Contemplate: Economic Unit of One

Module #3 Economic Unit of One (July 7 - 13)

I. Essential Questions

What are the key attributes of someone who is an Economic Unit of One?
How do we define Economic Unit of One?
What is meant by personal branding?
What is meant by seeing yourself as an asset?
How can we increase our economic literacy?

II. Introduction to Economic Unit of One

Once we awaken our relevant purpose, it becomes a time for us assume a proactive stance where we are always looking to invest in ourselves. This is called becoming an Economic Unit of One (EU1). Economic Unit of One is simply defined: You are your own business. You are your own personal brand. Today's fast paced and ever changing world demands individual asset attention that embraces entrepreneurial concepts and application, and whether your vocation is in the arts, education, business, technology, legal, government or other, ongoing investment in that asset is not just optional, it is mandatory. People who are economic units of one see that all they do and learn is an investment in the most important entity in life...themselves.

This genesis of EU1 began to be formulated in the early 1990’s, when a whole new breed of worker steam rolled on to the scene. “Independent Contractor” utilization was growing exponentially, most pronounced in many of the high tech companies in Silicon Valley, and contrary to popular belief at the time, this new breed of “economic unit of one” were not just technologists. They were marketing specialists, recruiters, accountants, educators, doctors, engineers and countless others. These EU1’s were calling their own shots, demanding accelerated pay and in many cases exorbitant amounts of stock options, benefits and variable pay. In some cases, these EU1’s were working for multiple companies at the same time, navigating from world to world, garnering unique experiences and opportunities that would prepare them for their next assignment, the next project, or their next company. In a similar fashion, we must teach our students to see themselves as independent contractors for life; as constantly investing in and improving themselves; seeing themselves as lifelong learners; and constantly reflecting on their goals and passions in life.

Daniel Pink, in his book Drive: The Surprising Truth about What Motivates Us, talks about “purpose” as one of the three primary motivators in life. He cites considerable evidence that once our basic needs are met at work, purpose is one of the true motivators:

Autonomous people working toward mastery perform at very high levels. But those who do so in the service of some greater objective can achieve even more. The most deeply motivated people, not to mention those who are most productive and satisfied, hitch their desires to a cause larger than themselves (pg. 133).

In Drive, Daniel Pink also quotes former McDonalds Executive Mats Lederhausen:

I believe wholeheartedly that a new form of capitalism is emerging. More stakeholders want their businesses to… have a purpose bigger than their products (pg. 134).

Pink and others highlight the importance of finding one’s relevant purpose. It is the foundation for the whole model of edupreneurialism that we discuss here. Once we begin to identify our relevant purpose we know what to work on in ourselves. We can become economic units of one in a focused and meaningful manner. This is how economic unit of one and relevant purpose are tied together.

III. Key Terms

Primary Asset: The biggest asset in the world is the skills, experiences, and unique human attributes one offers to others; protection, development, ongoing applicability and relevance of this asset are the highest investment (lifelong learning) priority.
Lifelong Learner: The act of ongoing personal and professional development. Educational development and learning are life long endeavors and necessary attributes for the protection of your Primary Asset, you. No longer a project based effort, this attribute offers ongoing professional relevance and sustainability.
Market Awareness: The ongoing act of being well informed of the demand for skills and experiences one offers to an ecosystem, whether it is a company, an industry or overall market place.

IV. Contemplate Course Videos

Click the " Next " button (bottom-right) to complete the following:

Engage as an Economic Unit of One