Christopher H. Wheeler, senior economist at the Federal Reserve Bank of St. Louis, said, “Human capital is now commonly held to be one of the fundamental drivers of economic growth.”

As Wheeler also points out, there is a fair amount of empirical evidence that supports that skills possessed by an economy’s work force promote technological advancement and productivity growth. In particular, there is a strong statistical association between human capital (usually captured by educational attainment) and the growth of employment, productivity and income.

According to the preliminary results of the 2010 Student Survey conducted by the National Association of Colleges and Employers, salary and job location are the two factors that determine whether a student accepts a job. The job’s proximity to Mom and Dad is what counts most to students in terms of location.

Over the past five years, an average of 80 percent of undergraduates enrolled at the University of Nevada, Reno have been Nevada residents, with almost 60 percent coming from Washoe County. This means Northern Nevada, with the help of the university, should have the educated work force needed to attract and retain new business.

However, with Nevada’s unemployment at 13.2 percent, and Washoe County’s at 13.4 percent, our upcoming graduates will need to look for more creative ways to make a living in Northern Nevada if we are to avoid the impending “brain drain” that could occur if they have to leave the area to find work elsewhere.

This brings us to a shift beginning to occur in education. In the past, business colleges taught students how to go to work for others. Today, there is a movement toward more entrepreneurial activity. For example, Nevada’s College of Business offers a minor in entrepreneurship.

In addition, business students, as well as students in engineering and other disciplines, are encouraged to create business plans based on their innovative ideas and what they have learned, and compete against other students in the Donald W. Reynolds Governor’s Cup Business Plan Competition, coordinated through Nevada’s Center for Entrepreneurship and Technology. A list of finalists can be found at www.govcupnevada.org, and winners will be announced April 22.

The College of Business also houses the Nevada Small Business Development Center, which provides counseling and workshops for new or expanding businesses, as well as internships for business students so they can be exposed to real-life entrepreneurial activity as part of their educational experience.

We all have a part to play in our state’s economic recovery and must find ways to encourage that our greatest asset — human capital — stays here, to contribute to our economic growth and diversification.

Jane Bessette is director of career development at the University of Nevada, Reno College of Business.  www.business.unr.edu/