Entrepreneurship Key To Future Success In STEM

Improve science, technology, engineering & math outcomes with this practical knowledge to help you save time and money

Written by: Andrew B. Raupp / @stemceo

In the rush to incorporate more STEM learning into school curricula, a major selling point has always been that STEM learning leads to better jobs. While it’s true that, on average, STEM jobs pay more than liberal arts jobs, the gap in pay tends to narrow over time.

First jobs in STEM will almost certainly pay more than entry-level positions in teaching or social work, but fast-changing tech fields require ongoing education, which is an expensive investment. In pushing the importance of STEM education, the promise of high-paying work has become an enticing one for parents who want the best for their kids.

STEM Careers: A Reality Check

Though many parents believe that a college major in STEM is equivalent to printing money, an astonishing 74% of people with a bachelor’s degree in a STEM subject are not working in STEM fields. These may be some of the smartest bartenders and waitstaff on earth, doing what they can to pay their bills. Some of this may be explained by the need for advanced degrees for many STEM careers. For example, a recent grad with a B.S. in chemistry will likely have to go on to earn a master’s degree or even a Ph.D. to find work in a laboratory or medical setting that goes beyond data entry or cleaning test tubes.

The competition for graduate programs in general and doctoral programs in particular can be intense, with many only accepting 14–30 students each year. Students without perfect grades or sky-high GRE scores may find themselves shut out of opportunities to complete their education and do the type of work they dreamed of — or at least that their parents imagined on their behalf.

And even those who do manage to earn those advanced degrees often find that they weren’t worth the money they paid for them. Tenure-track jobs in academia are notoriously hard to come by, and those without the good fortune to land one often end up scrambling for adjunct teaching positions that pay poorly and come with few benefits. Almost one-third of these part-time professors actually live near or below the poverty line.

Unfortunately, merely having a STEM diploma is no guarantee of success.

Planning For A Future In STEM

So what’s an anxious parent to do?

Though a STEM degree alone won’t guarantee a lucrative career, it is a prerequisite to many STEM job options. The trick is to pay close attention to the cost of that degree and do what you can to make sure your child gets a quality education at a price you can actually afford, without taking on crushing student debt. Some important options to consider:

• Community college: This is the best bang for the buck for many families, as your child can complete the first two years of college at a fraction of the cost, then transfer to a four-year college to complete their degree.
• Trade schools: Some tech work and other hands-on jobs in computers and electronics have entry-level positions that don’t require a bachelor’s degree. Specific training can lead directly to steady work in web development, IT and more.
• Smart financial aid: Seek out scholarships, grants and federally sponsored financial aid instead of high-interest private student loans.

Embracing Entrepreneurship

Given the high cost of college and the years-long commitment to higher education, entrepreneurship may be a better fit for many students who enjoy STEM and want to pursue a rewarding career sooner. Many of the skills used to successfully launch new businesses are the same as those learned in STEM fields: a willingness to experiment, a reliance on logic and evidence and a focus on creative problem-solving.

For many STEM-inclined students, designing a gadget that makes life better and bringing it to market could be a much more rewarding path than a research job in a corporate or academic setting. It’s also a great time to be an entrepreneur in the esports industry. Because of the minimal cost of entry, entrepreneurs can experiment with online tools and existing platforms to attract an audience to a fast-growing, global pastime.

Fun Ways To Teach Entrepreneurship To Kids

The best STEM learning is hands-on and helps students learn to solve problems in fun, meaningful ways. The same is also true of entrepreneurial skills: They can be taught, and the sooner we start incorporating some smart business thinking into kids’ education, the more prepared they’ll be to start their own businesses in the future.

Fortunately, there are some great resources available to make entrepreneurial concepts accessible to kids. Try these ideas at home or in the classroom to spark students’ interest in a whole new area of learning:

• The Entrepreneur Game: Designed by real-life entrepreneur Elliott Eddie, this board game lets players build their own at-home or brick-and-mortar business, complete with startup loans from the bank, paydays, and all kinds of real-world challenges and windfalls to handle through the course of play. Players quickly learn to deploy skills in math, negotiation, teamwork and resilience. Eddie designed this game specifically to show kids ages 12 and up that becoming an entrepreneur is a viable career option and to fill a gap in education in this space.

• Money Munchkids: Before they can start a business, kids need to master the basics of money: counting, earning, saving and spending it within the parameters of a budget. Created by Victoria Khaze in response to the lack of financial education in schools, Money Munchkids offers a complete curriculum for grades K-3 that takes an age-appropriate approach to teaching kids the basics of economics and personal finance. The curriculum is available for homeschoolers and classroom teachers and makes money fun and accessible for kids aged 5 and up.

There’s more than one way to achieve success in STEM, and many young people will forge their own path. We can help smooth the road ahead by teaching them the entrepreneurial skills they’ll need to start a successful business and build a fulfilling career — on their own terms.

This article was originally featured in Forbes Community Voice? on August 25th, 2020 and updated for Medium's Data Driven Investor on October 28th, 2020.

Andrew B. Raupp is the Founder / Executive Director @stemdotorg. “Democratizing science, technology, engineering and math (STEM) education through sound policy & practice… We apply STEM to better understand it.”

Image Credit:

• Photo 1: Getty# 207915098 / Family Sitting At Table
• Photo 2: Getty# 500767047 / Young Woman In Workshop
• Photo 3: Getty# 207915098 / Grandfather Teaching Grandson

Licenses purchased on October 28th, 2020 from Getty Images and credited chronologically.