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The pandemic has taught us a lot, but in the business world, it reminded organizations (and entire industries) of the benefits of being agile and the importance of hiring innovative and creative talent. Companies that pivoted successfully didn’t do so by relying on the status quo.
Students interested in entering the workforce can benefit from understanding the skills that are valuable to employers, especially as the world of work changes. A recent Forbes article listed entrepreneurship, as well as many of its related transferable skills, such as curiosity, openness, and resilience, as essential to succeed in this changing workplace. For job seekers, finding ways to demonstrate an innovative mindset and skills learned through entrepreneurial pursuits can make all the difference when hiring managers are sifting through hundreds of applications.
Here are five reasons why it’s beneficial for your career to invest in building your innovation and entrepreneurial skills:
Reason #1: They unleash your creativity.
The ability to think creatively and to generate new ideas, products, and strategies may come easily to some entrepreneurs, but it’s a skill that anyone can build regardless of natural ability and is key to an organization’s ability to stay relevant. To gauge whether a potential new hire is comfortable pitching new ideas, many recruiters will ask candidates to demonstrate how they’ve previously thought ‘outside the box’ in interviews, so it’s important to be prepared.
Whether you have a business idea of your own or you’d like to help out others (try the Big Idea Center's Team Finder tool), having the opportunity to try out new ideas will prove beneficial to building this valuable skill. In addition to launching new ventures, there are other ways to build creative thinking skills, such as entering hackathons, brainstorming events for a student organization, designing websites, and more. To learn how to think more creatively, check out IDEO’s resources on design thinking, as well as their podcast, Creative Confidence for inspiration.
Reason #2: They enhance critical thinking/problem-solving skills.
It’s staggering to think of how many products and companies wouldn’t exist if someone hadn’t recognized a better way of doing things. Just like with creative thinking, without critical thinking and problem-solving skills, many of the world’s problems would be not be addressed.
Employers understand that and when it comes to competencies that they’re looking for in new hires, critical thinking repeatedly shows up as an indicator of a college student being ‘career-ready,’ according to a recent National Association of Colleges and Employers (NACE) report. In addition to improving existing processes and products, using critical thinking and problem-solving skills can also result in more resilient employees, not ones who are afraid of change or are easily intimidated by a challenge. These skills also lend themselves to potential leadership roles within an organization and inspiring others to take a critical look at issues as well.
Reason #3: They improve communication and project management skills.
Learning how to pitch a new idea in the marketplace or at an established company as an employee can be very similar. The ability to communicate an idea or product to others, to demonstrate its value, and to provide updates on progress to stakeholders takes clear and concise messaging. So does successfully responding to the ‘can you tell me about yourself’ question in a job interview (in this case, you are the product).
In addition to improving communication skills, entrepreneurship also builds superior project management skills. When starting out in a new venture, it can sometimes be a solo effort where one person is juggling multiple responsibilities, but for any great idea or project to grow, it often requires the efforts of an entire team. Knowing when to delegate is equally important in the workplace, as well as understanding how to recognize the strengths and abilities of others so a team effort can be successful.
Reason #4: They provide you with a better understanding of business.
Regardless of industry, many businesses have similar types of roles (operations, project/product management, business development and sales, marketing, technology, etc.) and being innovative sometimes means dabbling in all of these roles. This hands-on experience can assure employers that candidates understand how their business functions as a whole and their preferred role within it.
Students with entrepreneurial pursuits can more easily adapt to the business world because they’ve had opportunities to identify and articulate the value of an idea or product, as well as determine how a profit will be made. They also have practice meeting deadlines and sticking to a budget, which is important regardless of the type of role a student is looking for within a company.
Reason #5: They build valuable connections.
It’s not easy being an entrepreneur or innovative in general; it requires courage to speak up and to take action to correct an issue in society or in an organization. It requires getting to know stakeholders and reaching out to others for information and feedback. There’s a quote by Rumi that says, ‘what you seek is seeking you,’ and when it comes to entrepreneurship and innovation, when you find others who value doing similar work they can provide the motivation and insight needed to keep going -- especially when the work gets tough.
Be sure to speak with the experts, such as the entrepreneurs in residence through the Big Idea Center, as well as with Pitt alumni through Pitt Commons – they'll be able to provide you with invaluable advice not only in the entrepreneurial world but also with in companies that value innovation for students interested in going down the corporate America route.
Whether you decide to be an entrepreneur full-time or on the side, know that the skills you are building throughout the process are incredibly valuable in the business world. Learning how to be creative and to use critical thinking and problem-solving skills, as well as having opportunities to be a better communicator and project manager, is exactly what organizations need in order to propel forward.
Emily Bennett is a STEM Career Consultant and instructor at the University of Pittsburgh, founder of Bennett Career Consulting, and an outplacement career coach for Intoo USA. She has held previous roles in recruitment, HR, and program administration.