5 Ways How Entrepreneurship Focused Project Based Learning Prepares Students for the Real World

5 Ways How Entrepreneurship Focused Project Based Learning 

Prepares Students for the Real World

2,000 high schools graduate less than 60% of their students. 

50% of students think what they are learning in school is relevant to the real world. 

81% of high school dropouts say that relevant, real-world learning would have kept them in school. 

It’s time we change the conversation on how we educate our students. As educators, it is our responsibility to send students into the real world with the knowledge they need to succeed. Teaching students entrepreneurship through project based learning takes the way we teach students to the next level.  ⠀

Pyramid of Learning 

It’s been theorized that we retain information in this order (figure shown above). Every part of this pyramid is important but traditionally in school, reading and lecturing are the most focused on strategy of teaching. It is important to take what we learn from what we read and hear and actually apply this information in a real-world setting. 

So, what can entrepreneurship and project based learning teach students? At Spirit Box, we are a program designed to teach students through a hands on learning experience. Students are taught how to run a business through operating a school store vending machine. A school store vending machine is an automated retail store that sells school spirit wear, school supplies, snacks, and more. 

In this project, students work on a team, market their products, manage the finances, and so much more. They are taught this information through doing. They are the business owners and they are responsible for managing their school store vending machine. Here is how this project based learning experience prepare students for the real world:

1. Managing Finances

Students are responsible for keeping track of their finances through keeping a balance sheet, a cash flow statement, detailed online sales reporting, and managing cash and cashless sales.

Real world application: We all have to manage our finances in our personal life or in our professional life. Understanding finances benefits you whether you are going into finance or you are looking to create a budget for your family. 

2. Marketing

Students have to think creatively on how they will market the products in their school store vending machine. They assess their target market and the products that are needed, they market the products they have to their school, and they figure out how to move inventory/make the sale. 

Real world application: Learning to market a business is helpful in most professional settings. Students looking to go into PR and Marketing are learning how to establish target markets and sell products creatively through guerrilla marketing and digital marketing. 

3. Setting Goals and Strategies

When they start their Spirit Box business, they need to establish a vision and create goals around this vision. They then begin to implement their goals through the strategies they create. 

Real world application: High school students are at a point in their life where they are setting the stage for what direction they want to go. Learning how to set goals and create strategies to achieve these goals will help them outline their way to success.  

4. Problem Solving

Students are running a vending machine and when a company has physical assets like a machine, sometimes there are malfunctions or unanticipated hiccups. Students are tasked with fixing any problems that occur in their business. They are also responsible for creatively pushing products. If they pick a product that isn’t selling, they are responsible for finding a solution and selling the product. 

Real world application: In every business and work setting, problems arise. Having the skill to act quickly and calmly is an invaluable skill. 

5. Giving students a safe environment to fail

Spirit Box is a safe environment for students to fail. If they have a lower earning month, this does not mean they lose their job or have to close their business. They have the opportunity to take their mistakes as a learning experience. 

Real world application: Failure is how we learn. While it is never fun when an idea doesn’t work or when we make a mistake at work; we learned from each of those failures. Allowing students to fail in a safe space, they are gaining knowledge that many of us didn’t get till our first job. 

The best thing we can do for our students is prepare them to enter the real world confidently. These are just a few ways Spirit Box works to achieve this. Interested in staying connected with us? Subscribe to our email, follow us on social media, and share this article with someone who needs this!