In its contemporary context Tikkun Olam is a concept of Judaism that literally means to repair the world. It is defined as acts of social action that have as a goal to make the world a better place. Tikkun Olam is a mantra that ProMontreal Entrepreneurs strives to base itself on. Through our social business model, we want to support entrepreneurs whose ideas make a real impact in the world.
La relation entre Sylvie Tendler et PME (ProMontréal Entrepreneurs) a débuté en 2002, lorsque son entreprise, Groupe Tendler, a reçu du financement. Après plusieurs années de succès et après la vente de son entreprise, Sylvie est maintenant membre de notre conseil d’administration. Sylvie a des renseignements précieux à partager au sujet de l’écosystème montréalais. Par ailleurs, si vous vous êtes déjà demandé ce que les investisseurs recherchent dans une présentation de 15 minutes, cette entrevue vous offrira une perspective remarquable.
Q: Vous avez une relation de longue date avec PME. Quelles sortes de changements avez-vous remarqués dans le programme depuis le début de votre relation?
R: Je connais les points de vue des deux camps. J’étais dans le programme en 2002 alors que j’étais prestataire. Dans ce temps-là, une fois que vous aviez reçu le financement, vous faisiez tout simplement vos paiements mensuels directement à PME, et ça finissait là. Maintenant, le programme offre tellement plus de ressources. Que vous cherchiez du mentorat ou du soutien financier, vous y trouvez vraiment un centre multiservice pour entrepreneur. Lorsque vous démarrez une entreprise, il se peut que faute de ressources financières, il soit difficile de se procurer les services d’un comptable, d’un avocat ou d’un conseiller stratégique.
Actuellement, dans le programme, on vous attribue un mentor dans votre domaine et dans votre région. Cet individu est prêt à travailler avec vous et à vous conseiller gratuitement. Tout ce qui l’intéresse, c’est de vous voir réussir. Le programme vous aide aussi à trouver des capitaux supplémentaires ailleurs; que ce soit à partir de concours provinciaux, de fonds de capital de risque ou de subventions. Katherine, la responsable du programme, obtient pour les entrepreneurs les prêts et le financement supplémentaires dont ils ont besoin. Quand vous démarrez en affaires, l’argent peut être serré. Vous essayez également de prendre des décisions sans trop tenir compte des pressions financières. Avec PME l’entrepreneur peut bénéficier de ce coussin financier supplémentaire.
R: Le but du programme, au départ, en 2001, était d’encourager les jeunes adultes juifs à rester à Montréal durant ce qu’on appelait «l’exode des cerveaux». Il y a eu une période où les jeunes juifs, surtout de langue anglaise, se sont mis à quitter Montréal pour aller habiter à Toronto, à Vancouver ou aux États-Unis. Par exemple, parmi les jeunes de ma classe de dernière année d’école secondaire à Herzliah, 75 %, voire 80 %, de mes camarades de classe n’habitent plus à Montréal. Quand les gens partent, ils prennent leur argent, leurs compétences et leur savoir-faire. Ainsi lorsque Stephen Bronfman et Jimmy Alexander ont décidé d’unir leurs efforts, leur but était d’offrir aux jeunes adultes juifs la possibilité de créer leur propre destin et entreprise tout en les encourageant à rester dans la province.
Le deuxième objectif était la création d’emplois par ces entrepreneurs. Par exemple, quand j’ai démarré mon entreprise, j’étais seule pour la faire fonctionner. Lorsque j’ai vendu, nous étions plus de 15 personnes. Il y a donc eu un effet d’entraînement — initialement, c’était pour encourager les jeunes adultes de Montréal, et ensuite, parce qu’au fil des ans, les gens quittaient moins la province dans la même mesure, les efforts se sont concentrés sur la création d’entreprises prospères. Il s’agit de créer un environnement où les gens peuvent prospérer.
On peut mettre la politique de côté, mais le Québec a quand même ses nuances. Si nous ne créons pas nos propres emplois, nous avons un problème. Lorsque les conseils d’administration se rencontrent pour décider où installer leur administration centrale, nous (Québec) nous retrouvons rarement sur la liste restreinte. Nous devons créer nos propres emplois, et heureusement, le gouvernement du Québec est très sympathique envers l’entrepreneuriat.
R: Dans mon cas, à partir du moment où j’ai fondé le concept de ma société à celui où elle était enregistrée, il a fallu à peine 2 semaines. Dans d’autres pays, ça peut prendre des années. En 2 semaines, je dirigeais officiellement une entreprise. Le Québec offre un environnement extraordinaire où le soutien pour les jeunes est incroyable, et PME fait un excellent travail.
Sylvie Tendler relationship with PME (ProMontreal Entrepreneurs) started back in 2002 when her business, The Tendler Group, was funded. After many years of success and selling her company, she now sits at our Board of Directors. Sylvie has some valuable insight to share about the Montreal eco-system. Also, if you ever wondered what investors are looking for in a 15 minute pitch, this interview will give you great perspective.
A: I’ve sat on both sides of the fence. I was part of the program back in 2002 when I was a recipient. In those days once you were funded, you made your monthly payments to the PME and that was it. Now, there are so many things offered by the program. It is a one stop shop for the entrepreneur, whether it’s mentoring, coaching or financial support. When you start a business finances can be lean limiting your access to an accountant, lawyer or a strategic advisor. Today’s program assigns you a mentor in your field, that’s going to sit with you and work with you for free. They have no self-interest other than to see you succeed. The program also helps you find additional capital elsewhere, be it in provincial contests, or VC funding or grants. When you first start a business money can be tight. You’re also trying to make decisions without too much financial pressure. PME really gives the entrepreneur that extra financial cushion.
When the program started in 2001, the purpose was to keep young Jewish adults in Montreal during the so called ‘Brain Drain’. The ‘Brain Drain’ was when young Jewish predominantly English speakers, were leaving Montreal and heading to Toronto, Vancouver and the States. If I look at my graduating class from Herzliah High School, 75%, if not 80%, of my classmates are not in Montreal anymore. When these people leave they take their money, skills and know-how. So when Stephen Bronfman and Jimmy Alexander got together initially, the purpose was to give Jewish young adults the opportunity to create their own destiny and business so that they would remain in the province.
Secondary to that, was also to have the entrepreneurs create jobs. For example, when I started my company I was 1 person. By the time I sold it we were over 12 or 15 people. So there is a ripple effect to what happens here. Initially it was about keeping the young adults in Montreal, then it became about building successful businesses because the extent to which people were leaving in the later years was not as high. It’s about creating an environment where people can thrive. Politics aside, Quebec has its nuances. If we don’t create our jobs it’s a problem. When companies sit in boardrooms and decide where to place their headquarters, we (Quebec) rarely make the shortlist. We have to create our own jobs and luckily, the Quebec government is very entrepreneurial friendly.
A: In my case, from concept to actually having a registered company only took 2 weeks. In other countries it can take years. In 2 weeks I was officially in business. The environment in Quebec is right, the support for the young people is amazing, and PME has done an incredible job.
Q: As a board member and investor you’ve seen many entrepreneurs pitch their ideas. What are some of the biggest mistakes people make when pitching?
Q: How do you recommend people prepare for a pitch? Any advice?
A: People have to stand with a timer, time themselves and practice. Find the most critical aspect that will convince people to invest in your business. That’s what you need to talk about. How can I advocate on that business’ behalf and tell my peers to fund this business, if i haven’t learned anything from the pitch? A lot of people watch Dragon’s Den and Shark Tank and we get a lot of those presentations. They have to understand that that’s for TV. There are a lot YouTube videos of pitch presentations. Look at the presentations, how they speak, and what issues they focus on and how they don’t waste time.
A: Not everyone is an entrepreneur. Instinct cannot be taught. Successful entrepreneurs have the instinct. I can teach you everything, but I can’t teach you instinct. That is my opinion, maybe people will argue this, but I stand firmly behind this statement.
Pro-Montreal Entrepreneurs (PME) is a social business model created to help young entrepreneurs build and strengthen their business roots in Montreal. PME offers business plan feedback, a network of mentors, and access to sources of funding. Entrepreneurs between the ages of 18-40 can also get access to capital of up to $50,000. Don’t hesitate to contact us for any questions that you may have.
Hayes was part of PME’s 2014 funding round. Still heading operations of his business, Hayes Nulman Design, he embodies true entrepreneurial spirit. With his furniture design and fabrication studio, and his outside-the-box thinking, he has paved quite a way for himself. We were able to sit down with him for a few minutes to talk about his journey and what he looks forward to in the future.
Q: How did you come up with the idea to start your own furniture design and fabrication studio?
A: It was a dream as a child. I also didn’t really fit into other workplaces so I sort of just wanted to create my own space.
Q: Where did your passion for furniture design come from?
Q: How did you learn to master your craft? Did you teach yourself or were you professionally trained?
A: I went to a school called École National de Meuble et de l’Ebénisterie. It was an interesting experience seeing that it was all in French. The school is specialized in furniture making and design.
A: Our business shifted. It started off as us doing residential.custom pieces. However, we’ve pivoted more into a commercial aspect. That means that more of what I’m doing is interpreting a designer or architect’s design into a final product, suggesting changes that will make it more stable, and producing technical drawings based on their original rough wire frames.
Q: Do you find it difficult to compete in an industry where people tend to buy standardized products from big name corporations?
Q: Your father, Andy Nulman, has a big presence in the Montreal business scene. How were you able to pave your way for yourself?
Q: Why start to a business in Montreal?
Q: How has PME helped you on your journey?
A: They believed in me when I first started. It took a little bit of convincing but they liked the approach. We’ve strayed so far from what we originally set out to do, but the funding they gave us has helped us secure our first commercial contract and helped us grow into more of a commercial oriented company than a residential oriented company. When we first started with PME we were in a 1000 sqft space, now we are at 12000 sqft. We’ve also increased our employee count. We were 2 last year and now we are 9.
Q: Where do you see yourself and your business 10 years from now?
A: I see us continuing to do more commercial projects. Continuing our same stroke. Hopefully doubling in staff and seeing where we can take everything.
Doing what you love is one of the biggest perks of being an entrepreneur. Doing it successfully is an even greater one. Hayes had some much needed insight to share. Best of luck to him moving forward!
Pro-Montreal Entrepreneurs (PME) is a social business model created to help young entrepreneurs build and strengthen their business roots in Montreal. PME offers business plan feedback, a network of mentors, and access to sources of funding. Entrepreneurs between the ages of 18-40 can also get access to capital of up to $50,000. Don’t hesitate to contact us for any questions that you may have.
Michael Moszberg faisait partie de la série de financement de PME en 2014. En tant que cofondateur et chef de la direction de Praktice Health, il a constaté des lacunes sur le marché en matière d’activités de bien-être, en particulier pour les entreprises. Lors du démarrage de son entreprise, M. Moszberg a eu recours à un grand nombre de programmes d’accélération et de ressources accessibles aux entrepreneurs au Québec. Il nous donne quelques renseignements et conseils importants tirés de son expérience au sein de programmes d’accélération à Montréal. Ce qu’il changerait et des endroits où les entrepreneurs peuvent trouver de l’aide à Montréal.
R: Lorsque nous avons commencé à parler avec des gestionnaires RH des activités de bien-être pour entreprises, nous avons découvert qu’ils cherchaient des solutions modernes et variées, mais qu’il n’y en avait pas à leur disposition. Après avoir cherché l’activité la plus intéressante qui soit, nous avons constaté que le véritable problème était le manque de participation aux activités de bien-être. Les gestionnaires RH n’avaient pas d’options pour intégrer des activités de bien-être.
Q: Comment avez-vous réussi à vous différencier des autres programmes et applications de conditionnement physique offerts?
R: Il y a beaucoup de choix pour les consommateurs, mais rien pour les entreprises. Ces dernières ont surtout besoin de fonctions comme la planification, les communications, l’administration, l’analytique, les sondages, les photos. Le programme doit aussi être confidentiel et sécurisé. Les grandes entreprises veulent être en mesure d’obtenir des analyses selon les différents départements, et il n’y a rien de la sorte pour les grandes entreprises. Les programmes disponibles nécessitent des ententes annuelles coûteuses, qui absorbent la totalité des budgets de bien-être. Vous avez ensuite les applications qui ne sont ni confidentielles, ni sécurisées, et qui ne comportent pas d’options applicables aux RH.
R: Je crois que le plus gros avantage des accélérateurs est également le plus gros désavantage. L’aspect le plus important est l’aspect communautaire. Qu’il s’agisse de District 3, de McGill ou de FounderFuel, tous offrent un certain degré de collaboration communautaire, qui peut consister en des conseillers, des collègues ou des pairs. Je crois que c’est une bonne chose, au début, d’avoir recours à un accélérateur, mais après un certain temps, vous devez vous concentrer sur votre entreprise. Le fait d’avoir trop d’événements et trop de personnes autour de vous peut devenir une distraction.
Q: Selon votre expérience, quels aspects du processus des incubateurs/accélérateurs changeriez-vous?
Q: Qu’avez-vous acquis de plus précieux dans votre expérience des divers incubateurs?
R: La diversité des conseillers est ce que j’ai acquis de plus précieux au fil des ans. Le problème en ce qui a trait aux mentors, c’est qu’il est difficile d’en trouver un qui est bon pour vous sur tous les plans. Je crois qu’il faudrait en avoir un qui en bon en vente, un qui est bon en TI, un autre en collecte de fonds, etc. Aucun mentor n’est parfait pour toutes les entreprises. Il est important d’avoir un groupe diversifié de mentors.
Q: Quels sont les meilleurs endroits pour trouver des ressources à Montréal, qu’il s’agisse de ressources financières ou de simples conseils?
Q: Que pensez-vous de Montréal en tant qu’entrepreneur? L’écosystème favorise-t-il l’entrepreneuriat?
R: Selon moi, Montréal est un endroit fantastique pour démarrer une entreprise, en raison des salaires bas, du talent qu’on y trouve et des crédits d’impôt. Cependant, il est difficile de vendre sur le marché montréalais. Regardez en Israël, par exemple: il y a beaucoup de ressources pour les jeunes entreprises, mais vous ne verrez pas beaucoup d’entreprises qui y feront des ventes. Montréal est un endroit fantastique pour bâtir une entreprise, mais en prévoyant vendre sur le marché mondial.
Q: De quelle manière le programme PME vous a-t-il aidé, vous et votre entreprise?
Voici de très bons conseils de la part d’un entrepreneur qui a démarré son entreprise à Montréal. Montréal a des ressources formidables à offrir. Vous devez savoir lesquelles sont appropriées pour vous à l’étape où vous êtes rendu. Michael a parcouru beaucoup de chemin depuis notre rencontre en 2014. Nous sommes convaincus que le meilleur reste à venir pour Michael et Praktice Health.
Michael Moszberg was part of the 2014 PME funding round. As the Co-Founder and CEO of Praktice Health, he identified a gap in the market for wellness activities specifically for businesses. In the process of starting a business Michael joined many accelerators and utilized many of the resources available to entrepreneurs in Quebec. He shares some very valuable insight and advice based on his experience in Montreal accelerators, what he would change, and where entrepreneurs can find the help that suits them in the city.
A: Through Praktice Health we started to talk to HR managers about corporate wellness activities. What we discovered was that HR managers were looking for variety and modern solutions, nothing was available to them. We went around to see what the most engaging activity possible was. The real problem was that there was low engagement in wellness activities. There were no alternatives for HR managers to put in a wellness activity.
Q: How were you able to differentiate yourself from other fitness programs and apps offered?
A: There is a lot available for consumers but there is nothing available for businesses. A lot of the features that businesses need is the planning, the communications, the administration, the analytics, the surveys, the photos. It also needs to be private and secure. When you get bigger businesses they want more analytics based on department. Nothing like that is available to the corporate environment. What is available are expensive, 12 month corporate agreements. These are programs that take up the entire wellness budget. Then you have consumer apps that are not private secure, or have HR features.
A: I think that the biggest advantage with accelerators is also the biggest disadvantage. The number one thing you get is community. Whether you’re at District 3, McGill or FounderFuel, they all offer a certain level of community whether it be advisors, colleagues or peers. I think that when you’re first starting out it’s good to join an accelerator but after a while you have to start to focus on your business. Having too many events and people around can be a distraction.
A: They want to help so many companies that it becomes hard to give dedicated attention to any one. The model with almost every incubator is that they put up the general information and want to make the company shine. But 1 in 10 succeed. If they had the resources to dedicate more to each company perhaps they would have more than 1 out of 10 success rate. But, they are limited by their resources so I understand. More resources is what they need.
Q: What is your most valuable takeaway from your experience with the different incubators?
A: The depth of advisors that I’ve collected over the years is most valuable. The challenges with mentors is that it’s hard to find one that is good for you in all aspects. I think that you should have one that is good in sales, one that is good in IT, another in fundraising, etc. There is no one mentor that is perfect for any company. It’s important to have a diverse group of mentors.
A: Every incubator is unique. District 3 in providing free office space and getting people from point 0 to getting started. McGill has a great alumni network and good people that work there as well. The McGill Dobson Cup is a fantastic way for people to get money at the very beginning. Then you have FounderFuel, which is very good at accelerating your company. The thing about FounderFuel is that if you get in too early you’re going to miss your chance to get that acceleration. You have to be at a certain level for their accelerator to make sense to you. A lot of people don’t realize how long it takes to start a company. Of course PME (ProMontreal Entrepreneurs) is a great resource too. So all in all, District 3 is good to get started, McGill too. Then you have organizations like PME, PME Mtl, SAJE, and Angels for additional support. If you’re more established in your business you have FounderFuel and other companies. So there’s my convoluted answer. It takes a whole community and all these things add to the eco- system no one accelerator makes the city.
A: I believe that MTL is a fantastic place to start and build a company. Because of the low wages, talent, and tax credit. To start a company in Montreal is fantastic. It’s hard to sell into to the Montreal market though. For example, In Israel you have lots of resources for start-ups, but you don’t see many companies that are going to sell in Israel. Montreal is a fantastic place to build, but plan to sell globally.
Q: How has PME helped you and your business?
A: PME truly does support the entrepreneur. They really do invest time and effort in every single one of the companies to succeed.
This is some great practical advice from someone who started their business in Montreal. Montreal has some great resources available to you. You have to know which ones are right for you at your current stage of business development. Michael has come a long way since we met him in 2014. We’re sure that better things are yet to come for him and Praktice Health.
Dans un pays relativement jeune, Israël a réussi à établir une communauté startup qui a dépassé toutes les attentes et tous les défis. La question gagnante est posée par Dan Senor et Saul Singer dans leur livre Israël, la nation startup; Les ressorts du miracle économique israélien. Comment est-il possible qu’Israël — un pays de 8 millions d’habitants, âgé d’à peine 69 ans, entouré d’ennemis, en état de guerre permanente depuis sa fondation, sans ressources naturelles — voie naître plus d’entreprises en démarrage que certaines des grandes nations pacifiques, et affiche plus d’entreprises sur NASDAQ que tout autre pays dans le monde?
La mère juive
For a relatively young country, Israel has managed to build a start-up community that has surpassed all expectations and benchmarks. The golden question is one asked by Dan Senor and Saul Singer in their book Start-Up Nation: The Story of Israel’s Economic Miracle. How is it that Israel- a country of 8 million, only 69 years old, surrounded by enemies, in a constant state of war since its founding, with no natural resources- produces more start-up companies than large, peaceful nations, and more companies on NASDAQ than any country in the world?What Israel has managed to do is create an ecosystem where innovation is rewarded and encourages a culture of entrepreneurial spirit. The truth of the matter is that the struggles that may have made it harder for Israel to become a start-up hub are the reasons behind its success.
Many countries and cities wish they can replicate Israel’s start-up culture. Though we mostly see coverage of the country during a time of war, the success of Start-Up Nation has not gone unnoticed. Montreal’s very own Dennis Coderre has been very vocal in praising the country’s open market, entrepreneurial and technological culture. In November he led a delegation on an economic mission to Israel. With this we can only hope that one day Montreal succeeds in reaching the ranks of Tel Aviv.
Daniel Blumer and Navi Cohen, founders of Revols, have reached and surpassed great milestones since we first met them in 2014. What started off as an idea to develop premium quick custom-fit wireless earphones is now approaching reality with shipping scheduled for early 2017. Earlier this year, in just two months their Kickstarter campaign raised $2.5 million (U.S.), breaking records and becoming Canada’s most funded project in Kickstarter history. We had the chance to catch up with the Revols CEO, Daniel Blumer, to talk about it his journey and what lies ahead for the company. He offers some interesting insight and some lessons learnt in retrospect.A: Navi approached me with the idea of custom fit earphones and the whole concept was that custom fit provides this comfort level that is just so much better than a regular pair of earphones. That immediately struck a chord with me because myself, my wife, so many people, struggle with their earphones and are not comfortable. To me, that was the immediate compelling reason as to why we should go into this. Further justification came through doing the due diligence, doing the market research, seeing why people replace their earphones and why they buy premium earphones.
A: We spent around 3 months doing diligence, and learning about Kickstarter. We understood it. Some people think that you can just create a video and put it on Kickstarter. There is so much more to it. One of the biggest challenges which we saw right away was credibility. It’s not easy to be credible and show that what you are offering isn’t BS or a lie. You want to show that what you have is real, that it works, and that it can be trusted. For us one of the biggest things we did to succeed is that we hired a local PR firm and before the campaign started we went out to every single media outlet that would talk to us in Toronto, Montreal, New York, Philadelphia, San Francisco, and did the process on them. They then wrote reviews on us. If they liked us they would write good reviews which would then translate to trust and credibility and more people would back it. There was a direct correlation between when the media would release their review and how much we would receive on the Kickstarter.
A: More pressure than I’ve ever had in my life because to me the part that I hate the most is being in debt to someone else. I don’t have debt I don’t want to have debt. When you think about it you’re happy and so excited about the success of your Kickstarter and having all this money to make your product. But I’m so anxious to just deliver to all our backers. We have 12,000 people that supported us. A lot of them are Montrealers, friends, family, and people that have an interest in helping another Montreal company. Until we deliver there’s this pit in my stomach.
Q: What stage of development are you at presently?
A: We’re planning on delivering in November and December. We’re getting there.
A: Hardware is not easy to build here. The first year and a half we were only in Montreal. It was difficult in terms of cost, and in terms of the time it took to make all product versions. Something that has helped us tremendously is our relationship with the hardware accelerator, Hax. We moved to China last summer for 4 months and now we have people on the ground in China overseeing production. Now we can iterate faster at a lower cost in China which is a great advantage.
Q: What are some pros of being a Montreal-based company?
A: Montreal’s start-up community is growing a lot. You see it. You see it by the events and by the different companies coming out of Montreal. It’s impressive. There are many advantages of being in Montreal. Tax credit-wise, when you’re creating a company with a lot of R&D requirements, the Canadian and Quebec government are phenomenal at helping fund projects. You don’t get that in the States.
Q: Now that Revols is doing well and growing, in retrospect, can you think of lessons learnt or things you wish you would have done differently?
A: To me, one of the biggest learnings is with something we’ve experienced over the past few months when trying to do everything in house. We wanted to have control over all our projects. Looking back, it’s okay to outsource to a third party who’s more competent in a particular project. It would have costed more but it would have saved us months. It would have been worth it, so that’s what we’re starting to do now. If it’s not your core competency it is okay to outsource to a certain extent as long as you have a certain level of control.
A: PME has genuinely helped us because they came in relatively at the beginning when we didn’t have a lot of money. There are 2 components to PME. There’s the money itself. The money allows us to develop and grow without having to look elsewhere. Our valuation at the beginning was smaller and we would have had to give up a lot more of the company then. So, that money was sufficient in allowing us to go to the point where we now have a nicer valuation, we’re going to get more money and give up less equity. That is because of what PME helped us with. On the other side which is equally, if not more important, is the mentorship side. The ability to have access to mentors who are tremendously experienced in different fields and the comfort in knowing you can go to them is phenomenal. A lot of people don’t have that opportunity.
Q: 10 years from now where do you see Revols?
A: 10 years from now Revols will be a recognized brand name in the premium retail space, but not just selling earphones. Selling many different ear-related products with a custom fit solution.
Revols has come a long way in the past 2 years. We can’t wait to see what is in store for Daniel and Navi moving forward!
Innovation is an attribute largely commended as the biggest influencer of where our world is headed. Unfortunately, despite this fact, innovation is also a characteristic that education systems undervalues. Though still very important, schools seem to be putting almost all of their focus on traditional subjects. What is missing in many elementary and secondary curriculum’s are courses that will teach students to solve future problems, collaborate with others, take calculated risk and learn from failure (not just get penalized for it). The Quebec Government has seen the value of entrepreneurship education. The Secretariat a la Jeunesse has even added a division focused primarily on supporting entrepreneurial initiatives amongst the Quebec youth. Unfortunately, not all schools have developed, or even considered this approach.
There is a common misconception that teaching about entrepreneurship is synonymous to teaching about sales. In actuality, by participating in entrepreneurship activities kids can gain skills such as, autonomy, leadership, creativity, initiative, perseverance, self-confidence, sense of responsibility and solidarity. Most importantly, all of these are transferable skills that will give them necessary tools to excel whether they aim to be entrepreneurs or intrapreneurs. Often times educational institutions are criticized for not giving students the necessary tools to cope in the real world. Just think about it. How many things have you learned in elementary and high school that you’ve either forgotten or have never used outside of the classroom? What entrepreneurship-based learning does from the get-go, is that it teaches students how to recognize opportunities and how to act on them. This is not a skill easily forgotten when properly implemented into different facets of an educational curriculum.
Implementing entrepreneurship-based learning into an existing school curriculum can seem daunting, but lucky for schools there are existing programs like Junior Achievement and The Incubator that can help make the process easier. These resources offer easily understandable step-by-step guides and computer-friendly activities that will teach students about entrepreneurship. Schools should also consider the benefits of teaching traditional subjects with an entrepreneurial approach. For instance, sensitizing students to writing by having them write stories and read them to others. Such activities permit students to make decisions on their own. With teachers acting as guides, students can learn from trial-and-error and that learning from failure is important.
The goal here is not to teach students to become entrepreneurs or ways to grow the economy. If a student winds up starting a business and creating jobs, that’s just a bonus. The objective is to have them gain skills that are applicable to all of their future endeavours. What entrepreneurship-based learning does is that it instills confidence within students early on. They are thus able to see that they can accomplish whatever they set up to do. When a young person realizes that they hold the key to their futures, this equals to limitless possibilities.