The Importance of Education in Business

Some people don’t think that formal education plays a big role in shaping entrepreneurship skills. Even they need to admit that business college diploma definitely brings opportunities for developing an astonishing career. Some people like to point out that great entrepreneurs like Steve Jobs, didn’t receive formal business education, but they tend to forget the fact that such a great entrepreneurs lived to learn. In one of his speeches Steve Jobs pointed out that the only way everyone can get an equal opportunity is to equip every child with great education, which is in his opinion more important thing, even than a great family life.
What benefits business education brings?
Let’s imagine you are a businessman with no formal business education. You are already running a company and have all required experience to succeed. Why would you spend your time and money for MBA or some other type of business studies?

We all know that theory and practice can be very different, but we forget that theories are formed from observations of practice patterns. Insight in these patterns enables us to be better planners in the future. And that’s not all formal business studies bring, MBA can also:

Enable us to confirm situations from our previous business experience with formalized theories;
Gives us an awareness of developed patterns and processes our company goes through;
Enable us to learn new concepts and correct our attitudes towards certain business trends;
Give us the chance to discover new business tools, etc.

Education doesn’t always mean schooling
Lots of people learn new things through practice. There are plenty of entrepreneurs who turned out to be top managers without getting their MBA degree. Practice is another very important segment that gives us very specific knowledge in entrepreneurship. Practice and education are complementary and the best way to combine them is when MBA graduates start to work as interns in big corporate entities. After a few years, they usually start their own entrepreneurship projects, equipped with both theoretic and practical knowledge.
Unfortunately business education, at least in United States is very expensive. Many high school graduates don’t have enough funds to enroll to the desired colleges, which means they are left stranded with no education and much less opportunities for developing successful career in the corporate world. Average tuition fees are $80,000, to this you should add $40,000 for boarding and books and $20,000 for peripheral expenditures. Of course there are a lot of good quality community colleges, where you can also gain good business knowledge.
What are the alternatives?
Courses! There are hundreds of great courses that can provide you with business knowledge and enrich your skill’s set. Managers usually decide to enroll to communication, leadership or accounting course. These are all great and can be viewed as part of the valuable leadership training process that together with few years of work experience on various positions can turn anybody into smart and skillful entrepreneur.

Another great thing for obtaining informal business knowledge are free online courses many different American Universities offer, where users can listen to the lectures, do tests, exercises and solve problems assigned to real university students. On these websites you can listen to lectures given by some of the most respected experts in various niches.

Even the highest and the best quality education can’t guarantee that you will be successful in business, but it is much easier to make your way through corporate mess of today with your eyes wide open, when you understand everything that happens around you. Hopefully one day, great education will be affordable to anyone, and obstacles like tuition fees and other similar expenses will be forgotten.