BY MR KEVIN TAN TEE LIANG
They are commonly known by various labels such as creators, innovators, problem-solvers, and risk-takers. However, a more accurate portrayal lies in their inherent qualities – being perceived as street-smart, well-connected, opportunistic, and enthusiastic.
This raises a compelling question: Is a college degree necessary to become an entrepreneur?
To debunk this myth, it is essential to first break down the essence of ‘entrepreneurship’.
In simple terms, it involves identifying commercial opportunities, starting a business, and adeptly managing the associated risks and rewards.
Success in such an endeavour requires daring intuition, practical experience, and exceptional networking skills – qualities often nurtured in the real world rather than within the confines of classrooms and libraries.
Given this context, scepticism often arises regarding the value that a business degree provides to aspiring entrepreneurs. The role of a university in shaping future entrepreneurs revolves around the seamless integration of three pivotal elements: technology, people, and society.
Technology:
In the entrepreneurial landscape, technology is synonymous with progress.
Businesses now rely on technology adoption to remain relevant online, connect with customers, and sustain competitiveness.
At the core of entrepreneurship, technology’s true importance lies beyond the mere implementation of innovations, but rather in the birth of new ideas. Technological advancements constantly create new opportunities, enabling us to articulate, automate, and advance our business operations and opportunities beyond measure.
Universities, much like businesses, have experienced the same trends. The pandemic highlighted and accelerated the rate of digitalization. The recent rise of artificial intelligence has made it even clearer – change is inevitable. Universities and businesses alike have had to make significant and rapid changes to adapt.
This is precisely the environment in which students are shaped, encountering various complex challenges and situations. They learn not only about technology adoption but also how to leverage technology, fostering a creative mindset crucial for entrepreneurship.
People:
The core of entrepreneurship lies in the people behind it. A college degree is neither a shortcut nor a guarantee for entrepreneurial success. What it does offer individuals are the tools to navigate the challenges inherent in the entrepreneurial journey.
Fresh graduates represent much more than a mere list of competencies they are often evaluated on. Such an assessment overlooks the rich experiences they have accumulated from their time at university.
Academics are an eclectic group of practitioners, experts, researchers, and leaders, better known as educators. However, their roles extend beyond imparting knowledge; they mentor talent and nurture individuals with qualities desired by employers.
As collaborative hubs, universities attract external projects and industry engagements, providing students with a valuable platform to explore, take risks, and emphasize learning over the fear of failure that the real world can be incredibly harsh with.
Entrepreneurial thinking, grounded in concepts like Design Thinking, emphasizes empathy and human-centric problem-solving. Teamwork, on the other hand, is fostered through capstone projects consisting of real-world consultancy experiences.
These epitomize the value of people and connectedness, which entrepreneurship leverages to be truly impactful. The social capital built with faculty, industry partners, and peers becomes invaluable for their future endeavours.
Society:
The true purpose of entrepreneurship is best defined by its impact on society.
Beyond knowledge and connections, a college degree gains meaning through its contribution to fulfilling societal needs and desires.
While technology is a crucial tool, the stark reality of intense competition adds a layer of complexity. The alarming but unsurprising failure rate for Small and Medium Enterprises (SMEs) and startups in Malaysia ranges from 60-70%.
Every society comes with its challenges and rewards. Though the character may be strengthened by failure, an entrepreneur’s reputation is defined only by success.
The Growth Mindset, core to education, promotes individual improvement and growth through the science of strengths. Its higher education extension, the Benefit Mindset, encourages learners to lead and contribute back to their communities.
Universities, mirroring entrepreneurship, symbiotically serve their communities and society. Graduates are specifically cultivated to be socially aware and adept contributors to the needs of others.
What a university education ultimately offers aspiring entrepreneurs is an invaluable opportunity to harness the necessary business acumen, networks, and mindset.
By prioritising the education of people today, we build the entrepreneurs of tomorrow.
“Everyone deserves an education that is about their development as a human being. The purpose of education is for me to become me in the context of the society that I live so I can truly contribute to my society.” – Peter Senge
The Faculty of Business, Design, and Arts aims to achieve this through Swinburne’s Vision: people and technology working together to build a better world.
The views expressed here are those of the writer and do not necessarily represent the views of the New Sarawak Tribune.
