Integrating Gen Z Entrepreneurship Success into Economics Education: A Practical Approach

From Startup to Success: Incorporating Gen Z Entrepreneurs into Economics Education

Abstract:

Building on the insights presented by McCaffrey 2016 that integrates economics knowledge with entrepreneurship education, this paper expands upon his perspective in two distinct directions. Firstly, it underscores the fundamental economic competencies essential for business success and innovation. This emphasis clarify how economics is pivotal in assessing whether an entrepreneurial eavor holds promise or not. Secondly, we introduce three educational modules grounded in real-world examples of successful Gen Z entrepreneurs - Mikla Ulmer, Max Hayden, and Alexandr Wang. We leverage their stories as a dynamic teaching tool that the younger generation, offering an engaging and relevant context to foundational economics principles.

Keywords: Entrepreneurship Education, Foundational Economics, Generation Z Gen Z, Max Hayden, Mikla Ulmer, Alexandr Wang

JEL Classification: A20, A21

Suggested Citation:

Milovanska-Farrington, S., Mateer, G. D. 2024. From Startup to Success: Incorporating Gen Z Entrepreneurs into Economics Education. Article.

Introduction:

This paper enrich the educational landscape of entrepreneurship and economics by focusing on young minds and their potential contributions to society through innovation. It seeks to bridge the gap between theoretical knowledge and practical applications, specifically targeting Gen Z entrepreneurs who can serve as roleand catalysts for learning.

:

We draw upon real-life experiences of successful Gen Z entrepreneurs to design innovative lesson plans that encapsulate critical economic concepts. By examining the journeys of Mikla Ulmer, Max Hayden, and Alexandr Wang, students are not only entertned but also challenged to think critically about economics in a context they can relate to.

The Case Studies:

1. Mikla Ulmer - The Bee Sweet Lemonade story: At the age of six, Mikla co-founded Bee Sweet Lemonade, teaching us that identifying a niche market and developing unique products can lead to economic success. We delve into the concepts of supply and demand, pricing strategies, and customer-centric innovation.

2. Max Hayden - The tech entrepreneur's journey through Minecraft: Max's foray into the digital world highlights entrepreneurship within the realm of technology and gaming. This case study explores business, market segmentation, and leveraging platforms for economic growth.

3. Alexandr Wang - The fashion industry disruptor: Alexandr's story showcases how entrepreneurship can cross traditional boundaries to create new markets in non-traditional industries like fashion tech. We focus on the role of technology, branding, and social media marketing in building a global brand.

:

By integrating these case studies into economics education, students are encouraged to apply theoretical knowledge to real-world scenarios, fostering critical thinking skills and understanding of economic principles. This approach not only enhances their learning experience but also inspires them to pursue entrepreneurial eavors with a solid foundation in economics.

References:

1. Ahmad, V., Idrus, M., Rijal, S. 2023. The role of education in fostering entrepreneurial spirit in the young generation. Journal of Contemporary Administration and Management.

2. Ben Abdesslem, A. 2022. Teaching macroeconomics through music. Journal of Economics Teaching.

3. Carrasco-Gallego, J.A. 2017. Introducing economics to millennials. International Review of Economics Education.

Acknowledgment:

This paper is a collaborative effort by the authors and draws upon various resources that have contributed significantly to entrepreneurship education and economic insights for young learners.

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