Richard Branson: "instead of seeing entrepreneurship in opposition to formal education, the two should complement each other"
Education is the key to creating the companies of the future, making business a force for good and providing opportunities around the globe. So if I ruled the world, I would introduce some major changes into the way we perceive education. I’d want more focus on real-life learning, listening and mentoring. There would be less emphasis on memorising dates and textbooks, which are of little practical use.
I didn’t like school and I never went to university, but coming from this different perspective has helped me to see the crucial role education can play. As a dyslexic who didn’t excel in the classroom, I have seen how education can have a negative impact if support isn’t given—but it can also be the inspiration for bright new talents. I recently met a fellow dyslexic entrepreneur, 22-year-old Mick Spencer. He’s short-sighted, could never read the board at school, and soon realised he didn’t want to work for anyone else. He started his own business washing windows and now runs Australia’s fastest growing lifestyle brand—OnTheGo. He’s proved to be far-sighted in business.
Similarly, entrepreneurial spirit was not encouraged at my school. When I was trying to get Student Magazine off the ground, bringing in advertisers using the school phone box, my headmaster told me I couldn’t continue to run the publication and carry on studying. So I decided to leave and pursue my dreams of running a business that could make a positive difference to people’s lives.
Instead of seeing entrepreneurship in opposition to formal education, the two should complement each other. In the UK we support Start-Up Loans, a scheme to give young entrepreneurs financial support and mentorship. Students (rightly) get loans and grants to attend university—why shouldn’t young people with exciting business ideas get the same opportunity?
This could be introduced at a younger age, too. Young Enterprise and Virgin Money run initiatives in the UK, which could be replicated around the world, that give children very small sums of money and challenge them to go out and make a profit. If this kind of entrepreneurial zeal were encouraged, more brilliant businesses would come to the fore. There need to be more programmes to help people get companies off the ground, not just learn about business theory.
So many people around the world do not have access to education. There are 61m children of primary school age who don’t, and who are at an immediate disadvantage as they try to make their way in the world. If these children could get practical education, they would have the chance to develop skills to innovate, solve problems and help ensure that the next generations in their communities don’t find themselves in the same position.
We need policies that will give people the opportunity to learn and to create environments that stimulate brilliant ideas. Online platforms such as Khan Academy are allowing students to access skills at the click of a button and should be promoted further. By harnessing the rapid development of technology, we should be able to provide high-quality education to previously remote places, and in new and exciting ways.
I would place greater emphasis upon nurturing practical skills. Despite running a global brand, I didn’t learn the difference between net and gross until I was 50. Providing financial literacy and basic business education in schools could help people manage their everyday finances, from credit card bills to balancing books, and stimulate a new appreciation of how business can have a positive impact on individuals and communities.
I would also introduce a new approach to mentorship. Rather than talking down to people, mentoring should be a two-way street where the teachers and students learn from each other. This would promote more understanding and mutual appreciation of people from other backgrounds, and a more educated population. Education isn’t just what happens inside schools, it should be encouraged in businesses, homes—wherever there are people who want the opportunity to learn new skills and develop fresh ideas.
As well as provoking more business creation and creating the jobs of tomorrow, education can help people reconcile their differences and help create a better, more caring environment for everyone. As Nelson Mandela said: “Education is the most powerful weapon which you can use to change the world.”
