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

For formal education

1. Getting early access to launchpad

Cut throat competition and growing commercialisation have triggered most University these days to introduce new ways to engage and inculcate learning in students .

2.Building network

When u r sitting inside a classroom amid. Of a bunch of pupils potentially u are surrounded by a group of future leaders some would be leaders of MNCs while some might run a nation but all of them will eventually create their own postion in one way or another.

3 . Learning from theory

The business world out there is fiercely competitive these days as compared to what it used to be only 10 years ago

4. To stimulate the intellectual self

5. Developing alternative skills

For experience education

1. Improved attitude towards learning the personal nature of experiential learning engages the students emotions as well as enhancing their knowledge and skills When students see the concrete fruits of their labor they experience greater gratification and pride this enhancing their enthusiasm for continued learning.

2. This is also has a great impact on the advantage and disadvantage of a letter of the application when applying for a particular job .this is the real time knowledge about the sector you have gained previously in your job.

3. Ability to immediately apply knowledge.

It is used to authenticate traditional research through various experiment and observations.this is research methodology makes the research being conducted more competent and authentic.