Throughout the world entrepreneurship has become a topic of interest in research and practice due to its importance to economic growth, innovation, and employment. Yet it has only received cursory attention in the career development and assessment literature, being most often observed from the economic point of view. As employee societies and economies rapidly convert to entrepreneurial societies and economies, the question arises: Are future generations ready to be entrepreneurial? Do they receive the training necessary to have an entrepreneurial mindset, one that would drive them to be oppor... Show more
Throughout the world entrepreneurship has become a topic of interest in research and practice due to its importance to economic growth, innovation, and employment. Yet it has only received cursory attention in the career development and assessment literature, being most often observed from the economic point of view. As employee societies and economies rapidly convert to entrepreneurial societies and economies, the question arises: Are future generations ready to be entrepreneurial? Do they receive the training necessary to have an entrepreneurial mindset, one that would drive them to be opportunity/innovation-oriented in this new world of work? And, if the answer is no, then what mechanisms should be put into place to educate them accordingly?
The main research question of this paper involves the detection of the factors that impact on start-up creation, including in terms of education and training. The paper also explores how to enhance the attractiveness of the entrepreneurial career and how to best support individuals in their preparation for start-up creation. These aims are articulated according to the following streams: presentation of comparative statistics to situate Australia among its peers in terms of the efficiency of the cultural support element of the entrepreneurial ecosystem, including education and training; impact of contextual factors (gender, age, level of education and entrepreneurial training environment, as well as societal perceptions of the status of the entrepreneur) on entrepreneurial intentions; explanation of the prevailing trends in education attainment levels for start-ups both in Australia and internationally; estimate of the prevailing trends that impact the future of start-up education.
Consistent with Social Cognitive Career Theory (SCCT), self-efficacy is influenced by contextual variables (such as gender, age, level of education or learning environment and parents' level of education), and this theory is used to test the above correlations for the first time, using data from a large-scale survey. Drawing on the Global Entrepreneurship Monitor, the Australian sample is observed, with the aim of investigating the correlation between entrepreneurial self-efficacy and entrepreneurial intentions. Knowledge of other entrepreneurs had the largest effect on the self-efficacy of start-up entrepreneurs, demonstrating the importance of mentors and networking. The availability of skills was also an important factor in the confidence to start up an enterprise. The research demonstrates that, for entrepreneurial start-ups, the highest growth from 2004 to 2006 was in people with tertiary degrees. However, those with TAFE or technical qualifications also showed significant growth. The research also highlights the importance of informal learning in gaining the skills to start up a business. The findings of this research will help to inform policy on how to best design and deliver programs to make the entrepreneurial career more attractive, having regard to present and future trends affecting the workforce.
Published abstract.
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