Ethics and Values: October 2008 Archives

A new study by Chad Moutray with the Office of Advocacy of the SBA shows why so many of us are trying to reach across college campuses to teach about entrepreneurship.

College graduates who specialize in social science tend toward self-employment as compared to those with bachelor's degrees in other subjects, according to a working paper released today by the Office of Advocacy of the U.S. Small Business Administration.  The paper used data tracking a group of university graduates from the class of 1993 through 2003.

What is very telling is why these students want to be entrepreneurs.  It, once again, helps dispel the myth that entrepreneurship is "all about the money."

Moutray found that a student's motivation as measured by a series of "values" questions in 1993, closely tracked with employment decisions a decade later.  For example, those who valued job-security were more likely to be government employees, those who desired intellectual challenge were likely to work in non-profits, and those who did not highly value prestige and status were more likely to be self-employed

I am in Portland, Oregon at the University of Portland giving talks with my co-author Mike Naughton on our new book, Bringing Your Business to Life.

We are here as part of the Bauccio Lecture in Entrepreneurship series.  The donors behind this series are Fedele and Linda Bauccio.  Fedele Bauccio is the founder of Bon Appétit Management Company, which is an onsite restaurant company that provides café and catering services to corporations, colleges and universities, and specialty venues. They have over 400 locations in 28 states.

At dinner last night Mr. Bauccio talked about the key to his company's success.  He competes with some of the industry giants by a simple, but powerful recipe.  He stressed that he has grown by finding customers in his niche who share his values and believe in his mission: "Bon Appétit Management Company... food services for a sustainable future."

.From their website:

Breaking bread together helps to create a sense of community and comfort. We recognize the important role we fill and take great care to honor our position on a corporate or school campus.

Entrepreneurs can get tempted to take on business for the sake of getting more business.  But Mr. Bauccio warns that this does not help the business build its brand.  Your brand is much more than simple name recognition.  A good brand encompasses your values, your mission and your reputation.  It clearly communicates who you are and what your niche is.

Word of mouth never just happens.  By staking a strong claim on your piece of the market you can develop relationships with customers who understand what you stand for, and who are eager to tell others.

Blogger/entrepreneur David Weisburd offers this view of what success means in his entrepreneurial journey:

So why do it all? Why not do something more "productive" like writing and psychology, two of my favorite hobbies?

The answer is simple, nowhere in the world can you influence as many people as you can through entrepreneurship. It is the ultimate leverage of societal influence and change. Be it entrepreneurship in business, nonprofit, politics, etc.

You can create new products/services, give employment to hundreds or thousands, and have a place where people can come to develop their skills and grow as individuals.