Numerous students eager to launch their own enterprises - only a small fraction actually take the initial steps. - Numerous learners harbor aspirations of entrepreneurship – only a modest number following through.
Article:
Interest in entrepreneuring among German students is robust, with one in five aspiring to establish their own businesses after graduation, according to a survey conducted by the Startup Association in 2024. This figure surpasses the number who seek a career in the public sector. However, the association laments that only a small fraction of these aspiring entrepreneurs actually proceed with their plans.
The international survey, which questioned over 2,000 students in Germany about their five-year career goals post-graduation, ranks Germany in the mid-tier globally in terms of an entrepreneurial spirit. The majority of students (32 percent) opt for becoming company employees.
Kati Ernst, the deputy chairwoman of the Startup Association, attributes the lack of young entrepreneurs to inadequacies in the education system. She asserts, "It's crucial to introduce entrepreneurship as a viable option during their studies and provide students with the necessary skills right from the start." Furthermore, incorporating entrepreneurial role models within the education system would be beneficial, according to Ernst.
From the Startup Association's perspective, the knowledge of starting a business is not sufficiently imparted. A survey of around 1,000 students, conducted across more than 160 universities, revealed that 84 percent would have appreciated learning more about entrepreneurship during their schooling. However, only a minority (17 percent) had such courses.
The association believes that tapping into this potential would have a significant impact on Germany's innovative prowess. Approximately 3,000 startups are founded in Germany annually. If all students interested in becoming entrepreneurs were to follow through on their intent, the number of new businesses would potentially increase to 21,000.
The survey indicates that students considering entrepreneurship are driven by the desire to learn new things (92 percent) and find relevance in their work (85 percent). Income is significant to 75 percent, while job security takes a back seat (30 percent). Moreover, the aspiring entrepreneur group is particularly performance-oriented, with over half (53 percent) anticipating working 50 hours or more per week. This aligns with the reality, as founders tend to work an average of 55 hours weekly.
In broader context, challenges faced by startups and entrepreneurs in Germany and Europe include access to funding, regulatory hurdles, and the need for more flexible and practical entrepreneurial education. Efforts to alleviate these challenges, such as the EU's Startup and Scaleup Strategy, aim to improve conditions for entrepreneurs by simplifying access to research infrastructure and supporting entrepreneurial education.
The European Commission's strategic focus on entrepreneurship and innovation, including initiatives like the Lab to Unicorn initiative and the Blue Carpet initiative, suggests an endeavor to bridge the gap between academia and industry, which could indirectly benefit students intrigued by entrepreneurship.
- The Startup Association suggests that a significant improvement in Germany's entrepreneurial scene could be achieved by integrating more vocational training in entrepreneurship as part of the education system, thereby equipping students with the necessary skills and knowledge.
- The European Commission, with its strategic focus on entrepreneurship and innovation, is aiming to bridge the gap between academia and industry through initiatives like the Lab to Unicorn and the Blue Carpet. This could potentially provide students with practical, hands-on learning experiences in finance, business, and entrepreneurship, instilling self-development and fostering the growth of future entrepreneurs.
