Entrepreneurial Career Development: Using Human Capital, Social Capital, and Distance Education to Achieve Success

Summary

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Individuals, especially women, must be increasingly entrepreneurial in the twenty-first century in order to achieve success. It is also important for women to take an entrepreneurial approach to career development. The first key component of an entrepreneurial approach to career development is investing in human capital. Continuous investment in human capital increases earning power, opens doors to professional opportunities, and contributes to career advancement. The second key component of an entrepreneurial approach to career development is investing in social capital. Women can increase their chances for professional success by developing networks that connect them to key individuals, assignments, and resources within and outside of organizations. Distance education is the third key component of entrepreneurial career development. Today, distance-delivered courses and programs create new educational opportunities that women and men can use to invest in their human and social capital as well as their potential. This paper presents the three keys to entrepreneurial career development along with evidence that supports the increasing importance for women to enhance their career success by embracing entrepreneurial strategies designed to leverage the connections among human capital, social capital, and distance education. Today the term "entrepreneurial" is used to describe people or employees that are innovative, creative, and have the ability to keep up with change in a society that is evolving at an increasingly rapid pace (Neuborne, 2003; O'Connor & Fiol, 2002). Research has shown that entrepreneurial strategies are important components of success for both individuals and organizations (McGrath & MacMillan, 2000). Entrepreneurial workers are even more important in the current knowledge economy, which is characterized by continuously evolving technologies and rapid change (Brown & Eisenhardt, 1998). Entrepreneurial thinking and behavior encourages individuals to serve as leaders by embracing change; being innovative and proactive; recognizing and capitalizing on new opportunities; taking risks; and establishing strategic, long-term goals (Bent-Goodley, 2002; O'Connor & Fiol, 2002, 2003; Sussman & Kuzmits, 1986). Entrepreneurial workers are vital to successful organizations; however, it is also important for women and men to be entrepreneurial in their careers in order to achieve success. An entrepreneurial approach to career development is even more important for women because they are still typically paid less than their male counterparts and have difficulty obtaining top leadership positions in organizations. Entrepreneurial behaviors like those described above can help women achieve success in their careers. The purpose of this piece is to demonstrate the importance of entrepreneurial career development in helping women achieve professional success. First, this paper will present information on two key components of entrepreneurial career development: human capital and social capital. Second, this piece will present information on the increasingly powerful, yet complex, connection between human capital and social capital. Third, this paper will present information how women develop their careers entrepreneurially by using distance education as a tool to develop both their human capital and social capital.

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Entrepreneurial Career Development: Using Human Capital, Social Capital, and Distance Education to Achieve Success

Human Capital: The First Key to Entrepreneurial Career Development

Human capital encompasses an individual's knowledge, skills, and abilities, and is one of the key characteristics of entrepreneurial individuals. The theory of human capital is based on the premise that educational investments translate into economic advantages (Becker, 1964; Killeen, Turton, Diamond, Dosnon, & Wach, 1999; Langelett, 2002). Human capital has also been touted as a key weapon in the war against poverty (Mingnat & Winter, 2002; Organization for Economic Co-operation and Development [OECD], 2001) and linked to increases in non-economic indicators such as better health and well-being (OECD, 2001, 2003). Individuals must continuously invest in their human capital in order to develop and maintain their innovativeness (Becker, 2002; Drucker, 2001).

Women can obtain greater personal, social, and economic well-being by entrepreneurially investing in their human capital. They must actively seek out and obtain knowledge through formal education to build their credentials and increase their earning power. This initial level of human capital attainment helps women generate personal income while beginning their careers. Human capital attainment helps women get started and advance in their careers, with some limitations.

First and foremost, formal education does increase the earning power of women.

Ac...

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