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Why Can’t Formal Education System Turn Out Incredible Entrepreneurs?

Why Can’t Formal Education System Turn Out Incredible Entrepreneurs?

Formal Education Does Not Reward For Putting Square Pegs In Round Holes

One thing that Oprah Winfrey, Mark Zuckerberg, Bill Gates and Steve Jobs do not have in common is majoring in Entrepreneurism.  Perhaps if they did they all would have stuck around school a bit longer but unfortunately as hard as they tried they were not exactly known for their college GPAs.

Today this motley crew are famous billionaires but in their school days they had one other thing in common–they were all college dropouts.  While all exceptionally bright individuals they each felt like it wasn’t a good fit and that they could do better.  They each knew that something wasn’t quite right about school then had their “ah ha” moment and then the rest is history.

That “ah ha” moment is the creative spark that that transcends the formal education system and separates the dispassionate from the disruptors.  The dispassionate are the well intentioned individuals who are promised the age-old “work hard, get good grades, and you’ll be a success.”  While many follow this traditional path it’s not for everyone.  The disruptors are the ones that stick out from the crowd, the ones that go against the grain.

The paradox of the situation is that while the formal education system does provide a solid foundation to increase your chances of career success it mainly teaches you how to play by the rules versus questioning the rules.  The entrepreneur is the one who not only questions the rules, he breaks, reinvents and then breaks the rules again.

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In fact it was Jobs who famously said at the Stanford Class of 2005 commencement:

“Here’s to the crazy ones, the misfits, the rebels, the troublemakers, the round pegs in the square holes… the ones who see things differently — they’re not fond of rules… You can quote them, disagree with them, glorify or vilify them, but the only thing you can’t do is ignore them because they change things… they push the human race forward, and while some may see them as the crazy ones, we see genius, because the ones who are crazy enough to think that they can change the world, are the ones who do.”

The Numbers Are Against You

According to the Department of Education only 6 percent more Americans with college degrees are employed than those without a degree. In its most recent survey on college pricing the College Board reports that a “moderate” college budget for an in-state public college for the most recent academic year averaged $23,410 while a “moderate” budget at a private college averaged $46,272.  In other words the average American should expect to pay over $46,000 for a 6 percent more likelihood of getting a job offer.

In the Real World Failing Is Winning

The ability to be okay with failure is frowned upon in the formal education system.  Failure equals bad grades equals slim job prospects.  An entrepreneur mindset however is quite a different breed where failure is not only tolerated but its the norm.  The secret to failing is to learn from your mistake and pivot into a better solution the next time.  Entrepreneurs aren’t graded my multiple choice standardized tests or essays but the ability to come up and execute on a product or service that people actually want.

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Unlike the formal education system there is no one right or wrong answer.  In fact sometimes there are no correct answers forcing you to rethink your business which is known as pivoting.  Pivoting is the opportunity to regroup and come up with a better way of doing things.  Its the growth mindset that there is no right or wrong answer but an abundance of opportunity to try something new.

Great entrepreneurs like Thomas Edison knew this well.  As an inventor, Edison made 1,000 unsuccessful attempts at inventing the light bulb. When a reporter asked, “How did it feel to fail 1,000 times?” Edison replied, “I didn’t fail 1,000 times. The light bulb was an invention with 1,000 steps.”

Success In School Is Not A Predictor of Future Accomplishment

Being top of your class doesn’t mean that you will be an successful entrepreneur.  It only means that you learned to how to play by the rules and think inside the box better than your peers.  Meanwhile drop-outs like Zuckerberg and Jobs are failing every other day but then again their goal was not a 4.0 GPA–it was a successful and profitable business.

Human imagination is not something that can be caged or bounded by the formal education system yet many students leave school with a scarcity mindset.  This mindset tells them to get as big of a slice as possible from the finite pie of success.  What many don’t learn in school is the concept of abundance where success not just one big pie but an ever expanding pie.

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In other words instead of twenty people fighting for ten slices its twenty people collaborating together to figure out ideas to grow the market instead of trying to horde the market.  Steve Jobs didn’t try to build a better PC, he decided to build a better experience.  An experience that led to the iPod, iPhone and the iPad.  Steve baked a new pie.

How to Bust Out of the Formal System and Become An Idea Machine

In summary the formal education system is like a primordial mix of amazing life possibilities that are trapped in a lab.  The budding entrepreneur doesn’t need to learn how to cram information but rather how to combine information in new and creative ways.  The best way to do this is to become an idea machine.

An idea machine is a concept where you come up with ten different ideas a day, every day of the week.  If you’re a writer then write a list of ten ideas for a blog post, or if you’re in the landscaping business write a list of ten ideas that you could offer to new homeowners as a service to prepare for winter.  Next to each of these list items write what the next step is going to be to execute on that idea.  Not the entire solution just the very next step.

This will get your creative juices flowing to the point where you not only have creative entrepreneurial ideas but you also are forcing yourself to think outside of the box and even providing the first baby-step into action on that item.

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Entrepreneurship isn’t about theory or great ideas–its about execution, failing, drying your tears, failing some more then trying it over and over again until you succeed.  Go ahead, think outside of the box and become an idea machine that breaks the mold.

Featured photo credit: albumarium.com via albumarium.com

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Published on March 20, 2019

How to Write a Powerful Mission Statement for Your Business

How to Write a Powerful Mission Statement for Your Business

Have you ever felt lost in the minutia of your job?

As a business owner, I can relate to getting bogged down in the day to day operations of my business. Things like inventory, payroll, scheduling, purchasing and employee management take up the bulk of my day.

While these things are important and need to get done, focusing too much on the details can make you lose sight of the big picture. This is why having a good mission statement comes in handy.

What is a Mission Statement?

Put simply, a mission statement is an internal document that provides a clear purpose for the organization. It provides a common reference point for everyone in the organization to start from.

In other words, after reading your company’s mission statement, managers and employees should be able to answer the question “What are company’s main objectives?” For example, Southwest Airlines mission statement reads:[1]

“Southwest Airlines is dedication to the highest quality of Customer Service delivered with a sense of warmth, friendliness, individual pride, and Company Spirit. We are committed to provide our Employees a stable work environment with equal opportunity for learning and personal growth.”

In this single statement, Southwest conveys the company’s goals of providing the highest level of customer service as well as providing a good working environment for their employees.

Mission Statement VS. Vision Statement

While the mission and vision statements are related, there are subtle but distinct differences the you should be aware of.

First of all, a mission statement is designed primarily as an internal company document. It provides clarity and direction for managers and employees.

While there’s nothing wrong with sharing your company’s mission statement with the outside world, its intended audience is within the company.

While a mission statement provides a general framework for the organization, the vision statement is usually a more inspirational statement designed to motivate employees and inspire customers. Going back to Southwest Airlines, their vision statement reads:[2]

“To become the world’s most loved, most flown, and most profitable airline.”

This statement inspires good feeling from the customer while motivating the employees to achieve that vision.

What Does a Good Mission Statement Look Like?

When coming up with a mission statement, it’s important to take your time and do it right. Too often, people (especially entrepreneurs) just write down the first thing that comes to mind and they end up with worthless or (worse yet) a generic mission statement that is utterly useless.

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Remember, a mission statement should provide a common framework for everyone in your organization.

When writing a mission statement, you should always try to incorporate the following;

  • What we do?
  • How we do it?
  • Whom do we do it for?
  • What value are we bringing?

Now, you can see how tempting it is to just come up with something generic that ticks off those four boxes. Something like “We provide the best widgets available online for the consumer.”

After all, that did check off all the boxes:

What we do? Provide widgets.

How we do it? Online.

Who do we do it for? The consumer.

What value we bring? The best widgets.

The problem with this mission statement is that it could apply to any number of companies producing the same widget. There is nothing to distinguish your company or its widgets from any of your competitors widgets.

Compare that mission statement to this one:

“We provide the highest quality widgets directly to the consumer at an affordable price backed up with a 100% satisfaction guarantee. If our clients aren’t 100% satisfied, we’ll make it right.”

What’s the difference?

Both mission statements answer all the same questions of what, how, whom and value. But in the second statement, they are differentiating their company from all other competitors by answering the question “what makes us unique”.

Another way to read that is, “Why you should buy from us.” In this example, it’s because our widgets are of the highest quality and we stand behind them 100%.

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You might have noticed the statement didn’t say that we sell widgets at the lowest possible price. That’s because we are emphasizing quality and satisfaction over price.

A different company’s mission statement may emphasize selling widgets at the lowest possible price with little to no mention of a guarantee.

Hallmarks of a Good Mission Statement

1. Keep It Brief

Your mission statement should be no longer than three sentences. This is not your company’s magnum opus.

You should be able to distill the what, how, who and why questions into a succinct message.

2. Have a Purpose

A company’s missions statement should include the reason it even exists.

Make clear exactly what the company does with statements like “We strive to provide our customers with …….”

3. Include a “How”

Take this as an opportunity to differentiate your company from its competitors.

How do you provide a product or service that’s different or better than how your competitor provides it?

4. Talk About the Value You Bring to the Table

This is where you can really set yourself apart from the competition. This is the “why” customers should buy from you.

Do you offer the lowest prices? Fastest delivery? Exceptional customer service? Whatever it is that sets you apart and gives your particular products, services or company an advantage talk about it in the mission statement.

5. Make Sure It’s Plausible

It’s okay to shoot for the stars just to settle for the moon, but not in a mission statement.

Being overly ambitious will only set you and your employees up for failure, hurt morale and make you lose credibility. You will also scare away potential investors if they think that you are not being realistic in your mission statement.

6. Make It Unique and Distinctive

Imagine if someone who knew nothing about your business walked in and saw how it was operating, then they read your mission statement. Would they be able to recognize that mission statement was attached to that business? If not re-work it.

7. Think Long Term

A mission statement should be narrow enough so that it provides a common framework for the existing business, but open enough to allow for longer term goals. It should be able to grow as the business grows.

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8. Get Feedback

This is very important, especially from managers and employees.

Getting their input can clarify how they currently see the company and their role within the organization. It’s also a good way to get people “on-board,” as studies show that people are more likely to go along with an idea if they feel included in the decision making process beforehand.

9. Review Often and Revise as Necessary

You should review the missions statement often for two reasons.

First, as a reminder of what the essence of the company is. It’s easy to forget when you are in the day to day grind of the business.

And two, to make sure that the mission statement is still relevant. Things change, and not everything can be anticipated at the time a mission statement was written.

For example, if a mission statement was written before the advent of the internet, a company that use to sell things door to door now probably has a website that people order from. You should always update the mission statement to reflect these changes.

The Value of Mission Statements: Why Go Through All of These in the First Place?

It may seem like a lot of work just for a few sentences that describe a company, but the value of a well written mission statement should not be discounted.

First of all, if you are an entrepreneur, crystallizing the what, how, whom and value questions will keep you focused on the core business and its values.

If you are a manager or other employee, knowing the company’s basic tenants will help inform your interactions with both customers and colleagues alike.

Strategic Planning

A relevant mission statement acts as a framework for strategic planning. It provides guidance and parameters for making strategic decisions for the future of the company.

Measuring Performance

By having the company’s mission in a concrete form, it also allows for an objective measurement of how well the organization is meeting its stated goals at any one time.

Management can identify strengths and weaknesses in the organization based on the criteria set forth in the mission statement and make decisions accordingly.

Solidifying the Company’s Goals and Values for Employees

Part of a well run organization is nurturing happy and productive employees.

As humans, we all have an innate need for both purpose and to be part of something larger than ourselves. Providing employees with a clearly defined mission statement helps to define their role in the larger organization. Thus, fulfilling both of these needs.

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Now I’m not saying that a mission statement can overcome low pay and poor working conditions, but with everything else being equal, it can contribute to a happier and more productive workforce.

To Hold Management Accountable

By creating a mission statement, a company is publicly stating its highest values and goals for the world to see. By doing so, you are inviting both the public and your employees to to scrutinize how well the company lives up to its ideals.

So if you state that you only provide the highest quality products, and then offer something less, it’s fair for both the public and the employees to question, and even call for a change in management.

If management doesn’t take the mission statement seriously, no one else will either; and the legitimate authority that management rely’s on will be diminished.

To Serve as an Example

This is the opposite side of the coin from the previous statement. If the highest levels of management are seen taking the mission statement seriously and actively managing within the framework of the statement, that attitude filters down throughout the organization.

After all, a good employee knows what’s important to their boss and will take the steps necessary to curry favor with them.

Finally, use the company’s mission statement as a way to define roles within the company. You can do this by giving each division in the company a copy of the mission statement and challenge the head of each division to create a mission statement for their respective departments.

Their individual mission statements should focus on how each department fits in and ultimately contributes to the success of the company’s overall mission statement. This serves as both a clarifying and a team building exercise for all parts of the organization.

Final Thoughts

Developing a mission statement is too often just an after-thought, especially for entrepreneurs. We tend to prioritize things that we perceive will give us the biggest “bang for our buck.”

Somehow, taking the time and effort to sit down and think seriously about the what, whom, how and value of our business seems like a waste of time. After all, we got in the business to make money and become successful, isn’t that all we need to know?

That mindset will probably get you started okay, but if you find yourself having any success at all, you’ll find that there really is such a thing as growing pains.

By putting in the time and effort to create a mission statement, you are laying the groundwork that will give you a path to follow in your growth. And isn’t building long term success what we are really after?

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Featured photo credit: Fab Lentz via unsplash.com

Reference

[1] Southwest Airlines: About Page
[2] Fit Small Business: 10 Vision Statement Examples To Spark Your Imagination

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