Dr. Sung Moon-ju (Associate Research Fellow) has pointed out lack of entrepreneurial mindset in Korea, and suggested that changes and innovations are needed in college education to foster such mindset for young people who are preparing to enter the labor market or in the early stages of their careers.
Entrepreneurial mindset is drawing considerable attention for successful response to changes caused by the recent growth slowdown and 4.0 Industry, which is a specific set of capabilities to proactively seize opportunities, take risks, and turn new ideas into economically and socially valuable products, services, and processes.
According to the study, the entrepreneurial mindset positively influences start-up, employment, career, psychosocial status, attitude and college life of students. In addition, college education will contribute to cultivating mindset in young people with continuous efforts to foster entrepreneurship, improve awareness of entrepreneurs creating socioeconomic values, and revitalize start-ups and job creation. Especially, in order to cultivate the entrepreneurial mindset of the youth and our society, changes are necessary in terms of the role of colleges, educational paradigms, curriculum and methodology. Others required simultaneously include changes in social and cultural factors, such as social sharing of risk of failure following challenges through new education practice and social safety nets, and institutional factors such as innovation in government regulations and startup support process.
“This report identified the role and promotion factors of entrepreneurship for college students with analysis of previous studies, and drew takeaways referring to the cases of Dutch universities,” explains Dr. Sung.