With the discovery of large economic deposits and foreign investment, mining industry boomed in Mongolia, making up 94% of total export and 17% GDP as of 2013. Between 2008 and 2013 mining sector in Mongolia, on average, made up 19.8% of GDP, 88% of income from export per year. This statistic shows Mongolia's over dependency on mining furthermore making Mongolia vulnerable to global economic fluctuations. Proven method for avoiding over dependency on natural resources is to have diverse economic structure. (Gelb, 2010) Therefore, Mongolia's main focus for economic and social development between 2012 and 2016 is to avoid dependency on natural resources and diversify its economic structure.

In order to become structurally diversified economy it is essential for citizens to have basic understanding of business and be responsible. The Government has implemented policies to educate and train the public as well as private sectors on entrepreneurship.

Entrepreneurs put people together in particular ways and combine them with physical capital and ideas to create a new product or to produce an existing. [1] People with most productivity, who create new opportunities are said to have the most work ethics. People with good work ethics, dedicate most of their time, energy in the process of developing an idea with value, and in return get financial, social, and psychological benefit. In general, it can be defined that an entrepreneur is someone who start his or her own business, makes it valuable, which in return contributes to overall economy of the country. [2]

The view of entrepreneurship taken here is that it is the process of assembling necessary factors of production consisting of human, physical, and information resources and doing so in an efficient manner. [3] Entrepreneurship is an essential factor both as a means of generating employment and as a means of encourag - ing economic growth. [4] Entrepreneurship is considered to be an important mechanism for economic development through employment, innovation and welfare effects (Schumpeter 1934; Acs and Audretsch 1988; Wennekers and Thurik 1999; Baumol 2002). There are considerable differences across countries in the orientation of entrepreneurial activities (Autio 2007). The nature and structure of entrepreneurial activities varies across countries as reflected by, for example, the relative volumes of necessity and opportunity entrepreneurship. Entrepreneurial stages depend on the country's development level. (Figure 1)

Figure 1. Total early-stage entrepreneurial activity (tea) 2014, by phase economic development

Source: Global Entrepreneurship Monitor, Global Report

Total early-stage Entrepreneurial Activity (TEA) includes individuals in the process of starting a venture and those running a new business less than 3 Ѕ years old. As a percentage of the adult population (18-64 years old). Among innovation-driven economies the highest TEA rates are found in Qatar (16.4% TEA), Trinidad & Tobago (14.6% TEA), the United States (13.8% TEA), Australia (13.1% TEA) and Canada (13.0% TEA). Japan, with 3.8% TEA, and Italy, with 4.4% TEA, has the lowest share of early-stage entrepreneurs among their respective adult populations. From the geographic perspective, the highest TEAs are found in African economies (37.4% TEA in Cameroon, 35.5% in Uganda, 32.8% in Botswana), joined only by Ecuador (from the rest of the world economies) with 32.6% TEA. Only in those four economies one third of adult population is early-stage entrepreneurs. European economies have the lowest TEA rates. But 7.8% TEA in EU economies, 6.0% TEA in non-EU economies. Natural resource exporting countries entrepreneurial intention shown in Figure 2.

Figure 2. Entrepreneurial intention 2001-2014

Source: Global Entrepreneurship Monitor, Global Report

Entrepreneurial intention is percentage of 18-64 population (individuals involved in any stage of entrepreneurial activity excluded) who intend to start a business within three years. From the figure 2 shown above, entrepreneurial level of the countries that supports their mining sector is rising from 2006.

Acs and Varga (2005) studied 11 countries and found that opportunity entrepreneurship has a positive significant effect on economic development, whereas necessity entrepreneurship has no effect. Therefore policy makers in EU and US have come to a conclusion that entrepreneurs are an essential piece of puzzle in innovation and development of the economy. [5] Operating with good work ethics means achieving positive results (through independent business operation) by maximizing the use of available resource. (Peter Drucker, Joseph Maciariello, 2004). According to this anyone with any profession such as chemist, weather analyst, teacher, researcher, engineer or even translator can work with positive work ethics, in other words, operate their own business. But the biggest question is who develops entrepreneur.

Global Entrepreneurship Monitor report, wrote that social values are an important part of the context in which individuals behave entrepreneurially or not. In 2014, the Global Entrepreneurship Monitor survey confirmed starting a venture is seen as a good career choice mostly in African economies, while individuals in the European Union show the lowest level in this regard. Figure 3 shows entrepreneurial interest rate of the countries with rich natural source like Mongolia.

Figure 3. Know startup entrepreneur rate 2001-2014

Source: Global Entrepreneurship Monitor, Global Report

Know startup entrepreneur rate is percentage of 18-64 population who personally know someone who started a business in the past two years.

Figure 4. Entrepreneurship as desirable career choice 2001-2014

Source: Global Entrepreneurship Monitor, Global Report

Entrepreneurship as desirable career choice is percentage of 18-64 population who agree with the statement that in their country, most people consider starting a business as a desirable career choice. Entrepreneurial skills are not equal among everybody. In today's competitive and ever-changing social environment, 90% of start-ups fail during the first year of their operation can be attributed to lack of business experience. Therefore, it is absolutely necessary to conduct workshops and courses on improving skills as well as educating the people on business.

Research Methodology

This research was conducted at Mongolian prominent higher education institution (henceforth: School “A”) as part of its academic curriculum program on entrepreneurship. These courses were aimed to instill basic understandings of entrepreneurship for students as well as training them to start their own businesses as well as spreading entrepreneurial spirit. To achieve the main goal of the study, school A conducteda survey among 400 students from randomly selected 738 students and 19 students who enrolled to Business Management full program Questions from the survey were based on the survey conducted by Kikuko Harada of Entrepreneurship Development Center in Japan, on the topic “Opportunities and challenges in promoting entrepreneurship education in Japan”. [6] Survey questionnaires have two versions. First questionnaires for beginners second are students who enrolled to Business Management full program.

The first survey questionnaire consisted of 3 parts. First part included 4 questions on general information. Second part of the survey asked about participants' knowledge on business or subjects they wished to study as well as their understanding of the subject before they took the course and after they took the course. Second part consisted of 49 questions with following answers: 5 - Strongly Agree, 4-Agree, 3-Somewhat agree, 2-Disagree, and 1-Strongly disagree. The third part asked about participants' opinion on the course study on entrepreneurship. The first survey questionnaire consisted of 2 parts. First part of the survey asked about participants' opinion about entrepreneurs and business. The questions in these parts were consisted from the beginners question and we made sure that students had any family businesses. Second part of the survey asked about participants' opinion entrepreneur stability, characteristics of successful entrepreneurs. Second survey questionnaires with following answers: 3-Agree, 2-Somewhat agree, 1-Disagree.

Results of the Survey

Table 1. Shows the main results of the survey. Participants answered the questions regarding their knowledge on business, or subjects they wished to study as well as their understanding of the subject before they took the course, with average score of 3 and below. However, column 4, 5 shows results from after they took the course which shows an average score of 4 and above (Agree). These results show that after taking the course students have demonstrated the ability to think critically, develop their own ideas, present their ideas among peers and resolve conflict.

Table 1. Comparison of survey answers

Source: Primary a questionnaire survey results

Note: SD - Standard Deviation

Students taken the course could bring more respects to business owners, and higher desire to start their own businesses or even some of the students could possibly establish their businesses while they're taking this course. For example: According to our survey conducted among some sample students by asking “How much do I respect entrepreneurs? ” and before they took the course average point on that question was 3.43, but after the entrepreneurship course, that number has increased up to 4.35.

Table 2. Comparison of survey answers, the students who enrolled to Business Management full program

Source: Primary a questionnaire survey results

The students who enrolled to Business Management full program have noticed the abilities of entrepreneurship, leadership, are patient to their dream, brave and determination and be confident mostly. These are very similar to the skills of entrepreneurship which was referred in the case study. A second questionnaire answers to survey questions regarding entrepreneurial skills to new ideas, be innovative and leadership skills importance in the questionnaire, the respondents 3 and 15, respectively, seen in participants answered questionnaires 1 and 2. There were no coincides about the other abilities.

Respondents of the second questionnaire were agreed with the questions of “I want to start my business in the future”, “if I get the chance to start my own business, I would definitely do it”, “I got much higher interest in the business”, “I have interest to manage company or any other kind of business organization”. Although 45,45% of the respondents were said they have family businesses, 11,11% among the respondents were said they have an interest in family businesses.

Also the respondents said while studying the program they have grown the respect of the business people, have an interest to manage business organization, want to start their own business in the future, if they got a chance to start their business, they will definitely do it, (the thought of doing business will effort to the choice of the lesson) these answers became much stronger, and they have real interest in businesses.

Our study shows the following results:

1. Our sample students haven't had clear vision about how to work with team, how to plan their future businesses and how to be productive. Also they lacked some essential which is needed for entrepreneurship education.

2. After they took the course, they've developed better understanding of how to express themselves, what is good team work dynamic, how to build their business plans, and some problem solving techniques, which is useful in business environment.

3. This entrepreneurship course has had influence on students to become more respectful to entrepreneurs, and interest in leading business organizations, or establish their own business. These factors lead students to closely observe to different types of business organizations and their operations.

4. As we predicted, students who took the course are more likely to answer “yes, I wanted to start my own business in any given opportunity. ” Which indicates the course of entrepreneurship is helping them to set the mind of entrepreneurship.

5. Even though students who took the course have positive feelings towards entrepreneurships and entrepreneurs with basic knowledge about them, they still need more help or positive conditions to have successful business model. Therefore we need to educate people on entrepreneurship or entrepreneurs at macro or micro level.

6. Based on our research we found that it is essential to study for start-up business environment here in Mongolia and apply these results to entrepreneurship courses in order to have high quality of educational training.

[1] Edward P. Lazear, (2005)

[2] Б. Энхмаа, Бизнес ба нийгэм, 2008, УБ хот

[3] Edward P. Lazear (2005)

[4] Robert E. Nelson (1977)

[5] Hisashi Yaginuma (2010), p.67