Youth entrepreneurship education in America

© The National Foundation for Teaching Entrepreneurship (www.nfte.com)

Youth entrepreneurship education in America.Youth entrepreneurship education in America.

TANYA’STANYA’SSTORYSTORY


President Barack ObamaThe Audacity of Hope

I believe in the free market, competition, andI believe in the free market, competition, and

entrepreneurship.entrepreneurship.“

”


Young people in low-income neighborhoodswant the same things we all want.

Young people in low-income neighborhoodswant the same things we all want.


To get a good education.

To get a good education.

To earn enough money to live well.

To earn enough money to live well.

To make their family proud.To make their family proud.


The trouble is, very fewhave a clear path for how to get there.

The trouble is, very fewhave a clear path for how to get there.

Worse, they might not feel like society expects them to succeed.

Worse, they might not feel like society expects them to succeed.

© The National Foundation for Teaching Entrepreneurship (www.nfte.com) The Manhattan InstituteThe Manhattan Institute

drop out of high school.drop out of high school.50%50% of minority youth of minority youth An estimatedAn estimated

Did you know?Did you know?

© The National Foundation for Teaching Entrepreneurship (www.nfte.com) Civic Enterprises and The Bill & Melinda Gates FoundationCivic Enterprises and The Bill & Melinda Gates Foundation

to real-life.to real-life.

81%81%dropped out if school was more relevantdropped out if school was more relevant

said they would not have said they would not have



What if high school were more relevant in preparing youth to make it in our economy?What if high school were more relevant in preparing youth to make it in our economy?


1 in 51 in 5youth live in poverty in America youth live in poverty in America



How would you define “poverty”?How would you define “poverty”?


In many American cities, poverty is defined as…In many American cities, poverty is defined as…

Source: Federal Register, Vol. 73, No. 15, January 23, 2008, pp. 3971–3972.

Poverty | nounA family of four living on $21,200 a year or less.


That’s just over $50 a day…That’s just over $50 a day……for a family of four.…for a family of four.


$50$50get you?get you?

What does What does


Four high school students received $50 each as an experiment.

Four high school students received $50 each as an experiment.


Lena used her $50to open a savings account.


Sarah took her friends to see a movie.

Sarah took her friends to see a movie.


Maurice invested his $50 into mutual funds.

Maurice invested his $50 into mutual funds.


Tanya, who was in a NFTE entrepreneurship class. bought a dozen ties and scarves from a NYC

wholesaler and launched a business.

Tanya, who was in a NFTE entrepreneurship class. bought a dozen ties and scarves from a NYC

wholesaler and launched a business.


So what was the return on each student’s $50 investment?So what was the return on each student’s $50 investment?


Lena earned about $1 interest from her savings account.Lena earned about $1 interest from her savings account.


Sarah had fun at the movies, but had no money left after it.Sarah had fun at the movies, but had no money left after it.


Maurice’s mutual fund investment earned $4.Maurice’s mutual fund investment earned $4.


Tanya sold enough ties and

scarves to earn $148 dollars.

Tanya sold enough ties and

scarves to earn $148 dollars.

She then re-invested $72 in thirty-six more scarves… She then re-invested $72 in thirty-six more scarves…


Something started shifting Something started shifting

in Tanya’s brain.in Tanya’s brain.


Tanya had worked part-time at a music store earning $140 a week.Tanya had worked part-time at a music store earning $140 a week.

She wondered if she could make even more with her business.

She wondered if she could make even more with her business.


Perhaps she could make enough money to help her mother afford the computerclass she needs to get a better job?


I always thought business was for older people, wealthier people…

But now I know that I can run my own business and not have to work for someone else.

I always thought business was for older people, wealthier people…

But now I know that I can run my own business and not have to work for someone else.

“

”Tanya, Entrepreneur


Tanya got excited about more than just running her own business.

her potential.She got excited about


Today, Tanya is a member of the Babson College class of 2011, on a $200,000 scholarship.

Today, Tanya is a member of the Babson College class of 2011, on a $200,000 scholarship.


By investing in herself Tanya felt more confident and in control of her future.By investing in herself Tanya felt more confident and in control of her future.

This is a story about the power of ownership. This is a story about the power of ownership.


The door to infinite possibilities was opened,changing Tanya’s life forever.


For the United States to survive and continue its economic and political leadership in the world, we must see entrepreneurship as our central comparative advantage.

Nothing else can give us the necessary leverage to remain an economic superpower.

For the United States to survive and continue its economic and political leadership in the world, we must see entrepreneurship as our central comparative advantage.

Nothing else can give us the necessary leverage to remain an economic superpower.

“

”Carl J. SchrammThe Entrepreneurial Imperative: How America’s Economic Miracle Will Shape the World (And Change Your Life); New York: HarperCollins, 2006

Carl J. SchrammThe Entrepreneurial Imperative: How America’s Economic Miracle Will Shape the World (And Change Your Life); New York: HarperCollins, 2006


“ I am calling on our nation's Governors and state education chiefs to develop standards and assessments that don't simply measure whether students can fill in a bubble on a test, but whether they possess 21st century skills like problem-solving and critical thinking, entrepreneurship and creativity

I am calling on our nation's Governors and state education chiefs to develop standards and assessments that don't simply measure whether students can fill in a bubble on a test, but whether they possess 21st century skills like problem-solving and critical thinking, entrepreneurship and creativity

President Barack ObamaEducation Speech, March 2009

”


“So we know better today what works than ever before, more great examples over the past five, 10, 15 years of what works than ever before. Our job now, I don't have to come up with a million, you know, billion ideas. We need to do a great job of listening. We need to take to scale those best practices, they're making a difference in student's lives every single day and have our department of education be that engine of innovation, if one that invests in what works, and takes the scale of those best practices. We have to move from islands of excellence to pockets of excellence to actual systems of excellence, and we have an extraordinary chance to do that.

So we know better today what works than ever before, more great examples over the past five, 10, 15 years of what works than ever before. Our job now, I don't have to come up with a million, you know, billion ideas. We need to do a great job of listening. We need to take to scale those best practices, they're making a difference in student's lives every single day and have our department of education be that engine of innovation, if one that invests in what works, and takes the scale of those best practices. We have to move from islands of excellence to pockets of excellence to actual systems of excellence, and we have an extraordinary chance to do that.

Arne DuncanUnited States Secretary of Education”

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Youth entrepreneurship education in America