Entrepreneurship

Image courtesy: Topos Graphics and as seen on The New York Times Opinion Pages

The Following Post Was Originally Written For and
Published By The Council of Public Relations' Blog

The New York Times recently ran a story by Arthur C. Brooks entitled, “My Valuable, Cheap College Degree,” about the $10,000 undergraduate degree. The author, the president of the American Enterprise Institute and a former college professor, decided that instead of going into debt for a degree from an average college, he would pay $10K for a distance-learning B.A.

Interesting.

Brooks claimed that the ROI from his $10K spend was huge, given that his career turned out as he had hoped and he lives a debt-free life. He also argued that with the cost of education skyrocketing, we would see more innovation in terms of the cost of college.

So the next logical question: Would I as an employer hire a kid with a $10K B.A?

Damn straight I would!

Ours is a “public school” profession, in that most young hires have attended a decent but not top 5-ranked college. I have no qualms about that. My best hire, oftentimes, is a kid from an average college who had four internships and a dirty job along the way—grocery bagger, factory worker, waitress.  Although we’ve hired our share of kids who went to boarding schools and graduated from top colleges, they succeed no more frequently than the gritty kid from the average college. And I like the entrepreneurship shown by people who take tough jobs starting out.

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Food TruckLike many self-proclaimed foodies, I have developed a bit of a food truck addiction in the last few years. To be fair, it was hard not to as torrents of artistically graffiti-ed, hipster-driven trucks spread throughout the city hawking everything from tasty little waffles to perfectly fried cutlets of meat.

My inner fat kid loves the (generally) cheap, always fast and mostly creative morsels of food this new generation of on-the-go chefs are selling. But the business-minded part of me may be even more excited by the rush.

When you think about it, food trucks are really the perfect small business incubator. Restaurants are notoriously expensive to run and rarely break even in the end, and test-driving a concept could mean never seeing a customer again if the food doesn’t work that night. Food trucks, on the other hand, have lower barriers to entry, require less financial commitment up front and diners seem to carry an inherent willingness to act as guinea pigs when it comes to new tastes.

I don’t just love food trucks because of the food – I love what they stand for from a business innovation perspective, too.

So last year when I up and moved 500 miles south, I had some concerns that my food truck love affair may have to come to an end.

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Kudos to GE Capital!**  They have asked me to talk about entrepreneurship to their in-house lawyers at an off-site meeting. Why is that so inspiring?  Because lawyers, stereotypically, aren’t known for being entrepreneurial and big companies don’t always understand the value of entrepreneurial behavior. Leave it to GE, one of the few firms to pull off an entrepreneurial environment at work – despite its size -- to have a legal department that strives to harness the spirit of entrepreneurship.

Accenture recently did a major study that called for large companies to become more entrepreneurial. The study says,  “A new kind of leadership is needed, one that focuses on the collaborative nature of entrepreneurial behavior and seeks to give staff the confidence to behave in an entrepreneurial way.”

Right on! This very topic has been my stump speech for years (check out our book, Army of Entrepreneurs, which talks about fostering entrepreneurship in organizations of all sizes).  Unfortunately, the Accenture report shows that there is a long way to go. Seventy-onepercent of executives say that aversion to risk and failure is stopping people in their organizations from acting entrepreneurially; more than six in 10 say that lack of communication between employees is a barrier; and 53 percent cite the fact that employees are given little responsibility.

Companies like GE understand the power associated with allowing employees to freely express ideas, take some level of risk and participate in innovation. So do companies like Accenture, which admitted that the reason they did the study in the first place was their own paranoia; despite their large size, they wanted to make sure they stayed nimble.

Kudos to Accenture and all the companies like them that understand that the first step in keeping a culture of entrepreneurship intact is being paranoid about losing it. CJP

**GE Capital is a current CJP Client

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I was moved by a recent article in The Economist titled "The One Shot Society." The story was about South Korea's society, its educational system and the way in which one’s future is determined. South Koreans study 24/7 throughout their childhood preparing to take a single exam that will determine their fate (the university they attend, job they’ll be able to secure, etc.). The kicker is that this test is taken when the individual is just a teenager. In this culture, you have one shot, not many, to define your future and succeed.

Reading this story really made me stop in my steps and think about my own life and career. As someone who had slightly above average SAT and GMAT scores, I would have never have had the chance to succeed, had I been born into this society (I was admitted to Columbia Business School based on my story, not my scores).

Merit, accomplishment and entrepreneurial grit are discounted in Korea. High scores and their version of the "Ivy League" is the only route to success. While America certainly has its issues, I'm proud to regularly observe how hard work, creativity and entrepreneurial focus can bring great success.

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By the time you read this, thousands of Americans will have already returned home after an early morning (or very late night) of holiday shopping. That’s right, today is that wonderful day (for retailers) known affectionately as Black Friday. As this joyous season continues on a trajectory of becoming increasingly commercial, retail stores across the country are vying for every dollar of holiday spend. This year, many national brands (namely Walmart, Target and Kohl’s) went so far as to start the deal frenzy late on Thanksgiving night.

But this post is not about big brands fighting for holiday dollars. Rather, spotlight a new program and to congratulate American Express on a job well done.

For the second straight year, American Express is sponsoring “Small Business Saturday.” Tucked in-between Black Friday and Cyber Monday this is a day dedicated to supporting small businesses across the country. As the lifeblood of the American economy, American Express is asking that Americans “shop small” on Saturday, November 26 to support their favorite local stores and “fuel the economy.” What a phenomenal idea! And President Obama agrees:

From the mom-and-pop storefront shops that anchor Main Street to the high-tech startups that keep America on the cutting edge, small businesses are the backbone of our economy and the cornerstones of our Nation’s promise.  These businesses create two out of every three new jobs in America, helping spur economic development in communities across our country and giving millions of families and individuals the opportunity to achieve the American dream.  Through events such as Small Business Saturday, we keep our local economies strong and help maintain an American economy that can compete and win in the 21st century.

CLICK HERE TO CONTINUE READING

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