Integrating the external enablers of new venture creation theory into practice: A simulation approach for teaching entrepreneurship

Abstract

Theory and practice in entrepreneurship education are still a subject of research. This paper proposes a simulation in which, based on the External Enablers of New Venture Creation approach, students can translate environmental changes generated by the unbalancing conditions of the Covid-19 pandemic into strategic entrepreneurial actions. The practice-based approach grounded in actionable theory is chosen to build our simulation. The exercise is carried out through the business model canvas because of its practical value. Running the simulation proves to be helpful in teaching new theoretical approaches. The simulation also proves that new venture teams can impact more the conversion of environmental changes into strategic entrepreneurial actions than individual entrepreneurs.