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[Detailed] 10 Importance of business education in Nigeria

Importance of business education in Nigeria

What do people get business education?

Learning the abilities required to operate, manage, and expand a business is part of getting a business education. By enrolling in a business school, you will gain knowledge of the numerous departments and elements that go into creating a successful corporation, from an accurate and effective accounting department to a marketing team that can produce compelling campaigns.

In general, if you are just beginning your business career, you might want to consider enrolling in a bachelor’s program, which will give you a solid foundation in the field. Advanced students could consider applying to a master’s program, which frequently offers specific specializations in fields like marketing and finance and lets you take a course that is suited to your objectives.

Why Business education is important in Nigeria

1. People who have a business education can make more money

The first benefit of business education for raising life quality is a fairly straightforward one. No matter our age or where we reside, all of us must work for a living at some point in our lives (with a few exceptions, including mainly very young children and retirees receiving a public pension). Better financial circumstances will raise our standard of living and degree of comfort.

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The reason for this is that we cannot begin to improve the quality of our lives without first improving our standard of living, which includes having enough money to pay for reasonable-quality goods and services. We may not be able to sleep soundly if we do not have a comfortable mattress, comforter, and pillow, or if we are preoccupied with worries about not having enough money to buy food this month.

After studying business education, we have a plethora of professional options. All-level management positions with multinational corporations are an option for us, as are starting our own businesses to pursue entrepreneurship, taking over a family business when our parents are no longer able to run it, pursuing an academic career to conduct research at universities, and instructing others in business management.

2. Increasing your Grit

Studying business also fosters grit, which is another advantage. Famous psychology professor Angela Duckworth contends that “grit” may be the key to success over the long term. She explained her study in her book “Grit,” which demonstrated that intelligence, grades, and socioeconomic standing don’t add up to the success-guaranteed quality of “grit.”

Duckworth defines grit as having a strong commitment and ongoing perseverance toward a long-term objective. One of the goals of business education is to instill perseverance and tenacity because the business world is extremely demanding and unpredictable.

3. Improving the environment around you

A venture that can improve the world can be started thanks to business education. You can establish a business that provides people with the goods and services they require to meet their requirements, address their issues, and improve their quality of life. You can not only shape your personal destiny with the aid of a business education, but also the world.

4. A business education is beneficial when launching a business

Business education will enable us to launch our own firm whenever we choose. We can pursue a passion that fulfills us while also making a significant contribution to the urgent concerns of others.

Studying business education in Nigertia inspires students to found their own businesses with the goal of changing the world as well as making a profit. I meet a lot of young people every day who are enrolled in my business programs, and they have so many very brilliant ideas that could actually improve the world.

By studying business education, we get knowledge of how businesses set up their resources (factors of production) to create and market goods and services that satisfy human needs and wants. For example, we learn that in order to survive, we need things like water, food, and other necessities (i.e., something that makes our lives comfortable, but we can easily survive without it, e.g., faster cars, new computers, etc.).

5. Marketing expertise

The study of business must include marketing. You must distinguish your thoughts in order to succeed in today’s society. Consequently, picking a business school is a terrific strategy to learn how to comprehend your audience and make a creative appeal to them.

You may succeed in any field by learning how to sell your goods, services, or talents. It’s crucial to develop your internet marketing talents in the digital age.

6. Business education makes life easier via the aid of business tools

Third, business management may enhance our quality of life by enabling us to be more effective and efficient. These tools and strategies are applicable to both businesses and personal lives. We now have more free time thanks to these tools, which we may use to spend time with the people we love. Spend it visiting grandparents, helping your father organize the garage, calling old classmates you haven’t spoken to since high school, or hanging out with friends from the same city.

When we study business management, we will be able to learn how to create and apply different business tools that help managers make strategic decisions. We will be able to apply them to troublesome circumstances that arise now and in the future, remark on the outcomes, and make choices.

By analyzing social, technological, economic, environmental, political, and ethical environmental elements, the STEEPLE Analysis will enable us to determine which country offers the greatest environment for studying or working abroad.

The idea of economies of scale will help us comprehend that by purchasing a larger quantity of a product, we have more negotiating power with the seller and can reduce the average cost of each product.

7. Acquiring problem-solving abilities

First and foremost, developing problem-solving skills is a key component of business education. Identifying and describing an issue accurately is the first step in solving it. It could be challenging for you to identify a given problem if you have never encountered it.

However, having a business education can show you how to identify and remove performance barriers. This is a very practical skill that can be helpful in daily life.

8. Optimal decisions are easier to make with a business education

Fourth, when we gain the ability to make wise judgments through business management, the quality of our lives will significantly increase because we won’t have as many regrets about the past.

Making decisions based on data, facts, and evidence will be easier for you to make if you have a strong foundation in business. It will demonstrate how sensible what you are doing right now is.

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Due to the fact that business management is the study of decision-making, a surprising number of decisions made within an organization resemble those we make outside of work.

We will develop business sense as we become more analytical. We will look at numerous scenarios by examining a business challenge from the perspectives of different stakeholders before selecting the optimal approach.

We can more easily make the right decisions that will move us closer to achieving our goals once we develop transferable skills, such as the capacity to think critically, make ethical decisions, be comfortable with constant change, think about our actions strategically considering available resources, and engage in long-term planning.

9. Development of communicative abilities

Have you ever considered that the majority of daily tasks demand strong communication abilities? Writing an effective report, presenting a persuasive argument, coming up with strong business essay examples, or even just drafting an appropriate email all involve the ability to communicate. Working with students from varied backgrounds and from different nations is a must for business students.

It implies that team members will have different perspectives and experiences from your own, which will certainly clash. You must be able to assess the situation, diplomatically address opposing viewpoints, and assert your point of view if you want to succeed in teamwork.

10. Gaining knowledge about investing

Any education must include financial literacy as a fundamental component. At some point in our lives, we all make significant purchases. They can be used to finance a home purchase, a car purchase, or a company investment. How can I find out what to invest in and what things need to be taken into account? To achieve it, you should be familiar with fundamental economic ideas. A business degree will teach you how markets are affected by global events and how to make smart investment choices.

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John Aina Ajibola has a Masters degree as an engineer and has over 3 years of teaching and research experience. He is happiest when on a bike and is also interested in electric energy and computer Science.

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