March 31st, 2018

Education, Economics & Entrepreneurship:
The ‘3 E’s of Exemplary Importance’ to Prosperity & Liberty

Education.
Economics.
Entrepreneurship.

Whether or not you can yet detect the connectivity, see the pattern, … and how they intersect, they definitely do.

Allow me to sketch a picture for you. At the end, I trust that it will be clearer. And, as always, feedback is very much appreciated. Did you learn something new to apply to your business? Will you pursue additional research to dig into these topics? Are you inspired to make a bigger difference in ensuring prosperity and liberty for your staff, family, or friends?

As you may recall from my last post, I laid out what education should look like in the 2010s. Education, from its Latin roots, means ‘to draw out from within’ or to ‘lead forth’. Entrepreneurs often find that they have within them the gift set(s), the skills, the inner fire, and the heart of a champion; yet, many don’t immediately exercise one, some, or all of these right away, putting their economic and financial prosperity at stake. Why is this? The reasons could fill book after book …

One big one:
they may not realize that their economic well-being is interwoven with their education. It is quite clear that without wonderful volunteers (who serve several excellent organizations whose mission entails teaching of outside programs which enhance the typical curriculum) entrepreneurship is not taught in K-12, nor is it in the vast majority of collegiate/university (‘higher’) educational institutions. So, the ability to ‘lead forth’ with an idea, a vision, a mission/co-mission is curtailed by the entrepreneur’s past experience in a classroom, most often without him/her even realizing it.

The next reason: A deep understanding of money, finances, and economics.

Each of these, in sum, is the answer to the oft-unasked question: Can I create my own personal economy? Must I depend on institutions (corporations, governmental bodies, or otherwise) to pay me to serve them? Or, must I have a resume with credentials and acronyms. Or, is my ‘resume’ the number, size, and scope of problems that I’ve solved? The number of people whom I’ve served, and served well enough to earn their trust and recurring revenue?

Economics, unlike some who have described it as the ‘dismal science’, truly isn’t. And, contrary to the constant drumbeat of ‘experts’ who populate our mass media channels, money and financial literacy/wisdom aren’t complicated when we understand that ‘clarity attracts’.
So, let’s simplify things: Money is a receipt on service rendered; additionally, it is a vehicle that produces memories. And, entrepreneurs throughout history have always stepped up to provide services, many of whom putting a deep imprint on the age in which they lived by leaving a legacy: Eastman with his camera; Edison with his light bulb; Gates with his software; Dell with his made to order PCs; Musk, with his snazzy Tesla vehicles … the list goes on.

Entrepreneurship is sprouted, like the flowers about to bloom all around us, from the potted soil of a broad based education and its fertilizer: a clear understanding of economics. As the author of this article so adroitly shares, oft-times, Americans who haven’t had the benefit of a solid grounding in either of the above, are their own biggest obstacles (“we have met the enemy, and he/she is us.”)

Even for the many readers of this blog who already own a business and are very entrepreneurial, are we all paying forward what we know by being mentors? Advisors? Coaches? There are so many different ways to ensure that the next generation(s) has just as much of a bottom-up opportunity to earn the same level of prosperity and maintain the liberty passed to us like a baton by previous generations who knew what it was to be uniquely ‘American.’ Be an owner – someone who had something of value and contributed to society by offering a product, a service, and/or specialized knowledge to a willing party(ies) in a free enterprise transaction.

History’s broad brush strokes have painted a Rembrandt: it is clear from the records left behind by our ancestors that high levels of entrepreneurial activity/success, a deeply educated citizenry, and a strong understanding of economics work interdependently to lock in levels of prosperity and liberty which would normally not exist.

For the record, elections do matter. Yet, this “E” does not rise to the level of the other three.

Rather than put the emphasis on a president, a senator, a representative in Congress, or the Statehouse, let’s focus on how we can grow our knowledge of the 3 E’s organically. Therefore, the burden of ensuring that prosperity and liberty are always available rests with us as American citizens; we who have put human, social, and financial capital on the line to serve the public through our respective businesses.