Babson Adjunct Professor Michael Caslin is among a group of national leaders from the fields of education, entrepreneurship and business, public policy, media and philanthropy who will meet to address the issue of how to expand youth entrepreneurship education in the nation’s low income communities. The meeting will be conducted on September 26-28 in Aspen, Co.

In partnership with E*TRADE Financial and the Aspen Institute, the National Foundation for Teaching Entrepreneurship (NFTE) is creating a dynamic new policy initiative: the Youth Entrepreneurship Strategy Group (YESG). The goal will be to develop a concrete, viable strategy to advance the teaching of entrepreneurship in public schools throughout the United States, and prompt public discussion and action on teaching entrepreneurship.

The YESG summit of national leaders will be chaired by Stephanie Bell, Rose, President of The Goldman Sachs Foundation. YESG will explore the promise and obstacles to implementing youth entrepreneurship education in low-income communities nationwide, develop a concrete, targeted strategy to advance the teaching of entrepreneurship and prompt public discussion and action.

Research has shown that the traditional educational approach is not working for many young people from underserved communities.

• According to a 2004 study by the Children’s Defense Fund, youths from low-income communities are three and a half times more likely not to finish high school than those from middle-income areas.
  
• In a 2006 Gates Foundation-sponsored survey of high school dropouts, 81% of the participants said that increased opportunities for“real-world learning”in their schools would have improved their chances of graduating.

Further, American economic growth increasingly relies on entrepreneurship as its driving force. A 2004 study by Carnegie Mellon University found that small business ownership is directly related to a community’s economic strength. Unfortunately, individuals from low-income communities often face barriers to entering the marketplace, due to lack of formal training in small business management.

“There is compelling evidence from researchers at Harvard University that indicates that young people who learn about entrepreneurship develop a "success" orientation and are more likely to be focused on becoming professionals and entering the workforce, said Michael Caslin, vice president of public policy for NFTE, a key organizer of the YESG summit.

This is important in light of growing concern over America’s ability to compete in an increasingly global economy.  America’s key economic strength is the entrepreneurial nature of its economy and citizenry. Workforce readiness requires reading and math, but it also requires opportunity recognition, creativity and problem-solving – skills which are not being given enough airtime in today’s school day.

“Not only are youth-entrepreneurship education programs beneficial as complements to traditional academic curricula, they can also serve to inspire confidence and leadership in students where such character traits may go unrecognized and underutilized,” added Caslin. “This shift in attitude toward success is critical in helping students stay on track and motivated in the midst of mixed messages about their future opportunities.”

That’s good news, because the benefits of entrepreneurship education can reach beyond an individual student’s interest in business. The hands-on, interactive nature of high-quality entrepreneurship curricula holds the capacity to engage students by making learning relevant to their real-world experiences and ambitions. Students learn the basic business skills needed to open and operate a business, but they also learn how to plan and strategize successfully, think critically, and work effectively in teams. Good entrepreneurship programs bring students together to work with one another on real issues, and build potential for a successful career and financial independence.

NFTE teaches entrepreneurship to young people from low-income communities to enhance their economic productivity by unlocking their entrepreneurial creativity and improving their business, academic and life skills.  Since 1987, NFTE has reached over 150,000 young people, and trained more than 4,000 Certified Entrepreneurship Teachers, in 28 states and 13 countries.