Some intellectuals argue that the key to being successful in a business venture is to have it studied in relevant educational institutions while others feel there are better methods for learning how to set up a business empire. I will delve into the two sides of the debate and conclude that by putting business owners at a competitive advantage, learning how to build a business empire through formal education will make entrepreneurs achieve enormous profits than any other practical or theoretical means.
On the one hand, among the diverse steps that can be taken to attain business milestones, identifying one’s peculiar talent or skill in a particular trading venture and building on it as well as simply focusing on family business appears to stand out. Concerning the former, a novice can find something he is good at such as selling jewellery, opening a tea shop or an online or offline bookmaking business and turning such expertise into a top-notch business idea. The latter on its part is even more straightforward. Some families, especially in Africa and Asia have particular businesses that have become associated with them such as large-scale farming, buying and selling electronics and transportation businesses. In such clans, all the children require is to keep following the parents to the job sites every day and continue learning how to do them. Neither of the aforementioned requires any academic requirements and many have gone on to achieve monumental economic successes through such pathways. As fascinating as these may appear, I strongly feel that education remains the bedrock of any successful business model.
Schools, to me, offer every prospective entrepreneur the best information about the fundamentals of buying and selling, both in theory and in practice. It is in educational institutions that students learn about business administration, finance and marketing, economic research and development among others. In fact, it is conventional for the students to practicalise all they have garnered in theory through sessions at various companies across the globe with a typical example being the Students Industrial Industrial Work Experience Scheme (SIWES) in Nigeria. Little wonder there are first-class institutions around the world that train students primarily on how to be a business mogul. These include but are not limited to the London School of Economics and Harvard Business School.
In conclusion, while people can earn some success by following the business footsteps of their parents or by building on a business idea, I believe whatever would be achieved would be limited. By exposing students to a diverse range of topics about business in theory and practice, I am certain that learning business in universities remains the best route to exceptional achievements in business.