The Importance of Education for Entrepreneurs
One of the key areas where SME owners need assistance is education. This does not necessarily have to be formal education, but education that provides business owners with the skills they need to run their businesses effectively. In many circumstances, SME owners are excellent in their trade, however, they may not have the other skills required to run their businesses.
The level of formal education of SME owners in South Africa has increased over the past number of years with 60% of SME owners having some secondary education and 19% having tertiary education, according to data from StatsSA and the Bureau for Economic Research.
How can entrepreneurs improve their business knowledge?
1. Mentorship - find a mentor who can provide input into a business decision or challenge
2. Take short online courses at a reputable institution - these courses usually offer good value for money
3. Reading books - visit your local library and read business books or biographies of successful entrepreneurs
4. Desktop research - use search engines (for example, Google or YouTube) to learn more about specific topics
5. Formal education at a tertiary institution - study at a college or university
Boraine Consulting provides accounting, tax and consulting services to assist SMEs with growth and business challenges. If you’d like a free consultation, email us at firstname.lastname@example.org