Menu

Education and Entrepreneurial Success

0 Comment

Due to education, an entrepreneur will acquire the skills and capability of starting a new business, introducing new products in the market, and creating a charitable organization, which in turns helps in building a strong brand name (Coutts and Wlyie, 2011). This is essential for the success of the business because it will attract customers, and therefore enhance profitability. There are different views on the importance of education to entrepreneurial success. Various scholars denote that well-educated entrepreneurs are guilty of building the wrong types of business models (Gohdes, 2012). This is because they view education as a quality problem, as opposed to an investment. According to Gohdes (2012), education benefits business organizations in the long run. In their view, business organizations must perform in the present, to guarantee their successes in the future, in view of this, education is not an important element in entrepreneurial success. To them, a business man needs to acquire social skills that will help in convincing customers to buy their products, for purposes of making a profit (Coutts and Wlyie, 2011). This paper looks at the correlation between education and entrepreneurial success. This paper seeks to answer the following questions, 1. How do different thinking styles affect efficiency and competency in a business environment? 2. What is the relationship between business education and entrepreneurship? 3. Does business education erode the risk-taking tendency? While answering the mentioned questions, this paper takes a stand that business education is an important element of entrepreneurial success. How do different thinking Styles affect efficiency and competency in a business environment: Creativity is an important element in a business organization. An entrepreneur can only benefit from this notion if he/ she adopts different thinking styles and strategies in his business enterprise (Gohdes, 2012). Creativity helps an organization to maintain a competitive advantage over its rivals, and it results in innovation. A creative mind is also an innovative mind, and innovation improves the efficiency of conducting business and therefore results in increased profitability. An example of a company that has performed so well because of the emergence of different thinking styles is CEEMEA, a division of the banking giant CitiGroup (Rose and Sesia, 2009). CEEMEA came into existence in 1998, after the merger of Citicorp with travelers group, a private equity company. CEEMEA employed Mr. Bakhshi as the head of its sales and trading unit in 2000, and immediately he embarked on the introduction of information technology in the affairs of CEEMEA (Rose and Sesia, 2009). The results were immediate. The profitability of the company increased by 100%, and over the coming years, the company achieved growth in its profitability. Due to this innovative ideas, and creativity, the company managed to win numerous awards, and in Hong Kong, the company won the entrepreneurship award, in recognition to its role of introducing Information Technology in the banking services (Rose and Sesia, 2009). This success is attributed to understanding, and encouraging different thinking styles within the organization (Gohdes, 2012). This is because the board of directors encouraged Mr. Bakhshi to introduce these changes had the board refused. the company would not achieve the profits it had.