After years of studying, following rules in school, sleepless nights and countless papers, going back to school is far from enticing. Who would want to be saddled by requirements again? Who has the time to attend classes and read books while juggling work and family responsibilities, More importantly, who in his right mind would use extra funds to get back into a system that requires hard work, undivided focus, and beating deadlines? Who would want to look for a legal money lender again just to pay for tuition fees?
Lots of people do, including entrepreneurs. But for someone who has already established himself in the professional world, it may seem counterproductive. For a business owner, going back to school is far from the list of priorities. It might not even be on the list.
Truth be told, embarking on further studies as an entrepreneur is daunting. It’s difficult to be a beginner and people would naturally gravitate towards fields where they are already experts. However, the reality is that the world of business is cutthroat and constantly changing, and further studies can be a strategic move to keep up.
It will give you an advantage over your peers. It can be your unique selling proposition in an oversaturated market where everyone is a self-proclaimed businessman. And once you have a clear understanding of how education can enhance your business acumen and profitability, you might find that this is the next logical step in your adult life.
Top Reasons to Go Back to School, Books and/or Classes
While there are the obvious disadvantages of being an additional expense without any sure timeline for returns, further studies have gained popularity in recent years. At the same time, many entrepreneurs are time-poor. Running a business means working 24/7 and making sure the enterprise stays afloat despite economic downturns and upheavals. It would also mean having an acute sense of the cost of things, and further education comes with costs.
Nevertheless, if you are an entrepreneur who has recently heard the siren call of continuous education but unsure of whether to heed the call, here are a few reasons that may help you come to a decision:
Increased Knowledge Base
Entrepreneurs who invest in education expand their expertise, making informed financial decisions. As a business owner, people have high expectations about you. They expect you to know the ins and outs of the business. They expect you to be an expert in the products and services you offer.
They also expect you to understand the intricacies of business, economics and finance. Business education can empower you to manage the finances of your business and your finances effectively while gaining a competitive edge in the business realm through your technical know-how.
By embracing education, you can broaden your knowledge base and open doors to invaluable networking opportunities. It could be a foot in the door for deals you want to close.
What is common in business school is that you will find people who have the same interests and inclinations as you. Unlike a fleeting party or networking event, the time you spend attending class with these people, doing group requirements and engaging in conversation will make you less of a stranger and likely to be regarded as a close acquaintance. At the very least, you will know people outside your current network.
Having challenging experiences in class with these people might even be enough to create a bond of friendship. You will no longer be seen as someone who is just vying for their attention or one who just needs to close a deal. You will be a classmate, groupmate or even a friend.
Business education provides valuable connections that can open doors to new financial possibilities. For this reason alone, the expenses of further studies are balanced out by the array of possibilities it can create for you and your business.
Access to Funding
Unerstanding entrepreneurial financing can lead to more options for funding business ventures. This will also be the likely effect of having a wider network. When people know how you think and when they have worked with you side by side, even if it is just for a project in business school, they will have the impression of knowing you. If you can establish a credible and reliable image while you are interacting with them, it would be easier to ask them to take a chance on your ideas.
No one will trust someone they do not know. While the status of your business can serve as a good portfolio for possible investors, nothing beats spending time in the trenches with someone. All those sleepless, caffeine-fueled nights for a group project in business school will trump any attractive financial report.
Education equips entrepreneurs with the skills to make sound financial decisions for their businesses. By analogy, this skill will also apply to their personal life. You will be able to put theory into practice immediately when you are an entrepreneur. The principles do not stay as words in books. You can find practical ways of carrying out what you learned in class in your business.
Another thing that makes pursuing further studies beneficial is that it trains you to think about complex ideas and carry out difficult concepts. With the constant stream of knowledge and exchange of opinions with fellow entrepreneurs, it will be second nature to be analytical, strategic and purposeful.
The allure of further studies is in the promise of becoming your best, most efficient and effective self. These newfound skills and knowledge can mean a world to your business. You can readily apply concepts in your operations. You will be able to understand financial terms and economic ideas in such a way that is beneficial to your reality.