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ECVET based further VET training to support the enhancement of entrepreneurship skills of young people and micro-SMEs via management accounting

Funder: European CommissionProject code: 2018-1-BG01-KA202-047867
Funded under: ERASMUS+ | Cooperation for innovation and the exchange of good practices | Strategic Partnerships for vocational education and training Funder Contribution: 206,449 EUR

ECVET based further VET training to support the enhancement of entrepreneurship skills of young people and micro-SMEs via management accounting

Description

Due to the ongoing economic crisis in Europe, worsened by the ongoing COVID-19 pandemic, many SMEs faced difficulties and were forced to lay off people. This often resulted in young and low skilled employees being the first to lose their jobs. Since then, many have failed to re-enter the labour market (evidenced by large unemployment among young people in Bulgaria, Greece and Turkey). This “forces” young and low skilled people in many cases to start a business as the only way to leave unemployment and avoid poverty. The problem however is that many young low skilled people embark in entrepreneurship without having the necessary skills to avoid the many caveats that they will encounter when starting and operating their business. Young entrepreneurs of newly established micro-SMEs, due to their lack of training and education, are facing many problems: incorrect calculation of costing and pricing of goods/services, wrong assumptions with regards to cost of operating the business, etc. It is critical that we invest in the next generation of young entrepreneurs, at a time of such high youth unemployment in many countries and worrying social disenfranchisement. Young people often have little work experience, either as employees or entrepreneurs, and are unlikely to have been able to acquire significant specialised technical, business management or personal entrepreneurial experience. The relationship between management accounting and entrepreneurship is a close yet crucial aspect of entrepreneurship, often overlooked, but highly toxic when not considered, especially for new start-ups. Management accounting is the planning and monitoring in an organisation, both financially and non-financially quantified. It is this wide approach Y4B project will focus on, especially how entrepreneurship relies heavily on reliable management accounting, and why young or would-be entrepreneurs should pay specific attention to it. Y4B project fulfilled its preliminary stated objectives. During the realisation of the project activities, we supported young starting entrepreneurs with a disadvantaged background to embark into entrepreneurship, with special support directed towards management accounting. We offered tailored to them multilingual online and mobile applications (for Android and iOS mobile devices), good practices, guidelines, video based testimonials and case studies, online ongoing support and a set of interactive financial tools wizard-style simulators for management accounting. In addition, online livebooks were created of our handy booklet, and this in all partner languages + English. In all project activities, we have targeted unemployed/uneducated aspiring entrepreneurs, people with refugee/immigrant background and especially people with socially disadvantaged background, with a special attention also for female entrepreneurs (see many case studies with female entrepreneurs). Upon realisation of our intensive piloting phase between Oct 2020 and May 2021, we have been able to test the applicability of the following intellectual outputs produced in English, Bulgarian, Greek, Dutch and Turkish languages: - IO1 Training course Management Accounting for inclusion in VET entrepreneurship trainings, in accordance with ECVET (consisting of curriculum, modules, proficiency glossary and self-assessment tool); - IO2 Mobile learning apps (for Android & iOS mobile devices) with case driven modular approach, which included financial tools wizard-style simulators for management accounting, video testimonials and financial tools simulators. - IO3 Pedagogical impact and best practices report, which consist of pedagogical impact analysis to be used towards policy makers supported by best/good practices and case studies on management accounting and entrepreneurship in EU and all partner countries. At the end of the project, we may conclude that the Y4B intellectual outputs led to the enhancement of existing training courses in the partner countries and the partnership enabled their immediate take-up by VET centres. All partners have identified that the intellectual outputs and the supportive tools were beneficial both to users - around 227 entrepreneurs, students of economy, students from disadvantaged backgrounds, unemployed people and 55 VET trainers/teachers from secondary and tertiary level VET institutions. During several occasions (meetings, dissemination events, piloting, feedback gathering) the partnership collected valuable qualitative information and based on that improved the intellectual outputs, so that they are at the end meaningful and have practical application usefulness. We have achieved tangible impact onto the VET training provision in Bulgaria, Belgium, Greece and Turkey in terms of better provision of qualitative training materials. Existing courses in the field of economy, entrepreneurship, business now embed the Y4B training material and course content, as well as the supporting tools.

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