Back in May, Biz in a Boxx appeared in the online publication of Emprendedores (Spain) as a suggestion to readers to distribute our product overseas. (I had to do some online translation; apparently six years of Spanish classes weren’t enough.) Since then we’ve gotten a slew of emails from entrepreneurs in Spain, the Caribbean, Australia, Latin America and even Malaysia wanting to distribute Biz in a Boxx in their homelands.
While we’ve appeared in numerous publications in the US, the response from overseas entrepreneurs has been greater than what we’ve received here in the US. It’s somewhat surprising to us that this has occurred, not because we didn’t expect the interest but because the US has been more lax in encouraging youth entrepreneurship.
Entrepreneurship has been the catalyst to the US economy: innovation, GDP, jobs, etc. We were the leaders of free enterprise, affording its citizens ownership and the ability to create wealth.
Perhaps we’ve taken capitalism for granted. We’ve publicized the extreme successes of Bill Gates, Steve Jobs and Mark Zuckerberg and that with a good idea, we can make anything happen and reap the financial rewards of our ingenuity. The short, edited versions of their plights to entrepreneurial fame seem nothing more than creating a product and asking someone to buy it. What else is there to know?
Those are extreme cases and even then there were mistakes and setbacks.
The US isn’t quite the leader on all fronts when it comes to entrepreneurship. The World Bank Group ranked Singapore and New Zealand ahead of the US when it comes to the ease of doing business. And according to the Global Entrepreneurship Monitor (GEM), early-stage entrepreneurial activity is highest in the United Arab Emirates and Iceland when it comes to innovative economies like ours. The US ranks in the top 25 percent.
Education and Training
Though there’s always room for more research, what has been seen is a causal relationship between entrepreneurship education and training and the rate of entrepreneurial activity. GEM found that those who have the formal and experiential knowledge and skills in entrepreneurship are more likely to start businesses, become entrepreneurs and develop patented inventions than those who have not received training. In a 2008 study of 38 countries, GEM found that 79 percent of people age 18-64 had not received training in starting a business.
One answer to receiving so many overseas inquiries lies with education and training. In-school entrepreneurship education and training has actually been on a decline in the US since 2005, while countries like Spain, Chile, Brazil and Greece have seen increases. Non-school entrepreneurial education has also been on a steady decline in the US.
Primary Education
There should be no surprise to know that US students in our primary school system aren’t getting the education and training they need to compete and innovate. In advanced science, US high school seniors rank dead last and in advanced math, only Austria beats us out as the worst. Being an innovative-driven economy, it’s imperative that we provide the next generation with the skills they need to drive our system forward.
Currently the US public school system is geared towards preparing today’s youth for jobs rather than teaching them how to create jobs. There are far more resources available in the US that train youth to become employees rather than employers, yet it’s the employers who will help get us out of the financial mess we all face. And as long as we continue to accept a broken system, the more we will see things decline.
There are deep implications for not fostering entrepreneurship and especially failing to prepare our youth for global competitiveness. Without it, our economy and communities suffer. If you think your own child won’t be affected, think again (or just ask their future boss in Spain, China, South America or India.)
Melissa
{ 4 comments… read them below or add one }
Melissa, thanks so much for your research and passion on this vital issue. Whatever shall we do to change the US perception of youth entrepreneurship?
I’ve done what I can by buying 2 versions of Biz in a Boxx for my kids and can attest to the successful implementation of the Biz in a Boxx guidelines. My kids started and continue to run several businesses each.
Thanks for your product and your continued insight.
I agree, parents don’t realize what they’re not doing to get their children ready for the world. Countries like China and India see this opportunity and are taking advantage of it. We’ll see the economic dynamics change. Then we’ll be crying in our soup bowls.
Thanks for your continued support, Lou, and for following the blog. Be sure to spread the word about the importance of youth entrepreneurship training and preparing today’s kids for tomorrow’s economy.
Matt, we will likely see a shift in a workforce as other countries implement these skill sets. Thanks for the dialogue.