Fostering Entrepreneurship through Business Incubation: The Role and Prospects of Postsecondary Vocational-Technical Education (Report 3: Guidebook of Opportunities for Two-Year Technical Colleges) (MDS-727)

V. M. Hernandez-Gantes, R. P. Sorensen, A. H. Nieri

1. The following strategies are suggested for consideration in establishing a business incubator: (1) organizational and funding schemes, (2) operational rules, (3) business financing, (4) consulting services, and (5) networking opportunities to provide a productive entrepreneurial environment for small business owners in business incubation.
2. A set of suggestions are outlined to offer education and training opportunities in business incubation. Suggestions range from the early assessment of the psychological preparation of individuals interested in starting up a business to outreach opportunities in the community. Course design and instructional formats are also highlighted here.
3. Other opportunities to participate in community development are described, including the provision of business consulting services, specialized training and demonstration services, facilitation of international trade, and assistance in technology transfer and development.
4. The involvement of two-year colleges in developing education and training curricula on entrepreneurship is guided by an examination of six strategical areas: (1) structure of coursework, (2) content development, (3) instructional approaches, (4) use of business plans, (5) fostering an understanding of global competition, and (6) curriculum options.
5. In the context of current education reforms, three recommendations for preparing students for a productive school-to-work transition or for assisting individuals in making a successful transition to business ownership are presented. These strategies involve exposing students to business environments through various partnership arrangements, providing hands-on learning experiences grounded on entrepreneurial activities, and making efforts to increase the participation of minority and female students in the business world through focused assistance.

A list of sources of support is provided for those interested in more detailed information on these working strategies to foster community development through expanding the role of community colleges.