Question

1. Experience and formal educations were often used as a proxy for (entrepreneurial) ability. Briefly discuss the advantages and disadvantages of using each of them. How does your answer help explain why empirical studies of entrepreneurial choice often include both measures (such as year of schooling and years of work experience)

Answer 1

Abstract

Formal education is a structured and systematic form of learning. This is the education of a certain standard delivered to students by trained teachers. To make sure formal learning is standardized and all learning institutions.

The purpose of formal education in society is to impart knowledge. Knowledge is something one can achieve by many other means, for example, technology and libraries. But, the formal education provides you with degrees and certificates that will help verify your achievements.

If we considered Experience Based Learning - It will have different attributes such as experiential learning engages the students' emotions as well as enhancing their knowledge and skills. In turn, the students learn real-life leadership skills, as well as how to apply critical thinking and adapt to changing circumstances.

A) Advantages and disadvantages of Experience and Formal Education

In formal education schools or institution are fully involve to impart the required knowledge to the student, It has hierarchical structure and there is de-centralized authority involved.Some school have mandatory uniforms to student

It is normally subject oriented and full time with proper schedule of classes

The major advantage of a formal education in Secondary School or Higher Education is that it is taught by professional people who have been educated to provide education, at least in Secondary Schools.

In Higher Education Institutions the people have usually attained a full education to the Doctorate level and many have actual experience in industry and government to further qualify them to teach.

One of the advantages is the issuing of a formal certification in the format of a diploma or a degree signifying the completion of a cycle of the educational process. These documents are used to apply for employment.

The Secondary School education does not have financial burdens for the students or their family unless they choose a private school.

However, in the public school system there may be people who create bad influence on otherwise law abiding individuals. This is a serious problem in the U.S.A. and has led to the creation of private schools, many with religious affiliation.

Higher education comes with a high cost and can leave people with a lifetime of debt to repay. The cost now outweighs the advantage of many curricula offered in Higher Education making only the most rigorous curricula an employment possibility requiring the degree conferred.

For these hard study subjects, college is still a viable option as the compensation for those attaining the rigorous degrees will allow payment of the educational debt and allow for a reasonable lifestyle and retirement planning.

B) Disadvantages of Formal Education

Formal education makes you complacent, making you believe that all you need to know is in the textbooks that you are supposed to read. What most people forget, is that formal education is a mean to an end- wisdom. Wisdom is the end goal of knowledge, a degree is not.

1.Good and bad student talented and backward are generally made to sit together in the same class and taught by the same teachers. This shows down the ongoing gaps rapid progress of talented student.
2. Every student has to wait for the the expiry of academic session and then only He /she get promotion of the next class.
3. A few student never came to cover up more syllabus and extracted less time that is constructed here in system of formal education
4. There are strains and lot of pressure on the minds of learners
5. There is need of motivating the student. For Example,sometimes a student may fail to learn anything in spite of motivation by the teachers