Rethinking Competition-based Entrepreneurship Education in Higher Education Institutions: Towards an Effectuation-informed Coopetition Model

Purpose:
This paper takes focus with the university-based Business Plan Competition
[BPC] and proposes how the theory of effectuation might inform a new model.
Such a purpose is timely given the under-challenged nature of the BPC
methodology.
Approach:
Extant literature pertaining to business planning and the business plan within
entrepreneurship education and effectuation is reviewed; numerous conceptual
issues which undermine BPC provision in its traditional form are then identified.
In response to these identified issues, a series of principles which could underpin
the introduction of an Effectuation-led Business Coopetition [EBC] are outlined.
Findings:
Strong emphasis on business plan production within a conventional BPC model
raises questions about its capacity to release the entrepreneurial potential of the
HEI student and provide them with an authentic and relevant entrepreneurial
learning experience. Through using the ideas of effectuation to rethink
provision, the action of business plan production can usefully be replaced with
the action of business implementation. As well as facilitate a beneficial shift
from competition to coopetition-based entrepreneurship education.
Originality/Value:
This paper valuably critiques the efficacy of a commonly employed yet underchallenged methodology for entrepreneurship education; the BPC. The
propositions offered can guide competition provision in a more authentic,
realistic and relevant way that is potentially better suited to inspiring and
supporting entrepreneurial new venturing amongst students and graduates now
rather than in the future. The paper thus has practical value to those designing
and delivering competition-based entrepreneurship education.