How Business Growth is Impacted by Education

As right stated by Nelson Mandela “Education is the most powerful weapon which you can use to change the world. Any experience that has a formative effect on the way one thinks, feels, or acts may be considered educational. Education is the factor that influences owner mangers entrepreneurial success.

For the success and growth of any business, communication skills, team working , having a business mind, innovation and a positive attitude are the most important ones. These skills needs to be taught via formal education  where the young people are prepared to face challenges in a virtual situation, where they are formally shown how to speak to people in a better manner, how to tackle business obstacles and coming up with innovative strategies for the business to survive and grow in the competitive environment. A lot of information is available on the topics which may not directly provide solution to our business problems, it is the education that formally points out to the resources and to the ways such resources can be helpful to tackle the current situation facing business.

The diversity of the educational level of the 10,000 Small Businesses is a hallmark of the program, and business growth is achieved by business owners with all types of educational backgrounds. With the exception of having less than a high school degree (60% grow revenues at six months) and a high school degree (75% grew revenues at six months), all the rest of the educational levels’ revenue growth rates are similar across educational attainment levels, with more variation seen in the creation of jobs. At the six month point, the educational attainment categories with the most job creators are Associate Degrees (52%) and Some College/No Degree (49%).

Entrepreneur’s ages have also been a popular point of discussion in the media, with focal points often either millennials or those considered older. While our numbers of participating business owners in some of these age categories are still small, intriguing themes are emerging. Our youngest business owners (those under 44) who grow the revenues are the most likely to increase their growth between the six and 18 month follow-ups. Also, when looking at what happened by 18 months after program completion, the number of businesses with younger owners that grew by more than 100% nearly doubled.

The purpose of education is to replace an empty mind with an open one. Education grooms young potential youth to be the future face of business with innovation and continual growth.