Mile High View

Education and Entrepreneurs

How important is education? I remember when if you didn’t finish high school you became a ditch digger. Manual labor was a viable career path. Now, repetitive jobs which require little to no education are disappearing.

Just look at the agricultural industry. In 1850, there were 23 million people living in the United States and 64 percent of the population was employed on farms. By 1900, the population grew to 76 million, 38 percent of whom were employed by agricultural means.

Fast forward to 2004 – the United States agricultural industry used just over 10 percent of the work force it did in 1850 while increasing production 600 times.

How did we make these phenomenal advancements? Improved productivity. The entrepreneurial spirit – which has been and will continue to be the backbone of America’s success – consistently develops new products and more efficient ways to execute tasks. If you’re repetitive, you are replaceable.

We hear about bringing manufacturing jobs back to the states. The reality is, since 1979, manufacturing has lost 8 million jobs. Repetitive, man-powered tasks inevitably face the chopping block.

How important is education? Vital. In 2006 the average income for someone with a high school education or GED was $21,000 while the average income for someone with a bachelors was $40,000, a masters was $51,000, and a PHD $70,000.

 

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I want to hear your opinions; please leave a comment below and let me know your thoughts.

 

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