From Startup to Success: Using Gen Z Entrepreneurs to Teach Economics

Abstract

This paper builds upon the work of McCaffrey (2016) who explores how economics can enhance entrepreneurship education by discussing the social and institutional basis of entrepreneurship. We build upon the work of McCaffrey in two distinct ways. First, we emphasize the economic understanding every entrepreneur needs to be successful. This approach helps students understand the crucial role that economics plays in ascertaining whether or not an entrepreneurial activity is worthwhile or not. Second, we developed three lesson plans that feature Gen Z entrepreneurs, building upon the work of Milovanska-Farrington et al. (2023) and DeWind et al. (2023) who illustrate foundation-level economics concepts in an engaging way that resonates with Gen Z students. We feature three successful Gen Z entrepreneurs - Mikaila Ulmer, Max Hayden and Alexandr Wang. Their stories embody business acumen and the entrepreneurial ability necessary to succeed in a rapidly changing world.

Keywords: entrepreneurs, foundation economics, Gen Z, Max Hayden, Mikaila Ulmer, Alexandr Wang

JEL Classification: A20, A21