Page 83 - guidance-supporting-europe-s-aspiring-entrepreneurs-policy-and-practice-to-harness-future-potential

Guidance supporting Europe’s aspiring entrepreneurs
Policy and practice to harness future potential

organised by individual schools, local, regional and national authorities,
international organisations (e.g. Ja-Ye) and media (e.g. newspapers).
Entrepreneurship competitions and awards are based on a common
methodology: judging entrants – either individuals or teams – and awarding a
prize for the best entry but can be used to achieve a range of aims and objectives
among a variety of different target groups. The activities for the participants can
also vary, as can the prize awarded. There are also a range of stakeholders
which can be engaged in the various stages of running the competition.
Entrepreneurship oriented competitions have a number of benefits for
participants. They can develop or improve entrepreneurial/business skills but can
also form other skills such as team-working and communication. Depending on
how the competition is run, participants may be able to learn from existing
businesses/entrepreneurs and there is the chance to win a (generally monetary)
prize. Another value lies in the fact that students have the chance to teach one
another; some of the most valuable learning may come informally and tacitly, as
younger or less experienced students learn by observing and imitating those
whose techniques and skills are greater (Volkmann et al., 2009). Often, existing
entrepreneurs or other relevant representatives of the private sector are involved
in judging or supporting participants, presenting an opportunity to establish
contacts in the private sector.
Some entrepreneurial competitions are based on a number of stages, as is
the case for the Business competition in Hungary, described in Example 9.

Example 9. Diákvállalkozás – A versenyről (Business competition),
Hungary

The Business competition is open to secondary school students, including students of VET. The
competition has four stages, the first being is a test on economic issues that relate to the formation of
a business. The second stage is the creation of the company, including the creation of a business
idea, a name, slogan and logo. The third stage includes the further development of the business plan,
including an explanation of the scope of activities of the business, firm financial planning and a review
of the market research and the long term goals of the company. The last stage is the judging.

Source: http://www.diakvallalkozas.hu/content.php?cid=cont_4b90e0c26462b2.30046887 [cited 03.09.2010].

Business competitions can also be used as an incentive for VET students
taking part in virtual mini-company programmes. For example, in Bulgaria, the
national competition Virtual enterprise is a competition promoted by Junior
Achievement and the Ministry of Education, Youth, and Science which gives
students aged between 15 and 19 the opportunity to test their business skills.
Students are given a task of introducing an innovative product to the market and
the one generating the highest possible profit will win.

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