Here in this article, we are going to take time to analyse the role of business education in promoting entrepreneurship in Nigeria.
Business education is a term that encompasses the various methods used to teach students the fundamentals, theories, and processes of business.
The core purpose of business education is to train aspiring entrepreneurs and make them ready to face the world of business.
An effective business education program must provide students with information on all aspects of business such as accounting, strategy, marketing, business management, business law, entrepreneurship, economics, computer courses, as well as skills which are needed to manage a business.
This education occurs at several levels ;secondary education level, undergraduate level, postgraduate level and doctoral level.
Business education courses largely tend to prepare students for real-life business situations and emphasize practical methods for conducting business.
The survival and effectiveness of business education depends on it’s ability to adapt to current market demands and trends.
These trends usually drive business education programs and dictate the kinds of classes offered, as well as their theoretical framework.
For instance, surveys and studies in the late 1980s and early 1990s concluded that the crucial skills sought by companies ultimately were communication skills, especially speaking and listening.
As a result of this, more business classes began to hone students’ communication skills in addition to other aspects of business education.
This education generally refers to range of courses designed to provide students with any number of skills needed for success in business especially those related to launching and running businesses, it plays an essential role in promoting and encouraging entrepreneurship.
It equips students with knowledge, skills, understanding and attitude they need in managing a business. As a result of this is, it has the potential to help an individual perform well as an entrepreneur.
Roles That Business Education Plays In Promoting Entrepreneurship in Nigeria
Business education promotes entrepreneurship in Nigeria through the following ways:
1. Instilling Financial Skills And Knowledge
In business, managing finances effectively is absolutely necessary. Accounting education as an integral part of Business education, equips entrepreneurs with sound financial management knowledge which is important in ensuring the success of a business.
Inability of Micro, Small, and Medium Enterprises (MSMEs) in Nigeria to keep proper financial records, and adequately handle the accounting needs of their business, can affect their business in various ways.
It can stifle the growth of their business as they are incapable of forecasting their cash flow as well as determining profit and loss, and can also hinder them from being able to secure loans if they keep no proper records of their finances.
With business education entrepreneurs gain knowledge in areas such as cost analysis, inventory control and determination, how to use their resources wisely, and find ways to make their business as cost-effective as possible.
Equipped with this knowledge, they will be confident in their ability to run their business profitably and protect their financial investment. This promotes entrepreneurship.
Read Also: 10 Benefits Of Entrepreneurship
2. Identification Of Feasible Business Opportunities
Identification and exploitation of business opportunities is one of the elements of entrepreneurship. Business education promotes entrepreneurship by prompting its recipients to identify viable business opportunities. Business opportunities must not be a total new business idea or something no one has ever done.
It could be to make improvements on an existing product or to modify a particular product to meet the needs of a specific segment of the market. Entrepreneurs have to be able to recognize a business opportunity and exploit it.
Business education helps students to develop the potentials to discover economic gaps in the society that has the potential to yield profit.
It instills knowledge in vital areas such as the SWOT ( Strengths, Weaknesses, Opportunities, and Threats) analysis, which will help entrepreneurs to identify a business opportunity while optimizing internal strengths and eliminating internal weaknesses of their business.
With knowledge gained from business education, entrepreneurs can view problems as a means to creating solutions and discover opportunities where others see obstacles.
3. Imparting Adequate Marketing Skills
Business education promotes entrepreneurship by imparting entrepreneurs with adequate marketing skills and techniques suitable for the field of business they engage in.
Marketing skills and knowledge is vital to entrepreneurs because it aids them in setting a marketing strategy that will generate sales, promote their brand, and increase their market share.
Through the marketing knowledge gained from business education, individuals will understand how to undertake crucial tasks such as competitor analysis, which allows a business to focus on their strengths, weaknesses, opportunities and threats.
External factors such as political, economic, social and technological factors which can affect a business positively or negatively are also learnt through a competitor analysis.
Acquisition and utilization of proper marketing skills such as a a good understanding of the 4ps or 7ps of marketing also encourage entrepreneurship by helping entrepreneurs to determine the appropriate price for their product, and how to make it available at the right place and time while using the right promotional techniques to attract customers to their product.
4. Proper Managerial Skills
One of the leading causes of business failure especially in Micro, Small, and Medium Enterprises (MSMEs) in Nigeria is managerial incompetence.
When business owners have no knowledge on how to properly manage a business, failure follows and this creates unwillingness in people to start their own business; stifling entrepreneurship.
Business education solves this problem and promotes entrepreneurship by teaching students management philosophies, theories, practical applications; and business start-up and operational process.
It helps entrepreneurs to understand the elements of management such as; planning, staffing, organizing, controlling, coordinating, directing, and the application of these in managing available organizational resources effectively and effectively, making strategic decisions, and the execution of these decisions towards the actualization of the goals and objectives of the business.
Business education also exposes Nigerian youths to learning various managerial skills such as time management skills, communication skills, business opportunity identification skills, business operations skills, and other related skills which are needed in order to successfully run an organization and achieve desired business objectives.
5. Improving The Chances Of Business Success
Though a lot of trial and error exists in actually developing a business, business education with its wide range of skills and knowledge provides entrepreneurs with a better chance of avoiding business failure.
From identifying a viable business opportunity, to turning this idea into a business and then managing it successfully, it prepares an entrepreneur to launch and operate a business.
Business education educates an entrepreneur on the need to adapt to changes, as well as benefits, possible pitfalls and problems of owning a business.
This gives such individual a better chance of knowing when he/she goes wrong in his/her business and how to take corrective steps to avoid business failure.
6. Youth Empowerment And Development
An emerging trend in youth empowerment in Nigeria is entrepreneurship/business education. Business education empowers youths by teaching them necessary skills which will help them to lead decent lives and contribute meaningfully to national development.
It equips them with tools to become self-reliant and independent creating prosperity for themselves as well as the nation.
Most youths who had no intention of starting up a business, develops an entrepreneurial mindset after undergoing one form of Business education or another. This promotes entrepreneurship.
Due to lack of adequate employment opportunities in Nigeria, youths are faced with unemployment crisis leading to poverty, conflicts, and other vices.
These problems require Nigerian youths to be equipped with some entrepreneurial skllls which will help them to set up their business and become job creators rather the job seekers.
By imparting youths with the necessary skills and knowledge needed for entrepreneurial activities, Business education encourages entrepreneurship and as such, should be considered highly important tool in promoting entrepreneurship in Nigeria.
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