Our economic future, though built by the architects of then and now, lies in the hands of the next generation.

And that future looks bright, based on the strong ideals of some of the students coming out of undergraduate and graduate business programs nationwide.

The Foundation for Enterprise Development (FED) recently announced the winners of its first-every multi-university national essay contest called “Creating Wealth by Sharing Wealth.”

The charge: in 500-750 words, describe your thoughts and strategies for increasing employee motivation and participation in enterprise growth, specifically:

  • What are the forms of employee ownership and participation that you believe most closely link to increased economic stability, sustainability, and innovation?
  • To utilize sharing the wealth principles, how would you envision establishing a highly involved and motivated workforce, and rewarding them so employees not only are owners but they act like owners?
  • Considering sharing the wealth principles, what would be the top guiding principles that you would establish in a new enterprise in order to create a culture that enables sustainable business growth

What’s clearer than a bell in the entries of more than 430 students? The link between creating a workplace culture of ownership and meeting a solid financial bottom line is sounding loudly in the minds of the future generation of business leaders.

Let’s hear what they said in their own words:

“In the midst of our own Great Recession, what idea could be more powerful than a country in which we all own the future?…Employees are not commodities to be fired when the business does poorly and provided with disproportionally low compensation when the business does well, but are vested stakeholders who have a legitimate right to share power and responsibility.” Best in Class – Tejdev Sandhu, MS Candidate, Accounting and Information Systems, Virginia Tech.

 

“The difference will not be in the quality or novelty of the product I sell, or the service my company offers, but in the commitment, motivation, and empowerment of the people who do not work “for” but who work “with” me. I am calling it my “two cows and a cart” strategy.” First place – Terry Williamson, UCSD, MBA Candidate.

 

“If an organization can be thought of as a vehicle, the wheels are its people. They transform the motivational energy into directional purpose.” Second place – Douglas Ashburn, Illinois Institute of Technology, MBA Candidate.

 

“For the proponents of greater social equality [employee ownership] enables the workers to own the enterprise and means of production, and for the adherents of Adam Smith’s principles of economics, it operates within the boundaries of the free market under the premise of self-interested competition, increasing productivity and the effectiveness of the workforce.” Third place – Alexandr Bolgari, Kent State, BA Candidate, International Relations.

 

“People want to be part of something great. Great ideas come from people with the incentive and freedom to explore; and in that respect business is no different than any other discipline.” Fourth place – Scotty McWilliams, Lamar University, BBA Candidate.

Encouraging words that I hope will see us into the next generation of business.

Students, I welcome your thoughts in the comments section below.

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