Ken Szymusiak is the managing director of operations at the Burgess Institute for Entrepreneurship & Innovation at Michigan State University. Before joining MSU, Ken built a career in economic development and real estate. He also founded and operated a retail business with his wife for more than seven years before selling the company, giving him firsthand experience with the challenges and opportunities that come with building and running a business. Today, he teaches courses focused on the entrepreneurial mindset, small business creation and management, and business model development. He earned his bachelor’s degree in urban and regional planning from MSU and an MBA from Northwood University.
Why is entrepreneurship valuable as part of the college experience, even for students who don't plan to start a business?
The most important thing for students to realize is that college is not meant as an experience just to prepare them for the short term. The reality is everyone has a moment in their life when they think about starting a business of their own, and entrepreneurship education is a tool everyone could benefit from receiving. I believe it has the ability to give someone the confidence to take action on their ideas as opposed to just letting them slip away.
What does an entrepreneurial mindset look like beyond simply being willing to take risks, and how can students develop that way of thinking while they're in college?
When we use the term “mindset,” we want to think of the complete package of ways in which a student can view the world. The idea that entrepreneurs are extreme risk takers is just not true. Instead, they have the ability to derisk the world so that they become comfortable in taking calculated actions. We need students that understand that the world needs more people willing to take action, experiment, and try new ideas. This is what creates new products and services that will benefit the world. College may be one of the best times to test your ideas. You have the time and energy, fewer of the financial and personal responsibilities that come later in life, and for many students, relatively little to lose. With those factors in mind, the upside of taking entrepreneurial action is much more in your favor.
What can students learn from the process of testing an idea, receiving feedback, navigating failure and adapting that they might not learn in a traditional classroom?
Heavyweight champion boxer, Mike Tyson once said “Everyone has a plan until they get punched in the mouth.” A traditional college experience is a fairly charted path. Entrepreneurship is the opposite of that. Students who allow themselves to experience the lessons that come with creating a new business, regardless of industry or type, will learn so much more about how their classroom education translates to the “real world.”
They also learn that failure is not necessarily the end of an idea, but it can provide valuable information about what is and isn’t working. The ability to adapt, make adjustments and try again is an important part of entrepreneurship and a skill that can translate to almost any career. Giving students the opportunity to experience that process firsthand helps them understand not only what they learn in the classroom, but how to apply it in the real world.
How do the skills students develop through entrepreneurship—such as problem-solving, adaptability, communication and decision-making—prepare them for success after graduation, including in traditional corporate careers?
Corporate America is desperate for the skills that entrepreneurs bring to the table. It is cliché, but we are in a rapidly changing business environment that requires employees who can look at a problem, understand what is happening and think about how it could be done differently.
These skills are valuable whether someone is starting a company or working for an established organization. An employee might be asked to improve a process, solve a problem for a customer, work through an unexpected challenge or come up with a new way to approach a project. The ability to ask questions, consider different solutions and make decisions when there isn't a clear answer can make someone valuable in almost any career.
How can adding an entrepreneurial mindset influence the way students approach challenges and opportunities throughout their career, regardless of the field they enter?
College graduates today face a very wild world, with changing geopolitical structures and rapid technological advancement. A traditional graduate might view this scenario as scary or overwhelming. An entrepreneurial mindset allows you to look at that same uncertainty differently. Instead of seeing change as something to fear, you can see it as an opportunity to learn, adapt and find new possibilities. The world is constantly changing, and with that change comes new problems to solve and new opportunities to create.
That is fundamentally what we need our graduates at MSU to understand. We don't know exactly what the world will look like when they graduate, but we can prepare them to approach whatever comes next with curiosity, confidence and the ability to see opportunity where others might see uncertainty.
About the Burgess Institute for Entrepreneurship & Innovation: The Burgess Institute for Entrepreneurship & Innovation is the destination where students launch high-impact, entrepreneurial journeys at Michigan State University. The Burgess Institute empowers students to learn through action by providing global mentors, courses, seed funding, entrepreneurship competitions, student organizations, resources, and campus-wide co-working spaces.