There is nothing tertiary education would try to do that primary education didn’t as far as building our mindset is concerned. What changes is the detail in the message? The higher you go the deeper the detail. This is a vague claim, isn’t it? Well, I am happy that I will keep my opinion to myself after this narration.

Disclaimer: The intention of this article is not to mislead. It is entirely an opinion of the author and does not represent the truth.

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• Raising capital from scratch, becoming a capitalist and the flawed education system

Shortly before leaving college, the department held a seminar focused on future earning opportunities. The majority of presenters were faculty members. Additionally, three alumni who had previously departed and were now employed shared their insights. The seminar dedicated a quarter of its time to job-seeking strategies and identifying high-paying employers. The remainder of the event concentrated on the process of authoring and publishing academic papers.

Following the seminar, I engaged in a brief dialogue with the department chair, who was an expert in scholarly publications. I inquired about the financial prospects of writing papers, as I was under the impression that he hadn’t linked paper writing to income generation. Although he had extolled the virtues of being a paper writer, he clarified that journal publishers are not required to compensate authors. He stated that the potential for financial gain from writing papers is nonexistent. It became apparent that the seminar’s focus on our potential future earnings was centred on the pursuit of academic recognition rather than monetary reward.

The lecturer mentioned that publishing papers can enhance visibility among esteemed universities that appreciate your research specialization. Indeed, standing out amidst the competition is essential for recognition. Once recognized, advancement to renowned institutions with superior salary offerings may become more probable. The patience required here seems to surpass that needed to start a business from the ground up. To me the message was clear: Effort is not to be sold. The result must.

To be deemed a successful outcome, one must either outperform the competition or, in the absence of rivals, gain the favour of the adjudicator. This adjudicator, whether an academic institution or think tank, anticipates a substantial body of written work to deem my efforts sufficiently meritorious for employment. The expectation of prolific writing without remuneration instils an academic mindset that effort alone does not warrant compensation, a notion that contrasts starkly with the entrepreneurial mindset necessary for launching a business.

Middle-class mindset; passion not motives

Academic culture is rooted in passion rather than financial incentives. Tertiary-level professors contribute to the scholarly world not with the expectation of monetary gain from their research, but out of a genuine love for it. The middle-class ethos prioritizes passion, urging specialization in a particular field without the anticipation of immediate financial return, but rather some form of advancement assessed by one’s publications and qualifications. However, this isn’t merely growth; it’s development. Such passion can render one oblivious to other possibilities, not because they are inferior, but because they are perceived as unattainable. Thus, passion can inadvertently extinguish the pursuit of alternative avenues that might otherwise lead to superior outcomes.

Motivations, in contrast, aim to awaken aspirations that diverge from societal expectations. These aspirations might involve eschewing traditional employment, embracing minimal formal education, and initiating startups. Ultimately, it is often not the multipe-degree holder who amass wealth, but rather they oversee the wealth generated, serving as executives and researchers within large corporations.

Reflecting on the stories of individuals like Louis Vuitton, who faced homelessness at 13, Andrew Carnegie, who started as a destitute Irish immigrant, and the founder of Samsung, who reportedly had just $25 in 1938 (equivalent to $470 today), it’s evident that significant capitalist ventures often didn’t originate from substantial capital. A cohort of capitalist pioneers utilized what might be termed ‘primitive capital’—a form of initial investment that is virtually non-existent. They embarked on modest ventures within their limited means. The modest profits generated were then reinvested into slightly larger ventures, progressively scaling up over time. This gradual process of growth may span years, but even before achieving large-scale success, these entrepreneurs harbored grand business visions that could attract billion-dollar investments, all while their initial drafts and dreams were still taking shape on paper.

The progression from minute to bigger minor, and from bigger minor into better and, later, bigger is wealth creation. This is only possible to a selected few who have a mindset that makes them use a process instead of initial capital in creating wealth. This method is pertinent for the eighty per cent of us who lack capital.

Business schools often teach that wealth generation involves the acquisition of assets and the accumulation of profits from them. For instance, possessing two million and purchasing four undervalued houses in Borrowdale Brook from emigrating owners exemplifies acquisition. Demolishing the existing structures and investing three million to construct new ones, which are then sold for a total profit of three million, illustrates the concept of accumulation.

As one ascends the educational ladder, there’s an increasing expectation to narrow one’s focus. The broad spectrum of subjects narrows down to a singular area of expertise. You might find yourself as a professor of Developmental Psychology with a specialization in “anxiety,” sought after for your expertise. Similarly, to understand wealth creation processes, we often turn to Business Schools, which may propagate costly doctrines of accumulation and acquisition. While wealth creation is indeed accessible to those starting from humble beginnings, this concept is frequently absent from the educational narrative. The curriculum often highlights altruistic figures like Mother Teresa for their charitable contributions, yet it seldom includes the stories of self-made capitalists who rose from poverty, leaving one to wonder about the selection criteria for such educational content.