Copyright 2005 Glenn Dietzel
Let’s lay the foundation. There is a tremendous difference between those who acquire their PhD in the market place and those who earn their PhD in the educational system. If you are someone interested in becoming an expert and being rewarded financially for this, you must understand this difference once and for all!
How do you get a PhD in the educational setting? Well, that should seem fairly obvious. You go to university. You attend classes. You pass each class. You graduate to the next year. You apply for graduate work. You attend more classes. You pass each class. You graduate with a Master’s degree. You apply for a PhD program. And the cycle continues until you get your PhD.
Consider this process for a minute, and let me use a very personal example. My wife is an occupational therapist trained in Scotland. Today, and living in Canada (which is the same for most of the world), if Fiona were to apply to the same occupational therapy program that only required three years of post secondary school when Fiona graduated, this is the scenario: she would have to get her undergraduate degree first and then apply for a master’s degree. After completing her graduate degree she could then apply for occupational therapy. After six years of schooling, under today’s guidelines, and after being accepted, she would finally be eligible for the three years of training that the profession demands.
I hope you see what is happening here. Much more education. Much more money spent. Longer time to get into the job market. And still the same ‘starting’ salary.
Or another way of saying this. More bureaucracy. More hoops. Delayed dreams. And greater expense for the same pay!
Analyze what you were required to know for the job you currently hold. Take note of all the classes and subject material you had to accumulate. Now calculate a percentage of what you had to know versus what you actually use in your job! My guess you could have easily sliced away 50% if not more.
Realize once and for all that the educational system, from its very structure to those who teach its courses, all stems from a job mindset. And, from a business perspective, one of the fundamental mistakes inherent in this model is its inefficiency.
Inefficiency! Wasted school years when people could be in the market place earlier making money. Let’s consider the converse. How do you get a PhD in the business world? Let me put it this way…how can anyone get a PhD in the business world?
You get your PhD in the business world by making money! That’s correct. The very lifeblood of business is to overcome inefficiency in the market place. The chief aim of business is to put value into the marketplace by helping people save time, energy and/or money or by providing any number of other benefits--depending on the wants and desires of its target market.
So what should you do to earn your PhD in the business world? You should do what every successful company has done. Understand the wants and desires of a target market. Remember that people purchase because of a want or desire—in essence people buy feelings. Launch a product to fill the want and then get feedback. The important step in this equation is that successful businesses begin to make money with the beta versions of their product or service.
Cash flow is the life blood of every business. Although it is important to have assets, the key to business success is the cash flow you generate each day. To experience cash flow from the beginning, the key here is that your product should not be perfect. Yes, you read me correctly about your product not being perfect. It shouldn’t be. Why is that? Let me give you an example.
Let’s use Google, the Internet’s number one search engine today. For every Google there are and were many other search engine companies trying to dominate the market place. What is the reason for Google’s remarkable success? Here is what Google did and it goes against the very paradigm espoused by the school system today. Google launched a less than perfect service into the market place. Google would call that beta testing according to a recent interview. Now here is the catch. What did they do after this? They got feedback! Feedback is the answer to dominating a market. It also makes great business sense.
As Google was continuously upgrading their original beta version, other search engine companies were doing what the educational system programmed them to do. They were trying to perfect a product/service by themselves separate from their target market. While these companies, many of which have since gone under, were wasting time, energy and money perfecting their “thesis,” to use a metaphor from the school system, Google knew that the target market never lies. If the target market likes it they will buy it. So, at the same time as they were perfecting their service, they were also making money!
So how do you get your PhD in the business world? You clarify where your passion lies and align it with a hungry market. Seek feedback from your clients at your website. Use this feedback to create exactly what they are telling you they want more of. This is how you get your PhD in the business world. And the best part is that anyone can do this. Anyone. As long as you take the time to do your target market analysis and find out what your target market wants.
Do this over and over again and you will become a guru in your market. And as a by-product, you will earn your PhD in business! Guaranteed!
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