Both college graduates and small-business professionals may be unsure about what the future holds. But both can be proactive by thinking and acting like entrepreneurs.
Earlier this month, Seattle-area entrepreneur Chase Frankin spoke to several hundred graduates at Western Washington University’s fall commencement ceremony in Bellingham, which included the first group of students to graduate from WWU’s weekend MBA program in Everett.
(The program meets at the University Center at Everett Community College, and Juergen was part of the class.)
Franklin told the graduates that regardless of their areas of study, they should think and act like entrepreneurs. As the founder of QPass, a successful technology company, Franklin knows a thing or two about the subject.
He shared three keys for students to be successful as they pursue their careers. We think these keys are just as valuable for those already in business.
Entrepreneurs take the long view, but act decisively today.
The notion that every decision we make needs to have an immediate payback is foolish. Had Jeff Bezos, CEO of Amazon, listened to all of the pundits and so-called experts who had better ideas on how to monetize that enterprise, the company would not be where it is today.
Bezos took a great risk and also fought for his long-term vision.
“Jeff Bezos held true to his long-term vision of transforming the future of retailing, even as he undertook the tactical steps to begin realizing that vision,” Franklin said.
Although making Amazon profitable may have been expedited in the short run, the cost may well have been to sacrifice market dominance and the future of the business. Amazon started out selling books; today, what isn’t offered through its online storefront?
Entrepreneurs think and act disruptively.
Frankin has a few other heroes who’ve helped shape his thoughts. One of them is Rafe Esquith, who has been teaching in one of L.A’s toughest neighborhoods for the past 25 years. As an educator, Esquith operates with many institutional constraints, which may hinder education and what’s best for his students. Esquith was quoted as saying, “Don’t let the system limit you. Quietly rebel.”
After starting a Shakespearean production company in his fifth grade classroom, Esquith realized that for students to be successful, they need cheerleaders more than critics. His crowning moment came as he produced Thornton Wilder’s “Our Town” to assuage school officials and parents who didn’t think Shakespeare was the best choice for these students. One school official approached him following the performance and commented that it was the best Shakespearean play she’d ever seen. Esquith determined from that point forward to take the risk first and ask for forgiveness later.
Entrepreneurs are determined.
Out of several notable characteristics that set entrepreneurs apart, Franklin believes determination is most powerful.
“Determination (is) that potent blend of optimism, tenacity and stubbornness that helps guide you toward a distant goal, even in the face of setbacks, criticism, constant change and long odds,” he said at the commencement ceremony.
Taking a chapter from his own life, Franklin spoke of many challenges that put his determination to the test. He founded QPass at a time when technology upstarts could do no wrong.
But while the business grew, it was not succeeding, he said. And when its largest customer abandoned the company in 2000, QPass needed to reinvent itself and make many difficult choices. While committed to the concept of selling premium digital content over the Web, the company shifted to mobile premium content.
So after a 24-month re-engineering process, QPass began selling cellphone ring tones. It worked: Within four years, the company generated $1 billion in mobile premium content transactions.
Frankin’s comments remind us of the need for entrepreneurial thinking and action to bring about positive change, even in education. When leaders at WWU decided to take a risk and launch a weekend MBA program in Everett, plenty voiced concern about timing, cost and logistics. But there also were many MBA candidates in Snohomish County who needed to be served.
Craig Dunn, the associate dean and director of graduate programs for the business school, recently talked with us about the challenges. One of them came from the staff.
“(We had to convince) faculty and administration that, as progressive as they might view themselves, what was being proposed was not a disruptive innovation,” he said.
With so many programs being offered online, there was still great demand for face-to-face instruction. Everett proved to be an excellent venue for a myriad of reasons; most importantly, it brought the MBA to the students.
“Each faculty member has been a de facto entrepreneur,” he said. “Faculty are not substituting teaching in Everett for their regular on-campus teaching but rather are taking this assignment as independent contractors/entrepreneurs. Or perhaps we could say edu-preneurs.”
Well said. We applaud the risk takers, visionaries and disruptors. We think, more often than not, you really won’t be asking forgiveness.
Pat Sisneros is the Vice President of College Services at Everett Community College. Juergen Kneifel is a Senior Associate Faculty in the EvCC Business program. Please send your comments to entrepreneurship@everettcc.edu.
Talk to us
> Give us your news tips.
> Send us a letter to the editor.
> More Herald contact information.
