Education of entrepreneurship by participation in a business simulation enterprise activities: conditions of effectiveness and opportunities for improvement

Abstract

The article deals with the theoretical aspects of entrepreneurship education and participation in a business simulation enterprise conditions and opportunities. Aim of the research: to investigate the efficiency conditions and possibilities of entrepreneurship education of students participating in the activities of the business simulation enterprises in Lithuanian higher education institutions. Analytical descriptive, quantitative and statistical research methods were applied. The results of the quantitative research showed that a business simulation enterprise is a suitable form of teaching/learning for the development of students' entrepreneurial abilities and personal entrepreneurial qualities. It was found that by participating in the activities of business simulation enterprise, the students became more aware of the business, self-assessed and improved their business management skills and developed their personal entrepreneurial qualities. The results of the research will have a lasting value in the scientific discussion about the possibilities of students' entrepreneurship education in higher education studies when participating in the business simulation enterprise activities and also will have practical value in providing opportunities for quality improvement in the organization of the study process in business simulation enterprise by developing students' entrepreneurial skills.

Student Entrepreneurship in Universities: The State-of-the-Art

“…Indeed, universities' approach to entrepreneurship has been changing to understand the new requirements of the economic system. In this scenario, universities broadened their support for entrepreneurship and innovated entrepreneurship education, introducing the following innovations: (I) the use of business simulations (Samašonok et al 2020); (II) the development of new entrepreneurship courses, extra-curricular support activities, seminars, and training (Walter et al 2013;Bergmann et al 2016;Morris et al 2017;Sendouwa et al 2019); and (III) the use of accelerators, incubators, business plan competitions, and grants (Wright et al 2017).…”

“…Conversely, it should be supported by the development of more innovative and entrepreneurial approaches, such as the collaborative co-learning approach, based on the engagement of entrepreneurs, university students, and educators in the learning process (Hannon et al 2005). Other significant steps forward have been made through the introduction of business simulations, considered a useful tool for the development and the improvement of entrepreneurial abilities (Samašonok et al 2020) and through new entrepreneurship courses, extra-curricular support activities, seminars, and training, in order to shape a supportive environment for entrepreneurship (Walter et al 2013;Bergmann et al 2016;Morris et al 2017;Sendouwa et al 2019). Accelerators, incubators, business plan competitions, and grants are also recognised as new ways to stimulate entrepreneurial skills (Wright et al 2017).…”

“…It moves them beyond current approaches of particular disciplinary perspectives, helping them to create imaginative new options, adopt strategic approaches, and design organisational mechanisms to experiment and transform good ideas into reality" 1 (Dodgson and Gann 2020). Thus, universities' approach to entrepreneurship has been changing and universities introduced innovations, such as (I) the use of business simulations (Samašonok et al 2020); (II) the development of new entrepreneurship courses, extra-curricular support activities, seminars, and training (Walter et al 2013;Bergmann et al 2016;Morris et al 2017;Sendouwa et al 2019); and (III) the use of accelerators, incubators, business plan competitions, and grants (Wright et al 2017).…”