Why education is an essential ingredient for successful entrepreneurship?
Managing businesses today requires an interdisciplinary approach. Knowing the fundamentals of economics can be crucial in evaluating market conditions and trends, and adapting accordingly. Being knowledgeable in information technology can be tremendously useful in setting up automated and digital systems that save cost and time, and organising a targeted and effective marketing campaign. So while academic training is not a prerequisite for success, it is one of the only avenues of receiving the well-rounded education needed for real-world management.
Formal academic education can also provide entrepreneurs with the language skills they require in today’s increasingly globalised business environment. For example, with the rise of China, it’s incredibly advantageous to have some competency in Mandarin. As trade barriers fall and businesses scramble to expand across borders, it makes sense for entrepreneurs to adopt a second or third language in order to stay competitive. University education is also a tremendous help when entrepreneurs need to understand different cultural and social environments – cultural studies and time spent abroad as part of your degree can help you to understand local customs and preferences, social taboos, and more. After all, it is both difficult and risky to operate in a place you don’t understand.
It is easier to follow your heart once you embrace what truly drives you. Making a business out of your passion would be one of the most positively adventurous rides you will ever take.
Take the two-minute free #PassionTest to discover your top passions bit.ly/MyPassionTest
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