Entrepreneurship Education at the Crossroad in Hong Kong

doi:10.4236/ce.2012.35098

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Creative Education

2012. Vol.3, No.5, 666-670

Published Online September 2012 in SciRes (http://www.SciRP.org/journal/ce) http://dx.doi.org/10.4236/ce.2012.35098

Entrepreneurship Education at the Crossroad in Hong Kong

C. K. Cheung

Faculty of Education, Uni ve rsity of Hong Kong, Hong K on g , China

Email: [email protected]

Received July 18th, 2012; revised August 20th, 2012; accepted September 2nd, 2012

While Hong Kong is one of the world’s leading financial and business centres in the Asia-Pacific region,

a recent survey conducted noted that only 3 out of every 100 people in Hong Kong had started their own

business in the previous 42 months. As entrepreneurs are so important to our economy, schools should be

responsible for cultivating in students a suitable entrepreneurial spirit and skills. Unfortunately, entrepre-

neurial training in secondary school does little to pave the way for students to pursue their future career

planning and is unable to match the future needs of society. With the recent introduction of the New Sec-

ondary School Curriculum (NSSC), this article questions if entrepreneurship education could be taught

through the introduction of a new course: Business, Accounting, and Financial Studies (BAFS). This re-

search was conducted, through the eyes of business subject panel chairs, to determine a) the importance of

entrepreneurship education and b) whether the new BAFS initiative can fulfill the role of promoting en-

trepreneurship education in Hong Kong.

Keywords: Business; Accounting and Financial Studies; Education Reform; Entrepreneurship Education;

Hong Kong; New Secondary School Curriculum

Introduction

From its beginnings as an entrepot in 1841, Hong Kong has

become one of the world’s leading financial and business cen-

tres in the Asia-Pacific region, a leading financial and commer-

cial “hub” and a gateway between China and the rest of the

world. Despite the abrupt changes resulting from globa l as well

as local economic downturns in the past such as the Asia finan-

cial crisis in 1997, severe acute respiratory syndrome (SARS)

in 2003, the US financial tsunami in 2008, and the recent catas-

trophic earthquake in Japan, Hong Kong still excels and con-

tinues to prosper. This is partly because there is a pool of entre-

preneurial talents able to meet changing economic situations.

At present, small and medium-sized enterprises represent 98%

of all local enterprises. It is no exaggeration to say that entre-

preneurs are vitally important to the sustainable economic de-

velopment of Hong Kong.

Despite this, a survey conducted for the Global Entrepre-

neurship Monitor noted that only 3 out of every 100 people in

Hong Kong had started their own business in the previous 42

months—ranking the city third last among the 35 economies

surveyed (Thomas, 2010). This is a substantial decrease in en-

trepreneurship compared to the same survey conducted in 2007,

where 1 in every 10 Hong Kong people had just started up a

business. As entrepreneurs are so important to our economy,

Cheung and Au (2010) argue that schools should be responsible

for cultivating in students a suitable entrepreneurial spirit and

skills. Unfortunately, the existing business curriculum in Hong

Kong secondary schools lacks significant programs in entre-

preneurship. Entrepreneurial training in secondary school does

little to pave the way for students to pursue their future career

planning and is unable to match the future needs of society.

Teenagers wishing to learn about entrepreneurship and teachers

wanting their students to receive training in this area have to

turn to programs outside the formal curriculum. With the recent

introduction of the New Secondary School Curriculum (NSSC),

it is timely to see if entrepreneurship education could be taught

through the introduction of a new course: Business, Accounting,

and Financial Studies (BAFS). This research was conducted,

through the eyes of business subject panel chairs, to determine

a) the importance of entrepreneurship education and b) whether

the new BAFS initiative can fulfill the role of promoting entre-

preneurship education in Hong Kong.

The Importance of Entrepreneurship Education

Entrepreneurship education is important in many aspects. It

can provide students with an understanding of business—its

purposes, its structure, and its interrelationship with other seg-

ments of the economy and society. Many studies have noted

that an entrepreneurship course has a positive impact on stu-

dents’ views of entrepreneurship. Mohan-Neill (2001) sug-

gested that students exposed to entrepreneurship education have

more favourable views of small businesses. A study conducted

by Waldmann (1997) indicated that entrepreneurship education

at the high school level would have a great impact on the num-

ber of students who would seriously consider starting a busi-

ness sometime after graduation. Kolvereid and Moen (1997)

argued that entrepreneurship graduates have stronger entrepre-

neurial intentions than other business graduates. In Hong Kong,

the study by Cheung (2008) confirmed the effectiveness of

entrepreneurship education in teaching secondary pupils about

many aspects related to work.

We live in an era in which the effects of globalization on the

structure of large corporations and governments are felt world-

wide. Large companies are downsizing and are outsourcing

their functions. Strong global competition accelerates the work

processes, causing the loss of many jobs. The crisis is there, but

so are the opportunities. When working for a company becomes

insecure, people start to become their own boss. When tech-

nology is advanced, jobs are without boundaries. This increases

the number of small-to-medium-sized entrepreneurs. Evidence

C. K. CHEUNG

in Europe has shown that a change in economy will lead to a

growth in small enterprises and naturally the demand for entre-

preneurship programmes (Hayward & Sundes, 2000). A similar

situation can be seen in the US, and Kourilsky (1995) noted

that these enterprises are the driving force for economic growth

through the creation of jobs and innovative products and ser-

vices.

Entrepreneurship education focuses on life. A successful en-

trepreneur must not only have knowledge of the business world,

but also possess a set of generic attributes, skills and behav-

iours—such as those related to communication, creativity, and

problem-solving—that are important to life as well as to busi-

ness. Therefore, if entrepreneurship education is conducted

with a view to promoting students’ personal attributes, then it

can have a substantial impact on students’ careers, regardless of

whether they plan to become entrepreneurs. Entrepreneurship

education can also be a societal change agent. The research by

Danko (2005) found that entrepreneurship education is a great

enabler. Entrepreneurship education equips students in many

aspects like self-empowerment, values clarification, role mod-

eling, and systems thinking. This is important for all students,

not only those who aim to become entrepreneurs. The value of,

and need for, entrepreneurship education can be summed up in

a report by the Global Education Initiative of the World Eco-

nomic Forum (Wilson & Sepulveda, WEF, 2009: pp. 7-8):

While education is one of the most important foundations

for economic development, entrepreneurship is a major

driver of innovation and economic growth. Entrepreneur-

ship education plays an essential role in shaping attitudes,

skills and culture—from the primary level up. We believe

entrepreneurial skills, attitudes and behaviours can be

learned, and that exposure to entrepreneurship education

throughout an individual’s lifelong learning path, starting

from youth and continuing through adulthood into higher

education—as well as reaching out to those economically

or socially excluded—is imperative.

At the close of a conference on entrepreneurship education

that took place in Hong Kong recently, a list of actions was

called upon, and Byers (2010: p. 22) asserted:

Entrepreneurship education is essential for developing the

human capital necessary for the society of the future. It is

not enough to add entrepreneurship on the perimeter—it

needs to be core to the way education operates. Educa-

tional institutions, at all levels (primary, secondary and

higher education) need to adopt 21st century methods and

tools to develop the appropriate learning environment for

encouraging creativity, innovation and the ability to

“think out of the box” to solve problems. This requires a

fundamental rethinking of educational systems, both for-

mal and informal, as well as the way in which teachers or

educators are trained, how examination systems function

and the way in which rewards, recognition and incentives

are given.

The Case of Hong Kong

Before 2009 in Hong Kong, at the end of primary school,

students were allocated Form One places in junior secondary

schools. Three “bands” in order of merit were formed based on

the scaled internal assessment of students in the same school

net. The top one-third of students in the same school area went

into the first band in the school area, the next into the second

band, and so on. The main part of secondary education lasted

for five years, and was made up of a junior cycle of thre e years,

which was compulsory, and a senior cycle of two years, which

was not compulsory but almost universal. Students had to take

an examination in S.5, and those who obtained sufficient marks

could continue their studies in S.6, preparing them for the uni-

versity entrance examination. Commerce and Principles of

Accounts were offered for S.4 and 5 students, while Business

Studies and Principles of Accounts were offered for students in

S.6 and S.7. However, as a result of the curriculum reform in

2010, every student now has to take 6 years of secondary

school education, and the subject Business, Accounting, and

Financial Studies is now the only business subject in the senior

secondary school curriculum. In addition, whereas in the past,

only around 65,000 candidates competed for a place in univer-

sity, now the figure is over 220,000.

School leavers who cannot find a place in a university or

other tertiary institutions are most likely required to find jobs.

However, there are not many suitable jobs for them, given their

low educational background. Although the Hong Kong gov-

ernment has spent a lot of money in creating temporary jobs in

order to reduce the unemployment rate, this measure has been

unsuccessful. People will become jobless again after the tem-

porary jobs disappear. In view of this, there have been calls for

the introduction of entrepreneurship education into the business

curriculum (Cheung, 2008a). However, entrepreneurship edu-

cation is not developing in Hong Kong at a rate that it should be.

While there is little entrepreneurship taught in the secondary

school curriculum, private and public organizations play a sig-

nificant role in the development of entrepreneurship education.

They give schools support of various kinds including the provi-

sion of seed capital and first hand and the latest information

about the business sector. Programs like the Business and En-

trepreneur Enhancement Programme; the Teen Entrepreneur

Competition; the Young Entrepreneurs Development School-

Company Partnership; and Junior Achievement Hong Kong,

are provided by tertiary institutions and private companies to

help students acquire the knowledge and skills related to entre-

preneurship education. Although private and public organiza-

tions play an important role in entrepreneurship education,

relying on them totally may not be the way forward. Cheung’s

study (2008) found that while the supporting organizations

claimed that they would still play a significant role in the pro-

motion of entrepreneurship education, they hoped that schools

themselves would be more active in the promotion of entrepre-

neurship education. In recent years, schools start to offer entre-

preneurship activities with convincing evidence. For example,

the study by Cheung and Ng (2010) clearly indicate that con-

ducting entrepreneurship activity learning in business subjects

created a positive atmosphere, which enhanced students’ moti-

vation to learn and develop generic skills. Furthermore, the

study by Cheung and Chan (2011) suggest that Entrepreneur-

ship Education would have a positive impact on the strength of

the students’ entrepreneurial spirit in terms of starting-up a new

business, and a high percentage of students acknowledged that

the entrepreneurial knowledge they had acquired would be

useful to them.

Business subjects were first introduced into schools to pro-

vide training for the low sector of the labour market and for

prevocational schools. However, their depth and breadth are

questionable, and the status of business education is low. It is

C. K. CHEUNG

668

said (Cheung, 2008c) low-ability students will study business

education However, as time goes by, more and more students

are recognizing the importance of business education. Not only

students in prevocational schools, but also students in grammar

schools take business subjects, and the number of students tak-

ing business subjects continues to rise. In universities, business

subjects are the most sought after among university applicants,

and Cheung (1997) many years ago observed this phenomenon

and called for the introduction of entrepreneurship education

into the business curriculum.

This being the case, how could people learn how to become

entrepreneurs, especially school leavers who may not have the

passion to further their studies in tertiary institutions, but who

want to try their luck through starting a small business? Could

schools provide entrepreneurship education for them?

Methodology

There are altogether 533 secondary schools in Hong Kong

divided into 3 bands. In this research, stratified sampling was

used to identify potential interviewees from schools of different

bands. Schools were grouped into three strata based on the

bandings, and 10 schools were randomly sampled from each

stratum. After a total of 30 schools had been identified, the

following criteria were adopted to select the appropriate per-

sons for the interviews.

a) The sampled schools must have taught business subjects in

the past and are now teaching BAFS in the NSS.

b) Only panel chairpersons will be invited for interview.

Out of these 30 schools, twenty-two schools fulfilled crite-

rion a), and 14 panel chairpersons agreed to be interviewed.

Please see the below (Table 1) profile of the 14 interviewees.

The interviews were conducted by telephone. Cantonese was

used as a medium of conversation, and the interviews were

transcribed and translated into English. Each interview took

around 30 minutes, and the following two questions were

asked.

 Is entrepreneurship education important and why?

 Does the current secondary school curriculum support en-

trepreneurshi p education?

Findings

Is Entrepreneurship Education Important?

Findings from the interviews showed that entrepreneurship

education is important in Hong Kong secondary schools for the

following reasons.

Policy in China

In order to promote the joint economic prosperity and devel-

opment of the Mainland and the Hong Kong Special Adminis-

trative Region, and to facilitate the further development of

economic links between the two sides and other countries and

regions, China and Hong Kong signed the Closer Economic

Partnership Arrangement (CEPA) in 2003. This policy gives

more opportunities to Hong Kong people to do business in

mainland China, and entrepreneurship education will equip our

students to pursue this.

Teacher E: Hong Kong returned to the sovereignty of China

in 1997. In the past, when mainland China was poor, people in

Hong Kong helped a lot in terms of remitting money to family

members and relatives in mainland china. Now, when the

economy in China is beginning to prosper, young people can

seek opportunities there and entrepreneurship education can

better equip them.

Teacher C: Because of the keen competition in Hong Kong,

our government is always encouraging young people to seek

career opportunities in mainland China, but even if they are

willing to do so, they need the knowledge and skills to make it

happen. Entrepreneurship education is a must.

Preparing Young People for Economic Change

The changing workplace environment is providing many

reasons for entrepreneurship education. Self-employment is an

on-going trend as more organizations contract out work rather

Table 1.

Profile of the 14 interviewees.

Teacher Gender Number of Years in Teaching Subjects Taught Banding of School

A M 10 BAFS 1

B M 12 BAFS 1

C F 14 BAFS, Liberal Studies 1

D M 14 BAFS 1

E F 14 BAFS 1

F M 8 BAFS, Liberal Studies 2

G M 10 BAFS 2

H F 10 BAFS, Libera l St udies 2

I M 11 BAFS, Liberal Studies 2

J M 6 BAFS, Liberal Studies 3

K M 8 BAFS 3

L M 9 BAFS, Liberal Studies 3

M M 10 BAFS 3

N F 10 BAFS 3

C. K. CHEUNG

than employing permanent employees. Big firms are unbun-

dling their various activities and farming them out to small

firms that are better at creating profit. Public services are being

privatized as governments seek to cut spending and decrease

financial deficits. People need to be more flexible and creative

regarding their working livelihoods in order to cope with this

changing labour market. Furthermore, they need to be enter-

prising and able to work autonomously, take responsibility and

make decisions, work in small teams and continually update

their job skills. Entrepreneurship education can play an impor-

tant role in providing training in these multiple skills that are

characteristic of these new work trends, and the education sys-

tem must be responsible for training enough well-equipped

people to sustain the development of the economy.

Teacher G: This is a tougher world now. Long gone are the

days when you possessed one skill that helped you work in one

job for the rest of your life. Faced with enormous changes in

the very competitive world of work today, employees have to

learn the importance of continuous development of skills be-

yond those required for a particular job. To survive, young

people must possess some competencies, identified as “em-

ployability skills,” to work in a company, or even to start their

own business after receiving entrepreneurship education.

Teacher J: University education is seen to be a vehicle for

students to get jobs, but only around 18% of the young people

in Hong Kong can find a place in tertiary institutions. School

leavers, because of their low academic background, may not be

able to find a job easily, and starting their own business is an

option for them. Entrepreneurship education can prepare them

for this.

Teacher E: I have been teaching business subjects for many

years, and I can see the importance of entrepreneurship educa-

tion in helping the future economy in Hong Kong. Hong Kong

is a free economy, and we are not just facing local competitors,

but also competitors all over the world.

Teacher F echoed this: The Hong Kong government should

train people how to be independent and create their own jobs

rather than continuously increasing its own financial burden.

Entrepreneurship education is the answer.

Teacher B: Education in Hong Kong has always been aca-

demically oriented with a focus on further studies, but little on

students’ career aspirations. However, not every student can go

to university, and I believe that entrepreneurship education

could equip them to be better employees, if not even to start

their own business.

Teacher K: The answer is obviously yes. Hong Kong has no

natural resources, and human resources are what we have.

Since Hong Kong is a major financial centre in the world, you

should train more entrepreneurs.

The Role of SME in Hong Kong

According to the Census and Statistics Department (C & SD)

of the HKSAR Government, there were about 299,000 SMEs in

Hong Kong as of March 2011. They accounted for over 98% of

the total business units and provided job opportunities to over

1.2 million persons, about 48% of the total number of people

employed (excluding Civil Service). The statistics show that a

high percentage of people would like to set up their own busi-

nesses. The Hong Kong government has been very supportive

and has set up various measures set up for SMEs to:

a) promote and maintain a business-friendly environment;

b) provide them with more ways of raising finance;

c) raise the level of their human sources and;

d) expand their markets.

While all the above measures have been done, the question is:

Could schools do anything to help as well?

Teacher H: Before I became a teacher, I worked for the SME

for 5 years and I noticed that quite a number of people wanted

to take the opportunity to start their own business, but lacked

the knowledge and skills to do it. Schools should teach students

entrepreneurship, giving them a choice to start their business

with or without receiving university education.

Teacher G: I can see that entrepreneurship education could

teach students numeracy skills, communication skills, co-op-

eration skills, information technology skills, problem-solving

skills and language skills, which are important to their future

career, whether it be in the field of business or not.

Does BAFS Help?

While the interviewees supported entrepreneurship education,

they were uncertain about the way forward. The recent intro-

duction of BAFS has not been able to solve the problem. Rather,

according to many interviewees, it has disturbed what has been

done in the past.

Curriculum

Although many young people are interested in starting their

own business, they usually do not possess the experience and

entrepreneurial skills to do so. The existing secondary curricu-

lum does not provide any training for young people to acquire

the knowledge or skills to start a new business. Even for stu-

dents taking the business stream in secondary schools, the pre-

sent curriculum does not encompass much of the related entre-

preneurial training program. There are complaints that today’s

students do not possess real business knowledge, and that they

are risk-averse, non-creative, passive, and are unwilling to take

up responsibility. How can this situation be improved? Today,

the business curriculum should be redefined to narrow the gap

between the demands of the business sector and the school

curriculum. According to Gormon et al. (1997), citing Bandura

(1986), “education can serve as a preparatory function in rela-

tion to new venture initiation or start-up, whereby the transfer

of knowledge and acquisition and development of relevant

skills would be expected to increase the self-efficacy and effec-

tiveness of the potential entrepreneur” (p. 56). Therefore, why

not foster entrepreneurial training for young people as early as

in secondary education? Entrepreneurship education is impera-

tive as today young people are living in a market where unsta-

ble jobs, contract work, and unemployment will be the norms.

However, with the introduction of BAFS in the NSS, the situa-

tion doe not seem to have improved.

Teacher D: There is no improvement at all. Students in sen-

ior secondary schools can opt for different streams of study,

namely Arts, Science, and Business. If you study in the Arts

stream, you could take Geography, History, Chinese History,

and/or Economics. Science students will choose Physics,

Chemistry, and Biology. How about business students? The

only subject for them is BAFS. What a joke!

Teacher B: the only way to make people take entrepreneur-

ship education seriously would be to include it in the formal

curriculum; otherwise, schools and parents would prefer stu-

dents to put aside entrepreneurship education and focus on

examinations.

C. K. CHEUNG

Teacher N shared a similar sentiment. She asserted: Besides

equipping students to become entrepreneurs, entrepreneurship

education is also about developing future leaders for society

and providing them with the life skills necessary for navigating

in the rapidly changing world.

Teacher J: The development of business education is prob-

lematic. Long ago it was seen as inferior because of its associa-

tion with vocational education. Then, I do not know why, it was

put under the Technology Key learning Area some years ago,

associating it with subjects like Health Management and Social

Care, Home Economics, and Electronics and Electricity. So

unrelated! There should be a special stream for business sub-

jects, and entrepreneurship education should be seen as an im-

portant element.

Teaching Force

Teacher C: It should be noted that the teaching of accounting

is very different from the teaching of finance. While the former

focuses on the precision of balancing the numbers, the latter

requires a bit more mathematics and statistics. It is difficult to

have a teacher who is an expert in both areas. Furthermore,

when the many business subjects were combined into one,

namely BAFS, the number of teachers required dropped sig-

nificantly. This has to be put right before dealing with the issue

of entrepreneurship education.

Teacher F: When BAFS was introduced to replace other

business subjects, the number of business teachers was reduced,

and some of the business teachers had to teach a new compul-

sory subject offered in the NSS, Liberal Studies. This is not

right; and the spirits of many business teachers are low.

Conclusion

Hong Kong is famously rich. Its per capita income was

US$31,709 in 2010. At present, small and medium-sized enter-

prises represent 98 percent of all local enterprises, and it is no

exaggeration to say that entrepreneurs are one of the territory’s

most important assets. As entrepreneurs are so important to our

economy, should schools be responsible for cultivating students

with suitable entrepreneurial spirit and skills? From this re-

search, teachers recognize the significance of entrepreneurship

education, but unfortunately, the existing business curriculum

in Hong Kong secondary schools lacks significant programs in

entrepreneurship. Entrepreneurial training in secondary school

does little to pave the way for students to pursue their future

career planning and is unable to match the future needs of soci-

ety. Teenagers wishing to learn about entrepreneurship and

teachers wanting their students to receive training in this area

have to turn to programs outside the formal curriculum. The

number of schools wanting to engage in entrepreneurship edu-

cation has increased rapidly, and the number of enterprises

willing to commit to these programs is also on the rise.

Society is dynamic and is changing at an increasingly rapid

pace. Education in Hong Kong must keep abreast of this accel-

erated pace of change and provide opportunities for students to

learn beyond the confines of the classroom. The New Secon-

dary School Curriculum was seen as a way to improve the

situation, but this research suggests that this is not the case.

When the previous business subjects were integrated into one

subject BAFS, the difficulties were many. I would like to con-

lude with the words of Ken Robinson, an academic with great

achievements in creativity, education, and the arts. He asserted:

Current systems of education were not designed to meet

the challenges we now face. They were developed to meet

the needs of a former age. Reform is not enough: they

need to be transformed (Robinson, 2011: p. 49).

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