The Value of Education for Business
                    by Rishika Pinreddy, University of Michigan, Ross Business School

The constant evolution of business and technological systems often requires an adequate educational background that exemplifies real-life experience through analytical and critical thinking. Focus placed, predominantly, on curriculum including development of unique concepts fit the criteria for day to day business decisions and transactions. Knowledge of business applications should, however, be drawn directly from a unique archive of examples taken from previous organizational decisions in addition to the studies and compilation of writings from several reputable and knowledgeable scholars from the field of business. Incorporation of these resources into coursework through the educational system guides future leaders to become well prepared to manage and guide their organizations to success, and will encourage them to be open to differing perspectives and feedback; this in turn allows for innovative decision making.

​First and foremost, it is important to consider how the educational system offers a platform for students to absorb the knowledge of real-life decision making without the risk of putting the reputation of a high-level organization at stake. It builds future leaders through discussion and analysis and ensures application of basic business concepts into everyday thinking. This type of environment is essential for developing a thought process that will be appropriate for executive decisions. In addition, “skills and knowledge of business education provide employees with confidence, vital for business productivity” (Sutevski, 2020).

In order for students to become well prepared to guide their respective teams to productivity in the future, they should be able to demonstrate their ability to motivate their employees and encourage performance.
All decision making should be conducted both in the best interest of the organization, but also in the best interest of those employees that contribute to the organization. Without employee morale, a leader, no matter how knowledgeable he is in business matters, will be considered unsuccessful. Education, therefore, is key to demonstrating examples of both success and failure within organizations utilizing various resources to encourage a comprehensive discourse.

Education also offers insight with regards to various approaches to decision making. It enables students to engage in a professional exchange of thoughts, ideas, and opinions and guides them to utilize their resources to contribute to discussions beyond their own expertise. In return, they are able to receive response and further insight into their own thought process, allowing for friendly feedback and review. Reception and reaction to this feedback is critical to prepare for executive decision making because it ensures that these leaders are accustomed to broad thinking and are able to approach fundamental decisions with proper insight and understanding of the given situation. Understandably, feedback also encourages communication between employees and their leaders in addition to helping “business leaders make conscientious and informed business decisions, which helps to reduce mistakes that could have a detrimental effect on the bottom line” (Mayhew, 2022). Essentially, feedback in education assists students to make sound business decisions and gives them practice to eventually reduce and eliminate mistakes that may be caused by improper evaluation. Feedback should encourage improvement in performance, whether it is in the classroom or at the table of a high-level executive business meeting.

The most important aspect of the educational system in preparation for a career in business is the level of creativity that is required to make the appropriate decisions within a changing technological landscape. Through globalization, advancement, and diversification of resources utilized within an organization, it is a key ability required from incoming leaders to demonstrate innovative thinking by utilizing various creative approaches for problem solving. The most important limitation to creative thinking is one’s own inhibitions and biases preventing them from truly thinking beyond their own boundaries. Therefore, they must “unlearn” most of the predispositions that they have developed through the years, whether it is through experiences or their own environments. The education system, therefore, offers “a substantial body of work on creativity” that “has been available to any businessperson inclined to step back from the fray of daily management and engage in its questions” (Khaire & Amabile, 2014). This does not necessarily mean to disregard the structure and development of knowledge from previous mishaps, but rather utilize it to further engage other topics that may provide further insight into the given situation as applicable to current environments. Furthermore, creativity should guide performance in the sense that it allows for productivity and adaptability to changing business landscapes including the introduction of new technologies and industries.

​Whether it is to manage, make critical decisions, or demonstrate creativity, a proper educational foundation is crucial for the successful preparation and development of students for a long-lasting career in business. Education is often necessary because it also serves as a driving force with regards to which career path students would want to choose, whether it is directly in the field of business or through the application of business principles in their own respective fields, including but not limited to medicine, law, engineering, fashion, or social work. Some students might be more inclined to go into finance, or they might be more adept in marketing; therefore, education allows students to explore these options prior to applying them in the real world. In addition, the education system is often more developed than some organizations with regards to advanced thinking and use of technology, which will allow students to become better equipped to guide those organizations that may need additional assistance to keep up with the changing landscape. Overall, the educational system builds skillful and knowledgeable leaders that are able to not only contribute, but also become pioneers and influential forces that are able to further guide, inspire, and motivate others to do the same.

References:
Khaire, M., & Amabile, T. M. (2014, August 1). Creativity and the role of the leader. Harvard Business Review. Retrieved May 9, 2022, from https://hbr.org/2008/10/creativity-and-the-role-of-the-leader
Mayhew, R. (2022, March 22). The importance of feedback when in a leadership position. Work. Retrieved May 9, 2022, from https://work.chron.com/importance-feedback-leadership-position-3355.html
Sutevski, D. (2020, July 1). How important is education in business? Entrepreneurs Box. Retrieved May 9, 2022, from https://www.entrepreneurshipinabox.com/21284/how-important-is-education-in business/