Richard M. Schulze is the founder and Chairman Emeritus of Best Buy Co., Inc. and founder of the Richard M. Schulze Family Foundation. He is also a Founding Contributor to the Schulze School of Entrepreneurship at the University of St. Thomas in Minneapolis, MN. The opinions expressed in this comment are his own.
The value of a college education has come under scrutiny in recent years. With the average student debt in the US rising to more than $37,000 according to recent estimates, more students are wondering if they can afford the choice. And as more affordable online programs become available, others are wondering if the “traditional” college experience is still relevant.
As a non-college graduate but serving for many years as a trustee on the board of directors of the largest private university in my home state of Minnesota, I myself have urged our higher education leaders to address rising costs and the burden of student debt so that every student can Reap the rewards and rewards of a traditional college education. But it’s not just the cost of education that determines whether a student will derive a positive return from the experience. It is also evident what they learn and how they learn it.
One way to make college more impactful for all students is to involve them in learning the entrepreneurial skills. Whether majoring or minoring in entrepreneurship or in liberal arts courses exploring the entrepreneurial mindset and process, or through venture competitions, startup incubators or design thinking workshops – teaching students to think and act as entrepreneurs, does remarkable things. It motivates and energizes students, it builds their critical and creative thinking skills, it focuses them on how they can make a difference in the world, and it prepares them to enter the world of work with passion, determination and confidence. Whether they start a business or not, students with an entrepreneurial education are better able to identify and shape opportunities for themselves and their employers, to bring innovative thinking to the problems they face, and the resources to mobilize the people they need to implement new and better solutions .
And while some may think that entrepreneurs are born, I disagree. As in any discipline or craft, someone with significant raw entrepreneurial talent still needs formal education and training. Formal education is not just about learning facts and formulas, although of course being exposed to a wider range of ideas and knowledge is invaluable. The best education is the one that teaches people to think. And an entrepreneurship education requires just that — it means coloring what you learn with your own unique perspective and creative insight. Unconventional, unconventional thinking requires confidence and courage, which is trained in a formal educational setting. And the students inspire and push each other just as much as the faculty, and sometimes even more.
I would also argue that calculated risk-taking – something essential to innovation, entrepreneurship or creativity in any field – is worth being taught in an appropriate setting. The best entrepreneurs aren’t the ones who hit the bull’s eye on the first try; They keep trying and learn from their mistakes. Being in this environment, with expert guidance from faculty and collaboration with classmates, provides security, as well as permission to fail and the lessons of how to fail wisely. Without this kind of lived-in classroom experience, many aspiring entrepreneurs never find the confidence to take the risks that could make their ambitions a reality.
Formal training can be particularly helpful for potential entrepreneurs from underrepresented or marginalized backgrounds. Owning a small business is one of the best ways to build intergenerational wealth and we cannot afford to let talented and committed young people miss this opportunity.
Still, the rising cost of education remains a critical issue that must be addressed if we are to see these students excel. Universities must continue to drive down costs, and those of us with the resources must support scholarships, mentorships and internships to enable all students to access and make the most of their experience.
Let’s not give up college. The truth is that it remains a critical success factor. But we must empower our students with the skills to be innovators, creators and entrepreneurs. Entrepreneurship education empowers students to think creatively, seek opportunities and solve problems, empathize with others, take risks, embrace failure as part of the growth process, and help transform a passion or idea into a viable business. Learning to think and act like an entrepreneur encourages students to take control of their own destiny, thereby fueling the American Dream.
My Success Story is the kind of entrepreneurial story that people like to glamorize, but the reason these stories are so popular is because they’re so improbable. What we need now are not idealized success stories, but a reliable way for all bright young minds with the right ideas to make the most of their opportunities, and that is exactly what entrepreneurship education offers.
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