1. Entrepreneurship What is Entrepreneurship? How do we teach Entrepreneurship? How do we assess student learning? Scott Walker scott18w@vt.edu

2. Entrepreneurship Who is at an institution that has a entrepreneurial program?

3. Entrepreneurship Whose program uses cases and lectures?

4. Entrepreneurship Whose program uses experiential learning?

5. Teach Measure Define Entrepreneurship

6. Teach Measure Define Entrepreneurship What is Entrepreneurship? How do we characterize an entrepreneur? How do we relate teaching outcomes to economic outcomes?

7. Teach Measure Define How do we teach entrepreneurship? How do we teach entrepreneurial thinking? Who should be teaching entrepreneurship? Entrepreneurship

8. Teach Measure Define How do we assess student outcomes? How do we know the student understands what it means to think entrepreneurially? How do we know we’ve measured the right outcomes? Entrepreneurship

9. Central Questions - Are we teaching the right “stuff” in Entrepreneurial Education? How do we measure student outcomes provided we are teaching the right “stuff”? Entrepreneurship

10. Teach Measure Define Entrepreneurship

11. What is Entrepreneurship? Entrepreneurship is the process of starting a business or other organization. 1 The entrepreneur develops a business model, acquires the human and other required resources, and is fully responsible for its success or failure. Entrepreneurship 1 https://en.wikipedia.org/wiki/Entrepreneurship

12. What is Entrepreneurship? Creation of a venture is central to the definition of entrepreneurship 2 Entrepreneurship 2 Urban, B. (2012). Applying a metacognitive perspective to entrepreneurship: empirical evidence on the influence of metacognitive dimensions on entrepreneurial intentions. Journal of Enterprising Culture, 20(02), 203–225.

13. Why is Entrepreneurship important? The U.S Department of Commerce reported that entrepreneurs: – Employ half of all private industry employees – Handle 44% of industry payroll – Generate 70% of new jobs in the U.S. economy annually 2.5 million jobs created in 2010 – Employ 40% of the high tech workers in the U.S. 5 5. Shinnar, R., Pruett, M., & Toney, B. (2009). Entrepreneurship education: attitudes across campus. Journal of Education for Business, 84(3), 151–159. Entrepreneurship

14. Makes sense to teach entrepreneurship Entrepreneurship

15. College Entrepreneurial Programs Entrepreneurship 6 http://www.alleywatch.com/2014/05/the-number-of-college-entrepreneurship-programs-is- exploding/ 7 http://www.bls.gov/bdm/entrepreneurship/entrepreneurship.htm 7

16. College Entrepreneurial Programs Entrepreneurship 6 http://www.alleywatch.com/2014/05/the-number-of-college-entrepreneurship-programs-is- exploding/ 7 http://www.bls.gov/bdm/entrepreneurship/entrepreneurship.htm 7

17. College Entrepreneurial Programs Entrepreneurship What are we teaching?

18. There seems to be no clear definition of entrepreneurship, 3 we do know that “innovation, change, and creativity are at the core of recent definitions of entrepreneurship” 4. 3. Fayolle A, Lassas-Clerc N. Essay on the nature of entrepreneurship education. In: International Conference Entrepreneurship in United Europe-Challenges and Opportunities.; 2006. 4. Zhao H, Seibert SE. The big five personality dimensions and entrepreneurial status: a meta-analytical review. J Appl Psychol. 2006;91(2):259. What is Entrepreneurship? Entrepreneurship

19. Education ≠ Venture Creation How do we define entrepreneurship?

20. Teach Measure Define Entrepreneurship

21. What are we teaching in Entrepreneurship courses? Entrepreneurship Business School strategy – Lectures (great background information) – Cases (what happened to someone else) – Develop Business Plans

22. What are we teaching in Entrepreneurship courses? Entrepreneurship Project Based Learning – Customer Discovery (Alexander Osterwalder & Yves Pigneur) – Agile Product Development (Eric Ries, Steve Blank) – Opportunity Analysis (James Green)

23. What are we teaching in Entrepreneurship courses? Entrepreneurship Other – Experiential Learning – Apprenticeship

24. Entrepreneurship The StartUp Class Elective course located in the College of Engineering with Engineering, Business and Industrial Design Students At

25. Entrepreneurship The StartUp Class —Lean StartUp (Eric Ries) —The StartUp Owner’s Manual (Steve Blank and the Udacity online course) —Business Model Canvas (Alexander Osterwalder & Yves Pigneur) At

26. Entrepreneurship Learner-Centered Problem / Project Based Experiential (Semi-internship) Taught by both academics and non- academics with experience in entrepreneurship and industry At

27. Education ≠ Venture Creation How do we define entrepreneurship? Lean StartUp Learned-Centered/Project Based Experiential

28. Teach Measure Define Entrepreneurship

29. Year One questions: We started with 6 open ended questions answered pre and post term: ―What makes someone an entrepreneur? ―What qualities of a person's character make them a better entrepreneur? ―What qualities of a person's knowledge or education make them a better entrepreneur? What qualities mentioned above do you have? ―How do you handle complexity? ―How do you handle ambiguity? at

30. Entrepreneurship Year One Survey Results: No change in their thoughts that entrepreneurs: – Start a business – Have perseverance – Have (lots of) practical experience and knowledge – Handle complexity and ambiguity by breaking problems down in manageable chunks and researching the problem at

31. Entrepreneurship Year One Survey Results: Interestingly, what did change: – Students thought leadership was less important after the course – Students recognized the need for customer discovery and the Business Model Canvas after taking the course at

32. Entrepreneurship Year One Survey Results: Students showed little change from before and after survey. at

33. Entrepreneurship Year One Survey Results: Students showed little change from before and after survey. Our lesson:  (well, not as much as we hoped) at

34. Entrepreneurship How do we measure student learning? Most students graduate from college at ~22.

35. Entrepreneurship How do we measure student learning? Most students graduate from college at 22 Most Entrepreneurs start companies between the ages of 30 and 45 (avg. 40) 9, 10,11 9 Fairlie, R. W. (2013). Kauffman index of entrepreneurial activity (1996–2010). Kauffman Foundation, Kansas City. 10 Muller - Boomers Entrepreneurs - Living Longer Starting Up Their Ideas 11 Wadhwa, V., Holly, K., Aggarwal, R., & Salkever, A. (2009). Anatomy of an entrepreneur: Family background and motivation. Kauffman Foundation Small Research Projects Research. 12 Paul, S (2009) The Illusions of Entrepreneurship: The Costly Myths That Entrepreneurs, Investors, and Policy Makers Live By, by Scott A. Shane, Eastern Economic Journal 35.2 : 271‐273. The typical American entrepreneur is a "married white man in his forties who attended but did not complete college. He lives in a place like Des Moines or Tampa, where he was born and has lived much of his life. His new business is a low‐tech endeavor, like a construction company or an auto repair shop". Further, the new business "is a sole proprietorship financed with $25,000 of his savings and maybe a bank loan that he guarantees personally.“ Scott A Shane 12

36. Entrepreneurship How do we measure student learning? Most students graduate from college at 22 Most Entrepreneurs start companies between the ages of 30 and 45 (avg. 40) I-Corps measures the commercialization of technology and/or the transfer of the activity to the for-profit sector – i.e. venture creation.

37. Entrepreneurship How do we measure student learning? Most students graduate from college at 22 Most Entrepreneurs start companies between the ages of 30 and 45 (avg. 40) I-Corp (part of NSF) measures # of companies started Measuring ventures created is short sighted.

38. Entrepreneurship Raised several questions: What can we measure? What are others doing? at

39. Entrepreneurship Specifically – the change in mindset as the student takes the course. – Assumptions – Methods – Notions Entrepreneurial Mindset

40. Entrepreneurship Intention - understanding the complex relationships in the path they follow – Bird, 1988 Orientation – understanding the direction of thought – Lumpkin & Dess, 1996 Self-Efficacy (from Bandura, 1977) - an individual’s belief in their personal capability to accomplish a specific task – De Noble, Jung & Ehrlich, 1999 – Zhao & Seibert, 2006

41. Entrepreneurial Mindset Entrepreneurship Combination of above – Von Graevenitz, Harhoff & Weber, 2010 Metacognition and Mindset - cognitive adaptability captures some of the cognitive origins of the entrepreneurial mindset through (1) metacognitive goal orientation, (2) metacognitive knowledge, (3) metacognitive experience, (4) metacognitive choice, and (5) metacognitive monitoring – Haynie and Shepherd, 2009

42. Entrepreneurial Mindset Lean StartUp Learned-Centered/Project Based Experiential

43. Issues with current Entrepreneurial Education Research 13 : Research is lacking both pre- and post- testing data. Research is lacking in control group data. Research is lacking in structure of pedagogical and curricular practices. Research is lacking in longitudinal data. Which theory is adequate? Are any adequate? Entrepreneurship 13 Fayolle, A., & Gailly, B. (2013). The impact of entrepreneurship education on entrepreneurial attitudes and intention: Hysteresis and persistence. Journal of Small Business Management.

44. Entrepreneurship How are we measuring: Measure of Adaptive Cognition (MAC) Schraw and Dennison’s 14 instrument, as adapted by Haynie and Shepherd 15 14Schraw, G. and Dennison, R. (1994). Assessing metacognitive awareness. Contemporary Educational Psychology 19:460–475. 15 Haynie, M. and Shepherd, D. A. (2009). A measure of adaptive cognition for entrepreneurship research. Entrepreneurship Theory and Practice, May, 695–714. at

45. Year Two The StartUp Class Core survey based on Haynie and Shepherd’s adaptation of MAC questions about Metacognition and the change in mindset from Entrepreneurial Education Entrepreneurship

46. Current limitations in our research: Small groups (<40 students) per year No control group Self-selection of students (Intent) No longitudinal data (Yet) Is MAC the right framework and methodology? at

47. Entrepreneurship Where we feel we help the research: Course outline and pedagogy explained. Survey is easy to administer – anticipate continuing for many more terms. As instructors we recognize the effects of the course may take years before it benefits the students at

48. Year Two at The StartUp Class finishes in May. Entrepreneurship

49. Entrepreneurial Mindset Lean StartUp Learned-Centered/Project Based Experiential MAC (Measure of Active Cognition)

50. Scott Walker scott18w@vt.edu Thank you

51. Questions and Discussion Questions?

52. Discussion What is the appropriate measurement for entrepreneurship?

53. Discussion Should we be teaching entrepreneurship or entrepreneurial thinking?

54. What is the right framework to measure entrepreneurial mindset? Discussion

55. Teach Measure Define Entrepreneurship