Sunday, March 21, 2010

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Friedman’s “The Great Inflection”

Thomas Friedman of the NY Times wrote an op-ed this morning about technology’s effect on the economy and on individual businesses. He follows the story of one company in particular that figured out a way to make a film on an extremely low budget.

The part that is important for entrepreneurs is to figure out how to use technology so that you can concentrate on your core competency. The Entrepreneur School is a big proponent of bootstrapping, and while it is tempting to spend a lot of time on all aspects of your business, it is also important to find new websites & tools that can help you complete your quality project in a short time frame.

Here is a quote from the article that highlights the current state of affairs with the banks and technology:

By being able to access all these cheap tools, Greer got to focus on his value-add: imagination. The customer got a better product for less money. But he didn’t create many new jobs. For that, he needs the economy to pick up. “If we could only borrow a buck and invest,” said Greer, “we’d all be rolling again.”

Here is a link to the full article:

http://www.nytimes.com/2009/12/13/opinion/13friedman.html

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Dude, where’s my job? Part II

Thomas Friedman wrote an interesting Op-Ed in today’s NY Times about the new job market “untouchables.”  He is referring to employees that cannot be fired by their employers.  In the recent past, the untouchables were the lawyers, the engineers, and the accountants.  When our current economic trouble hit, these were some of the first jobs to go.

Why?

Two reasons.  First, part (certainly not all) of the job duties for these types of employees were able to be outsourced.  And secondly, some of these employees had a strong sense of entitlement and were not bringing new ideas to the table.

If you missed the first part of this blog, click here to read about the necessity of being creative in your current job, or realizing that your job duty is going to be outsourced and learning a new skill set.  To obtain this new skill set and new way of thinking, Friedman writes about the central challenge (italics mine):

Those with the imagination to make themselves untouchables — to invent smarter ways to do old jobs, energy-saving ways to provide new services, new ways to attract old customers or new ways to combine existing technologies — will thrive. Therefore, we not only need a higher percentage of our kids graduating from high school and college — more education — but we need more of them with the right education.

The right education will be critical.  I look back at my master’s degree training and 95% of my courses taught me how to thrive in a corporate setting.  I learned the intricacies of corporate finance and accounting.  These are all skills I could have learned on the job.  Anyone can be taught how to reconcile a balance sheet.

But there was only one course that taught me how to think.  This was Jim Beach’s Entrepreneurship course.  I believe in The Entrepreneur School because the new skill sets necessary in the world these days are critical thinking and innovation.  All this mixed with a personality that makes you able to communicate your ideas.

These skill sets can be learned, but most likely not in your typical college setting.  That is why a new method of thinking entrepreneurially is what will set you apart in today’s job market so that you become an untouchable.

And take a look at this article from today’s SiliconIndia.  Companies within India are now adding tests in the hiring process to determine if the candidate is an innovative thinker.  Doing the job alone is no longer going to cut it in today’s economy.

 
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