I am embarking on a crowdfunding classroom project with my entrepreneurship students this summer. Why? Well for a number of reasons:
- Cash – or well the lack of it. My youth nascent entrepreneurs are out of cash. No funding is available to implement their ideas, and they must begin to use 21st century tools like the power of the crowd to fund their ideas. This project will reinforce a good life lesson and an entrepreneurship tenet – you must invest your time for others to invest their money.
- Collaboration – this is one of the 4 Cs of 21st century education. A critical skill. As the value of social proof increases, and as more platforms for lending, technology and learning are powered by the crowd, it is imperative that every entrepreneur – novice or not master the art of collaboration. Another tenet of entrepreneurship can be found here – even the solo entrepreneur needs others to be successful. Those others may be her suppliers, customers, brainstorming partners, or funders. The point is you need to embrace collaboration to generate wealth and success.
- Creativity – crowdfunding requires the flexing of the creative sinews, and buzz of the brain synapses. It takes creativity to conceptualize the campaign, create momentum, provide incentives to the funding collaborators. Requiring creativity of your students and youth entrepreneurs is extremely important as it is the fuel for the fires of innovation and differentiation – both of which are critical for successful entrepreneurship.
- Confidence – a crowdfunding project helps to build confidence. To convince others of the worthiness of his project, the entrepreneur must exudeconfidence in his/her product, transmit that through his/her pitch. Whether the crowdfunding campaign meets its target or not the entrepreneur will have achieved an increased sense of self efficacy and worth.
Do subscribe and share