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Tuesday, May 01, 2018

Why Today's Young Professionals Are Turning To Knowledge Entrepreneurship | Entrepreneur

"The key factors behind the rise of knowledge entrepreneurship, and why now's the perfect time to pursue such a career path." continues Entrepreneur

Photo: Shutterstock

In light of innovations disrupting the world nowadays, it's clear that the world is shifting from the industrial age to the knowledge age. Nearly every career and business are now impacted by the phenomenally growing 'knowledge industry.'

Today, young professionals with remarkable versatility and strong personal brands are highly valued beyond those who merely have degrees from one prestigious institution or another, particularly when it comes to opportunities and careers as we've come to an era where digital aptitude is the most crucial skill.

Call it synchronicity, kismet, or just being in the right place at the right time. Successful entrepreneurs understand this paradigm shift and are doing everything to make the most of it. Fortunately, digital technology makes it so easy that anyone can create and/or consume as much as possible on-demand knowledge with just a few clicks online.

In essence, these trends are converging to render a new type of entrepreneurship- knowledge commerce. "If the industrial economy ran on coal and iron ore, the fuel of today's economy is knowledge," as aptly put by Erik Stam and Elizabeth Garnsey of the University of Cambridge.

Let's consider the key factors behind the rise of knowledge entrepreneurship, and why now's the perfect time to pursue such a career path, which helps feed a workforce that's hungry for dynamic competency.

1. Today's young professionals have a lock on digital traits
Most young professionals today have key traits that make knowledge-based careers a natural fit. Firstly, they grew up being at ease consuming information online very quickly and fluently, sifting through digital resources and using them to hone their skills and further their careers. More so, their generation brings online personal branding into life by promoting their core competencies beyond what they learn in class...

2. The workplace demands competence, not degrees
The workplace itself favors this trend. It, in fact, demands it. Many businesses have realized the harmful effects of degree inflation. According to Harvard Business School's Dismissed by Degrees Research Report, employers pay between 11% and 30% more when they hire college graduates. Yet they also find that non-graduates with experience perform equally well on dimensions like productivity, time to promotion, and the amount of management and oversight required. 

Source: Entrepreneur