Formal education can’t make one into a successful entrepreneur any more than any drill or training session can make you into a professional athlete. You either have it or you don’t and there are always some people who understand the complex nature of the business world better than others.
Still, claiming that education is irrelevant or that it doesn’t affect one’s chances of success is simply ridiculous. Not only that, but it also proves that a person that’s making that kind of statement has a really narrow definition of education in their mind. Here are five ways in which education affects entrepreneurial development and why it’s so crucial for it.

Setting an example

The first thing worth keeping in mind is the fact that the efficiency of your staff depends on the willingness of individuals in your employ to self-improve. There are always new business practices to adopt, new rules and regulations to learn and new software to adjust to. It would be unfair to expect from your team that they work on themselves if you’re not willing to follow in suit. By enlisting on a course or RTO as an entrepreneur, you’ll send a strong message that’s bound to resonate amongst your staff.

Increasing efficiency

Aside from this, there are certain traits that each entrepreneur needs to have (courage, ambition, perseverance) but also some skills that they should develop and hone in order to prosper. We’re talking about networking and charisma, communication skills, financial management, project
management and an overall business model organization. Moreover, learning a thing or two about each of your departments and their core tasks (customer relations, IT security, HR) could help you get a much better insight into your operations as a whole. So, enlisting on a basic course in any of these
fields might be a good idea.

Exercising resourcefulness

Education, especially the one that comes after your formal education, requires a lot of resourcefulness. We’re not just talking about the way in which you determine which courses to enlist in. We’re talking about finding essential  learning materials like VCE notes and other sources to learn from. Other than this, you can also learn quite a bit from specialized podcasts, study notes, essays and projects written by students. The problem with these resources lies in the fact that it’s your job to find those that are credible and reliable enough.

Making contacts

Previously, we’ve mentioned that it’s generally great for an entrepreneur to acquire as many different skills as possible. Well, you won’t be the only entrepreneur to come up with this same idea. This means that you’ll have a perfect opportunity to interact with other people on this course (even if it’s just in an online comment section), which gives you a chance for networkingYou don’t even have to look for other entrepreneurs to partner up with, seeing as how these people might turn out to be great potential hires.

Improving your business model

Finally, education in general is a field that’s in charge of regulating and conducting studies that are vital for the business world. Whenever you see a useful statistic or a staggering piece of data, chances are that there’s an educational organization behind the research that discovered it. For this reason alone, it’s important that you keep up with these surveys and research results in continuity. This is a habit that could potentially save you a small fortune in the future, by allowing you to stop wasting money on inefficient trends and give you a chance to switch to something more efficient ahead of your competition.

As you can see, not only is there a correlation between education and entrepreneurship but it’s entirely impossible to imagine one without the other. The first one enables the basis for the latter, while the latter provides the funds necessary for all of this to work. Either way, understanding how all of this benefits you, in the larger scheme of things, can be a way for you to gain a competitive edge.
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