Twenty odd years
ago, I spoke to and about the education system; its learning through rote, its certification
via the regurgitation of facts, its lack of critical thinking and its
punishment of innovation, resulting in the production of too many Employees and
not enough Employers. A recent news report covered the launch of a post
graduate programme, which is said to address such inadequacies, creating more
employers, through links between academia and the manufacturing sector.
The education system,
with all its faults but constantly improving its various curriculums, has always
manage to produce; lawyers, doctors, accountants, a large percentage of such professionals
establishing private practice, other graduates with technical and vocational skills;
electricians, mechanics, bakers, some of which opened private repair and
maintenance operations, and many other former students that perform routine
tasks, setup private trading operations. Hence, debunking the notion that it is
within or the responsibility of the education system whether individuals decide
to become employers or employees.
As recent as five
years ago, I offered the thought, suggesting that the very indispensable
economic growth can only be as a result of developing ideas into industries. Nurturing
individuals and incubating ideas into operating enterprises, investing
taxpayers’ funds, as part of Human Capital Development, with returns coming
back to the treasury, via industry addition and expansion, corporation taxes
from a few successful enterprises and more personal income tax from job creation.
These unique risk-takers are currently and rightfully being sourced and
encouraged to Create New Enterprises with New Jobs, Win and Hold Market Share,
and Generate Economic Growth.
But I have long
concluded that this contempt for Risk-takers and Employers is a social problem
requiring social interventions. Embedded in recent history, running from risks,
parents and teachers encouraged children to pass exams, learn a trade and get a
job. When last has a parent told their child please study hard and grow up to
be an owner/employer. And even qualified professionals, presently being laid
off, are so afraid and worried about their pensions that they are considering
immigration before starting their own operations. The very few persons that
take the risk are generally viewed by society as con-persons; as society ranks
persons by their job titled or position held, rather than the number of persons
they employ or serve. Imagine the effects of the answer if asked, “Where do you
work?” if the answer is a junior title at well known company, this is more
socially acceptable than “I own…”
Of greater
importance, to the Risk-taker, Investor, Employer and budding Entrepreneur is
the perception of financial institutions, whose main objective is to lend and
charge interest, with no vested concern in the new operation’s success. The view
of the wider public must be socially corrected, as Entrepreneurs are mainly
hindered by a purposeful effort or strategy to encourage borrowings to fund new
enterprises rather than attracting investment, and in most cases, not even made
aware of or made to understand the basic different between debt and equity
financing. Assigning unnecessary additional expenses at a time when the
operation can least afford it and guaranteeing failure.
As an innovative
society, let us grade every thesis as a viable and sustainable business plan
and fund its implementation via venture capital, rewarding its author with much
more than a PhD.
Rationale
T.A.J & Associates Company Limited uses this occasion to comment on topics that have been covered, both academically and by the mainstream media, to add its opinion and point out investment opportunity, not to invoke any social action.
