Developing human capital by promoting skills and entrepreneurial culture is one of the main objectives pursued by the Small and Medium Enterprises Development Strategy for 2012-2020.
More and more frequently, the quality of labour force education is mentioned in various contexts, in reports and studies carried out by development partners and civil society as a constraint to attracting investment and ensuring a new quality of economic development. Public policies therefore have their role to play in overcoming barriers to the development of lifelong entrepreneurship education.
In the mentioned strategic document there are specific objectives, which aim to promote managerial and entrepreneurial skills, create the information and advisory service system for SMEs, as well as:
- developing and promoting entrepreneurial education and culture;
- training of educational support infrastructure;
- setting up the information and advisory system for SMEs.
Traditionally, human capital development through the promotion of entrepreneurial skills and culture has not been seen as an activity that could help SMEs meet the competitive challenges in the sector.
Entrepreneurship education is an important component of economic strategies to encourage job creation. Developing human capital by promoting entrepreneurial skills and culture could lead to lower unemployment, more start-ups and lower failure rates.
In this context, the impact of the priority strand on human capital development through the promotion of entrepreneurial skills and culture will relate to reducing the failure rate of start-ups, with the additional impact to be further analysed and quantified during the implementation of the Strategy.