I am always shocked how many entrepreneurs underestimate the value of education. Many genuinely have talent and such a good idea that they just have to abandon studying and pursue it – and that’s fine. But there are others that clearly despise those in higher education and I truly do not understand why. I often hear it is a waste of time. Really?
My own case couldn’t be different. Quite frankly, during my 2 years of MSc in Business Innovation I have learnt so much that I can compare it to 5 years of learning on the job. During the final year I had to mostly focus on my own research and I read so many books and papers that I feel like I have leapfrogged a major part of my own self-development. I just find it mind-blowing that for most questions you have, someone out there has done their research into it and has got answers ready for you. You just need to find them.
Some will argue with me that modern degrees are outdated and there’s nothing you can learn that can be applied to today’s entrepreneurial world. That’s also wrong. Academic research helped me actually understand better how the whole innovation ecosystem works. One day for instance, I have learnt about Absorptive Capacity. In simple words: it has been proven that the more you know and experienced, the easier it gets to do new things. Seems obvious, right? But that also explains why so many copy-cat startups fail or will never become as good as the original. The original team has got a superior absorptive capacity – the sum of their experiences, their knowledge, approach to business, all of which combined is very unique and almost impossible to recreate. The copycat business has only got an idea, without the same DNA of the team, it will never create the same business.
Alright, that’s it for today’s banter. I look forward to you thoughts on this topic!
Millennial Banter 