Fortunately for many people, it’s possible to start and run a business without having a formal business education. Some startups can get going with limited funding and do really well, so how important is it to really engage in education and development?
The short answer is “very important!” According to statistics, one of the reasons around 50% of businesses fail in their first 5 years is because their owners don’t have general and specialized business know-how.
But if that’s not enough to convince you, here are some reasons every business owner should at least engage in some kind of formal training and development:
To realize that embracing new technology is essential
Education brings to light new possibilities for companies in terms of improving techniques and processes associated with new technology. As customer demands rapidly get more complex and customer expectations increase, it’s imperative to be able to know how to be able to service them sustainably. Business management applications have become the norm for a lot of organizations today. Jobber is one such example, and has the sole purpose of making a small business more efficient.
A business management app like this can open multiple business avenues for a company, as some of its features offer multiple benefits such as:
- Invoice, quote, and template generator
- Route optimization and dispatch management
- Customer relationship management (CRM)
- Customer self-service features
- Job order tracking
Technology can be incorporated in almost every work process. Even a seemingly simple estimate template can save a lot of time by prompting all essential and non-essential information in a way that is standardized.
To be free from the shackles of traditional business mantras
Everyone has a preconceived idea of how to run a business. While most of those ideas aren’t wrong, they can often be outdated. With proper business education, you can identify which business ideas are better than others, and unlearn the ones that are holding your company back.
A business course can educate entrepreneurs on thinking outside of the box. This benefit can help them endure modern business dilemmas and free them from running a business with one-track thinking.
To connect with similar-minded people
Mingling with like-minded individuals can be liberating and attending a business class can give you that opportunity. For one, you can meet classmates doing the same thing as you: running a business. It can lead to many beneficial effects: improved passion for business, a more extensive business network, an introduction to influencers, and a shortened learning curve.
Aside from the social and emotional bonuses of having friends in the business world, these new people you’ll connect with can open up opportunities for your business—one of which is the possibility of business collaboration.
To equip yourself with the knowledge needed to venture out
A business owner lacking formal education might not have the keenness to see opportunities and risks as they are presented which might have the effect of limiting their scope and the things they can do in the future.
Formal business education can expose you to what lies beyond your sight. You can learn methodologies and business models that might really work for your company. Even if they don’t suit your business now, you may be able to use them in the future once you start to grow. The lucky ones might even get to retire early if they are that successful!
To become confident and acquire a better grasp of the lingo
Describing yourself as uneducated in the ways of business can sting, right? Thankfully, for a few dollars and hours of your time, you can chalk that up to the past and become more confident by going through a proper business course.
You innately may have business talent and can choose the best decisions for your business. However, you still need to learn from a credible institution to improve your business communication skills and accumen. You may be having a difficult time communicating with your business partners, stakeholders, and even employees just because you can’t use the same language when communicating.
It’s time to put an end to that. A business course can teach you the apt terminologies you need when dealing with businesspeople. With knowledge, you can say goodbye to the times you needed to ask twice just to know what people around you are talking about.
To learn business ethics and improve your reputation
You know yourself to put your employees, partners, and customers before your business. However, why do you feel that they don’t respect you as much as you expect them to? Are your business ideas or decisions not working? Or it might be because you’re lacking in the ethics department.
Whether your company’s small or big, it’s essential that you run it with the proper business ethics in mind. Ethics entails standard practices and policies on how to run a business. They also help you navigate controversial topics and events, which can quickly destroy your business reputation if not managed well. Some of them are the following:
- Social responsibilities
- Discrimination
- Bribery
- Insider trading
- Corporate governance
Conclusion
These are just a few benefits and reasons for every business owner to undergo at least one formal business development course. If you’re planning to go through one, choose a reputable institution where you’ll take your classes.
References:
- Henry, Patrick. “Why Some Startups Succeed (and Why Most Fail).” Entrepreneur. Entrepreneur, February 21, 2017. https://www.entrepreneur.com/article/288769
- Young Entrepreneur Council. “The Benefits of Connecting with like-Minded Entrepreneurs.” HuffPost. HuffPost, December 7, 2017. https://www.huffpost.com/entry/the-benefits-of-connectin_b_9644382
- Twin, Alexandra. “Business Ethics: Fair Business Policies within Controversial Subjects.” Investopedia. Investopedia, June 28, 2022. https://www.investopedia.com/terms/b/business-ethics.asp