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Dealing with uncertainty and visionary thinking promote a wealth of ideas
A high tolerance for uncertainty and entrepreneurial education promote financial mobilization
Action management skills and strategic planning strengthen successful process control
Targeted training interventions and practical modules reduce the skills gap with industry
Summary of the study
Dealing with uncertainty, ambiguity and risk is a crucial future competence that needs to be addressed in entrepreneurship education as the business world becomes increasingly unpredictable. As part of the Erasmus+ project EICAA (Entrepreneurial and Intrapreneurial Competences Assessment Alliance), a digital platform has been developed that is explicitly designed for the assessment and promotion of entrepreneurial competences. This covers a broad range of competencies, including those essential for the competent handling of uncertainty, ambiguity and risk. The evaluation methodology is based on a questionnaire-based approach that allows for a systematic and quantifiable assessment. This study, which was conducted in the context of a university in Austria, draws on empirical data collected in 2023 among groups of tourism and management students. The subsequent analysis aims to shed light on significant correlations between "dealing with uncertainty" and specific competencies within the EICAA framework, highlighting the need to pay increased attention to these competencies.
Key findings of this study
- Correlation with resourcefulness: The ability to cope with uncertainty correlates strongly with the appreciation of ideas, a creative orientation and visionary thinking. Students who cope well with uncertainty are more likely to recognize and value innovative concepts and opportunities.
- Mobilization of resources: There is a robust positive link between coping with uncertainty and the ability to mobilize financial resources. Those who act confidently in unpredictable situations are usually also more adept at securing resources for entrepreneurial projects.
- Basic entrepreneurial understanding: The ability to deal with uncertainty is closely linked to a strong entrepreneurial education ("entrepreneurial literacy"). This means that a deeper understanding of entrepreneurial principles goes hand in hand with greater resilience in the face of uncertainty.
- Effective action management: The strongest correlation between coping with uncertainty and process management can be seen in the implementation of measures. People with this competence are particularly successful in structuring complex work processes and planning tasks strategically.
- Need for educational interventions: The study highlights an existing gap between academic education and industry requirements in relation to these future skills,. It is therefore recommended that targeted course modules be integrated into higher education to better prepare students for the unpredictable business world.