Finch and DePaul: Changing universities from the bottom up

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By David Finch and Ray DePaul

As business today faces an unprecedented pace of change, university graduates must adjust to a new reality.

In the 20th century, the television took 55 years to come to market; today, apps are launched in a matter of days. In many ways, our universities mirror old school product development. Every year, 250,000 students in Canada enter a staged four-year development cycle, most in isolation from their customer (their potential employer).

Upon graduation, they launch their product (themselves) to the market with hope that the product they developed is in demand. However, with almost one in three university graduates underemployed today, and the federal government recently writing off $300 million in student loans, evidence suggests that this staged approach to a university education is no longer competitive; and this issue becomes amplified in a slowing economy when both jobs and post-secondary budgets are at risk. So where from here?

Industry groups, policy-makers and many academics argue that universities today are unable or unwilling to respond to changing market needs. We believe that the urgent makeover required to make our university students competitive can’t wait for change to come from the top — but rather, it must start at the bottom.

This means students need to fundamentally redefine their view of education by adopting an entrepreneurial mindset. Over the past number of years, we have engaged with many students who recognize that for something to be valued, it must also be unique. They soon recognize that a university degree by itself, while valuable, is not unique. In other words, they recognize that their formal education is only a starting point to being competitive. In working with these talented, driven and entrepreneurial students, we have observed six common attributes that separate them from the pack — and can offer important guidance to thousands of others:

Have a plan: You alone are responsible for designing the most important product of your career: you. So identify what features and benefits are valued by your target market (your future employer) and invest in them. Remember, your education is not just in a classroom; it also involves your part-time job, your summers and your volunteer activities. As opposed to your GPA, these extracurricular activities can be both valuable and unique in the market.

Start with your passion: Successful students don’t view their education as a job or a chore, but as a 24/7 passion. They take every opportunity to engage and learn what the world values and how they can deliver that value. Don’t try to be something you are not. Find your passion and build your plan around it.

Be curious (and adaptable): Curiosity is the ability to probe and ask deep and meaningful questions beyond the obvious. Curious students know what they don’t know. So they ask. Nothing impresses business professionals more than curiosity and a genuine interest. The result is a graduate who sees beyond the obvious and has the ability to adapt — fast.

Be organized: As obvious as it sounds, being conscientious and attentive to detail is essential to success. This starts with having pride in everything you do, small and big.

Recognize the limits of “knowledge”: Research suggests that conceptual knowledge is one of the least valued attributes of new graduates to employers — but ironically is where you spend most of your time and energy. This obviously may vary by discipline, but the reality is that most knowledge and related skills in an era of change are often obsolete before you graduate, so conceptual knowledge alone will not set you apart.

Sell it: Finally, being a successful entrepreneur is about being a great salesperson. This starts with you engaging potential employers early. The easiest calling card you will ever have is, “Hi, I’m a student and I’d love to learn more about your business and your career.” As part of the selling process, it is critical you develop a comprehensive portfolio to synthesize your story into a concise evidence-based value proposition. Selling your unique value proposition is your most important job.

In summary, few would argue that our universities must adapt in the face of change. However, meaningful change must start from the bottom — not the top. The student of today needs to become customer-focused, agile and recognize that their education is not about a classroom, but is a 24/7 commitment. They need to become accountable for their success or failure. They need to become entrepreneurs.

David Finch is associate professor at the Bissett School of Business at Mount Royal University. Ray DePaul is director of the Institute for Innovation and Entrepreneurship at Mount Royal University.