Entrepreneurs often experience extreme highs and extreme lows. With the growing global market and increasing technology use throughout all industries, the core of business management and the decision-making has become an ongoing process rather than isolated incidents. citation needed This becomes knowledge management , citation needed which is “identifying and harnessing intellectual assets” for organizations to “build on past experiences and create new mechanisms for exchanging and creating knowledge”. 150 This belief which? draws upon a leader’s past experiences that may prove useful. It is a common mantra for one to learn from their past mistakes, so leaders should take advantage of their failures for their benefit. citation needed This is how one may take their experiences as a leader for the use in the core of entrepreneurship decision-making.
Michelacci and Schivardi state there has been a rise in the number of self-employed people with a baccalaureate degree. However, their findings also show that those who are self-employed and possess a graduate degree has remained consistent throughout time at about 33 percent. They briefly mention those famous entrepreneurs like Steve Jobs and Mark Zuckerberg who were college dropouts, but they call these cases all but exceptional as it is a pattern that many entrepreneurs view formal education as costly, mainly because of the time that needs to be spent on it Michelacci and Schivardi believe that in order for an individual to reach the full success they need to have education beyond high school. Their research shows that the higher the education level the greater the success. The reason is that college gives people additional skills that can be used within their business and to operate on a higher level than someone who only “runs” it.