Learning from the Past: Entrepreneurship through Apprenticeship for More Successful Outcomes

Current statistics show that 75-80% of most business start-ups tend to fail within the first three years. However, studies have shown that traditional methods of entrepreneurship, which are based on apprenticeship, record significantly higher success rates. This paper highlights the valuable traditional practice of apprenticeship, which effectively produced successful entrepreneurs, compared to today's high failure rate of start-ups. The paper allows a reflection on how to improve the success rates of business start-ups through the practice of apprenticeship along with classroom learning. Using the qualitative case study method, the paper provides researchers an opportunity to look into why hands-on learning tends to lead to more successful entrepreneurial outcomes, and to study what combination of theory and hands-on learning, via apprenticeship, will lead to a higher rate of successful entrepreneurial ventures. The paper thus has significant implications for both research and practice. The paper also allows practitioners obtain insights on best practices in transmitting entrepreneurial skills.