17/11/2024
Probably the best decision I took at university would surprise you...
__Or maybe not!
When I was at university more than 40 years ago, I took a decision that surprised many of my fellow students... I decided to take up the study of Economics, which meant I had to give up some of my engineering-related course options.
It was a shrewd move as it turned out, and decades later, I remember saying to one of my daughters: “You can study anything you like, but just make sure you also study Economics.”
Even today, you will find that in my reading I will read a book on something very technical like AI, but next thing I switch over to something on Economics.
Why?
I use Economics to help me understand what is really happening in the business environment around me, and globally. If you don’t understand what is happening (economically speaking), you will be thrown from pillar to post and you will always find yourself as a victim and never a victor in your business pursuits.
You might not always be in a position to do anything about really bad economic decisions taken in your country or beyond your country, but it is best to know for yourself what is happening.
What if you are not in college? Or didn't even finish high school? Or are already middle-aged or older?
My answer is simple: What has that got to do with it?!
Nothing!
There's no like the present!
Earlier this year, my good friend will.i.am [Yes, that guy is actually a friend of mine and an amazing entrepreneur!] graduated from a Harvard Business School program at the age of 49! Now I know most of you probably know of him mostly as a rapper-producer or maybe a hip hop star...
Well, when I asked him why he decided to study business, he gave me a simple but profound answer:
“I was working on this business idea, and was tired of hearing words and terms like EBITDA and being clueless about it. So, I said to myself, go back to school, bro!”
This idea that since they didn’t teach you something at school means it’s over for you... that's just blame shifting!
So and , a quick business quiz: Do YOU know the meaning of EBITDA and why it's important? [Did you know before today?]
How about the basics from Economics 101: What's the difference between microeconomics and macroeconomics? How about the phases of a "business cycle" in the language of economics?
As an entrepreneur, you cannot afford to have only limited understanding of what is going on in the economy. If that's you, you are simply flying blind.
Image: Will.i.am's graduation from Harvard Business School's two-year program for founders and entrepreneurs! “Knowledge has to be improved, challenged, and increased constantly, or it vanishes.” Peter Drucker
