Patrick Dwyer Merrill Lynch – Is Education Set Up For Business?

Patrick Dwyer Merrill Lynch – Is Education Set Up For Business?

There is no better place on Earth to put the world to rights than in a bar, enjoying a beer with a good friend. This is what myself and Patrick Dwyer Merrill Lynch employee and all round good guy do most weeks, and we can cover some huge amount of subjects during a single night out. Patrick has lived in Miami all of his life and his main focus has been on local businesses, in fact he has helped many young businesses to thrive throughout his career. Last week when we were out we got to talking about our children’s education and how not enough is being done to teach our young men and women about business.


The Need For Education


The reason as to why we believe that this is so important right now is that businesses are omnipresent and far more important than they have ever been. More and more young people are looking to set up their own business and it is our responsibility to show them the best ways and practices for how to do it. What is more worrying is the number of businesses which fail and in the main the reasons for this is that the owners don’t fully understand what they are doing.


Existing System


The business education system which we have at the moment is not geared up to teaching young people how to run a business. We teach our young students about business and about how businesses operate, but we are not giving them the information which they need specifically about running their own business, at least not in general. Students need to know their way around tax rules, dealing with competition, product creation, logistics, sales and markets, and this is the information which they are simply not getting enough of.


Hands On


Most schools and educational institutions who teach business do have a work experience section but generally speaking this involves spending a couple of weeks with a company, doing a low level job to gain ‘experience’. This is something which must change and work experience should be about learning from successful businesses and how they are run. If we can do this more then we will be able to show our young students what success looks like, inspiring them to emulate it.


Will it Change?


The big question is will the way in which we teach business change and for Patrick and myself we believe that this will be a slow process which will let many students down before it actually begins to help them. The change will be slow but if more and more businesses put pressure on education systems then we may be able to speed it up. Businesses themselves want high quality talent coming through their ranks who will one day seek to rise up the career ladder, if we can teach our students well then we can see more talented individuals with good business brains coming through our educational system.