BUSINESS:
A FIELD THAT REQUIRES STUDIES LIKE ANY OTHER PROFESSION
Mom Terfa Michael
MBA & PGD Business Administration (in view)
+2348066314754 (sms only)
retcomsemaj@gmail.com
On the 21st August, 2020, the World celebrated Entrepreneurs’ Day. An annual event celebrated to create awareness for entrepreneurship and leadership which are integral to business success. During this period, I remembered one mistake many people make, the thinking or saying that “Anyone can wake up any day and become a successful Entrepreneur or Business person.” It came to my mind how many people jumped into Business without knowing what it is because they had access to finance and failed eventually. I also remembered the question of “what to do and how to do it” that comes from many who are willing to learn Entrepreneurship and Business. I imagined those who have succeeded and what they have shared as their stories. None of these gave an easy pathway. Truly, the beautiful cities of Rome and Paris were not built in a day and becoming a successful Entrepreneur and Business person will also not happen overnight, I concluded.
While I am convinced that God Almighty can bless anybody with some sort of gift or talent, if the gift or talent is for Entrepreneurship and/or Business it must as a matter of fact be shaped for the very purpose or area of Business the individual is interested in. Therefore, the Science and Art of Entrepreneurship and Business never happen by chance or coincidence. They are both birthed from vision (creativity), concerted and calculated efforts (planning) as well as through skills acquisition (efficiency) for which an individual chooses to put to use if the individual is to be successful in the long run. The application of Business and Management theories and principles are also key. This is the beginning for those who wish to succeed. It is for this reason people attend Business Schools and colleges to learn how to do it. People read business books and observe as well how existing Businesses are being run. It is also for this reason, the Igbos practice the “Boy and Master relationship” to give opportunity to those who wish to learn Entrepreneurship and Business.
Furthermore, experience in Entrepreneurship and Business is gained through learning, unlearning and relearning and these help people to make informed choices and make better decisions. This is because the environment of Business is dynamic and never constant. Issues relating to laws (e.g Companies and Allied Matters Act, CAMA), wants and needs of society (demand), demography (population), technology, economic policies, political situations, exchange rate, government policies, GDP, competitors, suppliers and many others keep changing. Experience on how to navigate these environments is essential to Business. It is on this account that many Businesses (especially SMEs) sometimes do not survive their early period of formation and end up winding up.
More so, for anyone who chooses to dare Business, there are times where efficiency will be required to get to the next stage of Business. One’s personal skills and resilience in handling matters like innovation, expansion, growth, productivity, leadership, finance, accounting, marketing, operations, human resources and others will determine how far one will go.
In addition, the fact that one studied Business in college does not guarantee success through all business times. The right practice at the right time and in the right place is also necessary. Sometimes, failure during the early years of one’s Business also gives knowledge and experience and it is also part of studies or learning. One would have succeeded in learning at maybe an extra cost. Even, some Businesses pay people to carryout research in certain areas for specific purpose(s) at different times that could help in decision making. However, the chances of failure are limited if you know much about your business and the industry as well as the profit margin you intend to create before you begin.
Conclusively, to succeed in Entrepreneurship and Business, one need to pay attention to studying, creativity, planning and practicing (efficiency) as that will help to survive in a dynamic Business environment. At whatever stage one wants to start up a business, it is important to remember that Business is an Art and Science at the same time as a field of endeavour that requires studies through formal or informal ways of education. One could attend a Business School/College or learn from an experienced Business Magnate or expert. My candid opinion will be that you should learn from both. Become a member of Business Management professionals and Associations. One could also learn from the activities of managers and business professionals. The important thing here is that, no matter how the learning and knowledge is acquired and at what point or stage, one cannot undermine its importance.
