THE MISSING LINK BETWEEN EDUCATION AND ENTREPRENEURIAL PRACTICE

Micro, small and medium-sized enterprises play a key role in employment and economic development in Latin America, yet limited entrepreneurial competencies often constrain their sustainability. Universities in the region have responded with entrepreneurship education programs, assuming that these interventions can cultivate competencies that are “teachable.” However, evidence remains mixed regarding whether such initiatives develop the same capabilities acquired through entrepreneurial practice. This study employed a comparative, cross-sectional design to analyze these competencies among 198 university students and 133 owner-managers (O-M) of MSME in a Colombian city. Data was collected using an adapted M-TEC questionnaire covering opportunity-related, execution-oriented and human resource competencies. Multivariable regression models with controls. Results show that O-M scored significantly higher than students in strategic, managerial and leadership competencies, underscoring the importance of experiential learning. Contrary to expectations, students and O-M were not equivalent in opportunity-related skills, with O-M reporting substantially higher scores. Training and prior work experience did not reveal significant effects, but educational attainment was positively associated with managerial competencies. These findings highlight the gaps and the complementary strengths of academic and experiential pathways. The results call for more targeted, experiential strategies in higher education to strengthen teachable competencies aligned with the demands of entrepreneurial practice.