Sri Lanka, rearrange. Let’s start with Entrepreneurship Education in Schools

In the wake of a tumultuous economic crisis, the trajectory of our beloved Sri Lanka appears uncertain, casting a shadow over our nation's future. The recent budget figures, as discussed in the last budget speech, paint a disheartening picture of financial turmoil. The government has set a fiscal deficit target of 2.85 trillion Sri Lankan rupees ($8.73 billion) in 2024, equivalent to 9.1% of GDP, which is higher than the revised 8.5% of GDP in the current year. Additionally, the government has projected a primary account deficit of 0.6% of GDP, slightly smaller than the 0.7% recorded in 2023. The International Monetary Fund (IMF) requires the nation to achieve a primary surplus of 2.3% by 2025 and reduce its debt-to-GDP ratio to 95% by 2032. As we navigate these challenging times, one question echoes loudly in our minds: Where are we headed in the coming year? The urgency for change and revitalization has never been more pressing. Let's explore a beacon of hope and transformation amidst the economic storm—the transformative potential of Entrepreneurship Education.

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It Empowers the Youth – Collective Approach for Gen Z and Gen Alpha

As per the latest reports from the Ministry of Education, Sri Lanka (2021), the country boasts over 10,146 government schools. According to recent global studies, countries with robust entrepreneurship education programs witness up to a 20% increase in youth-led startups. By instilling entrepreneurial skills early on, we not only foster self-reliance but also pave the way for a generation ready to conquer challenges, lead innovation, and contribute significantly to the economic landscape. Imagine the impact if each school were to produce one entrepreneur—adding substantial value to Gross Domestic Product and long-term economic development.

Nurturing Innovation

?Did you know that 75% of successful entrepreneurs credit their ability to think innovatively to early exposure to entrepreneurship education? In Sri Lanka, fostering creativity in classrooms can be a game-changer for future industries, positioning the nation as a hub for groundbreaking ideas and solutions. Empowering outcome-based learning at the school level and strengthening STEM education in Sri Lankan schools will undoubtedly pave a robust pathway towards economic development.

Job Creation Magic

Entrepreneurship isn't just about startups; it's about creating jobs. Countries that prioritize entrepreneurship education experience a staggering 15% increase in new job opportunities. In our exploration, we'll delve into how Sri Lanka can leverage this potential to combat unemployment and fuel economic growth, transforming job seekers into job creators. If 10,000 schools could produce one entrepreneur and each of them generates 20 jobs, we are discussing 200,000 jobs per year, potentially benefiting over 800,000 individuals in families of four. This significant impact would be a valuable addition to a country where nearly 1,000,000 three-wheeler drivers support over 3,000,000 households out of approximately 6,000,000 in the country. This creates a clear space to develop export market as well.

Capitalizing on a Service Economy

In the face of limited spatial resources, Sri Lanka stands to gain significantly from a robust service economy. Nurturing entrepreneurship at the grassroots level can cultivate a generation skilled in service-oriented ventures, providing diverse and scalable opportunities. With a focus on sectors like technology, tourism, and consultancy, we can strategically position ourselves as a regional service hub, driving economic growth and prosperity. As we explore avenues to steer our nation towards a brighter future, the transformative potential of Entrepreneurship Education becomes increasingly vital. Let's embark on this journey together and carve out a resilient and prosperous path for Sri Lanka.

Fostering Digital Entrepreneurship

With 14.58 million internet users at the start of 2023 and internet penetration standing at 66.7 percent, Sri Lanka holds a significant position among developing economies. Recognizing the transformative power of the digital realm, integrating digital entrepreneurship education at the school level is paramount. Equipping students with digital skills not only enhances their employability but also fosters a culture of innovation and adaptability. In an era where digital entrepreneurship is a catalyst for economic growth, Sri Lanka can harness the potential of its tech-savvy youth to propel the nation forward. By instilling digital literacy, coding skills, and an entrepreneurial mindset, we lay the foundation for a generation ready to thrive in the digital economy. As we explore avenues to steer our nation towards a brighter future, the transformative potential of Entrepreneurship Education, especially in the digital sphere, becomes increasingly vital.

Community Impact and Global Success Stories

Let's draw inspiration from global triumphs—Finland's integration of entrepreneurship into its education system and Estonia's digital prowess. By unraveling the secrets behind their success, we can explore how Sri Lanka can forge its own entrepreneurial path, contributing to the global stage. Entrepreneurship is not just about personal success; it's about giving back. In our journey, we'll discover how nurturing an entrepreneurial mindset can inspire the youth of Sri Lanka to create businesses that not only thrive economically but also positively impact their communities, fostering a sense of social responsibility.

As we delve into the tangible benefits of Entrepreneurship Education, let's together join the movement to empower Sri Lankan futures. Our mission is to shape a nation where every student, regardless of background, has the tools to innovate, create, and lead.

Sources:

• Reuters - Sri Lanka's 2024 budget sets ambitious revenue, deficit targets | Reuters
• World Economic Forum (WEF) - The Future of Jobs Report - www.weforum.org
• Datareportal - Digital 2023: Sri Lanka — DataReportal – Global Digital Insights
• Network for Teaching Entrepreneurship (NFTE) - Home - NFTE
• Singapore Center for Teaching Thinking (SCTT)
• Statistics on Youth Unemployment in Sri Lanka - Central Bank of Sri Lanka - Central Bank of Sri Lanka (cbsl.gov.lk)
• KPMG - Budget Analysis 2024 - KPMG Sri Lanka

Let's ignite the spark of entrepreneurship in Sri Lanka's classrooms and watch it blaze into a brighter, more innovative future! #EntrepreneurshipEducation #SriLankaInnovation #EmpowerTheFuture

Amila Dilshan

Consultant/Lecturer

School of Business

National Institute of Business Management

Sri Lanka

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