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about the training program > fundamentals of the program > Train the trainees/students > Entrepreneurship

The SPE('Satelite' Practice Enterprise) – Entrepreneurship Skills Training

The second phase of training is spent in the 'Satelite' Practice Enterprise (SPE) where trainees get to apply their entrepreneurial skills into simulated companies. During this phase of training, trainees are responsible for starting and running their own businesses applying the skills and knowledge acquired during their preceding period in the MPE as employee. In the SPE, trainees learn to incorporate their own company, initiate a shareholders’ meeting, build up the company organisation chart, including job specifications, policies, etc. It is also here that trainees are required to apply their entrepreneurial skills in developing business plans; preparing the company’s budget, projected income statement, projected cash flow statement and balance sheet; presenting working papers to investors and banks; experiencing risks and coming up with risk mitigation plans; developing marketing collaterals; making business and trade decisions; etc.

Hence, trainees are allowed to experience the business entity from two differing angles – as an employee (in the MPE) as well as an employer-owner (in the SPE).

The requirements of the Practice Enterprise whether as employee or employer-owner not only help create an environment for trainees to develop business skills but also individual soft skills as well as ICT skills. The methodology emphasizes the need for decision making using the relevant technical tools and the competence to articulate one’s ideas and opinions both written and orally as well as interaction between employees and those outside the organisation. All these can instil significant human skills and values in the individual such as self-confidence; communication skills; inter-personal skills and the appreciation of teamwork; good work ethics; respect for rules and regulations; discipline and others. That every task is done with a purpose, that is, in relation to the need of their business should make trainees execute each role with more meaning rather than performing a job only for the sake of complying with instruction.

The MyPEC methodology also promotes self-evaluation. Both employability (soft skills) and entrepreneurial skills can be assessed and evaluated through a series of soft and hard targets that are created within the Practice Enterprise. Skills can be evaluated further through simulated crisis/events to ascertain trainees’ ability to cope with different situations and time/performance pressures. With these hands on and experiential training approach, would be entrepreneurs not only develop skills and knowledge in managing a business, they are also able to evaluate their capabilities in terms of running the business itself.

Therefore, we see significant relevance of the Practice Enterprise methodology if applied to the higher education environment.

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