Among the impacts of this global recession has been the renewed examination of what it takes to, not just survive…but to thrive in the current economy.  Lots has been written about how recessions are moments to fuel innovation.  But another important factor is the training workers receive both at University and at home.  For the generation now in the middle-management level, or entering the job force, the need to compete in the professional environment is a relatively new concept.  In the boom economy, there has simply always been “work”.  And, once in the door of a market fueled company, many workers were able to move along with the success of their firms.

As we look back on this year we can see how, when the market got rough, the Entrepreneurs hit the ground running, and have been largely able to grow and even thrive in this rough market.  Very simply, Entrepreneurs, and small business owners,  already had the skills make business in a competitive environment.  The small business owner has that essential understanding of the direct-connection between “Hard Work” and the “Bottom-Line”.

Just as importantly, the entrepreneur is typically working with a passion that the salaried employee cannot summon.  Over a year ago we interviewed Professor Thomas Gutzwiller and Dr. Henri B. Meier as they founded the Entrepreneurial Management School at the University of St. Gallen.  They both spoke about the psychological mind-set of the Entrepreneur, the need for passion, as well as the special training required that only Universities can provide.  You can view the videos at the Executive School of the University of St. Gallen website here: http://bit.ly/1lhQKP

In the NY Times, Thomas Friedman recently wrote  about the failure of American Education to give workers the competitive skill-set they need to survive.  In a great example, he referenced a major law firm going through layoffs, “I asked him who was getting axed. He said it was interesting: lawyers who were used to just showing up and having work handed to them were the first to go because with the bursting of the credit bubble, that flow of work just isn’t there. But those who have the ability to imagine new services, new opportunities and new ways to recruit work were being retained.“

Friedman calls these workers, with the drive to innovate and find new ways to work, the New Untouchables.  Read the article here: http://bit.ly/1S6QQG

I also highly recommend watching General Electric CEO Jeffrey Immelts speech at the Detroit Economic Club where he also addresses how Universities have poorly served the US economy by shifting away from creating workers with competitive market skills. You can see it here on the ICON blog: http://bit.ly/3AVFXH