pedagogical paper is designed to have a positive impact on any community that lacks a tradition of formal business activity. Ridley and Davis (2009) and Ridley, McKinley-Floyd and Davis (2008) proposed concepts that laid out strategies for entrepreneurship education and community transformation. Some of their strategies have already been implemented. Elements of entrepreneurship were added to a course while converting the method of teaching to live case study. Unlike traditional static paper case study, live case study involves multiple student visits to existing companies to gather data and information. Under the guidance of the professor, students construct a company supply chain, including random numbers, and create computer color graphics animated simulations of the supply chain. Not only do the students gain hands on experiential research and learning, they consider all elements of the data, including randomness and distribution. They are forced to review all of their quantitative prerequisite co