New Zealand’s number eight wire mentality has put our small but mighty country on the world stage time and time again and it’s no wonder when you look at the entrepreneurs and innovators punching well above their weight.
According to the Ministry of Business Innovation and Employment (MBIE), there are approximately 487,602 small businesses in New Zealand representing 97 percent of all business in New Zealand. Combined, small businesses employ 30 percent of New Zealand’s working population and produce about 27 percent of New Zealand’s Gross Domestic Product.
If the above isn’t incentive enough to go confidently in the direction of your small business dreams, then here are five of the key reasons you should study small business:
- Expanding business skills: no matter what industry or service you are interested in, the acquisition of key business management skills will serve you in good stead. From operations to managing stakeholders, planning and identifying opportunities through to understanding the small business environment, utilising resources, marketing and planning and finance, a world of skills awaits.
- Increased credibility: in the contemporary workforce, qualifications and practical experience go hand-in-hand, and combined, are a great credibility earner. Whether you want to start your own business or already own one, adding another string to your bow is a great investment in yourself and your future thanks to the compelling impression it makes on potential employees and clients. Qualifications are hard-earned and having one or more signifies to your network that you mean business!
- Learning about management: one of the key skills that is imperative for small business ownership or management is learning how to manage people. There are some innate qualities that are valuable such as honesty, integrity and leading by example, but there are also a number of skills that need to be fine-tuned for you to flourish in business. From working together to achieve results to great communication, it’s impossible to overstate the importance of great management.
- Innovation and inspiration: innovation is a naturally occurring quality in many, but for some, it takes a while to get the creative juices flowing. To that end, pursuing a qualification can help train the mind as well as facilitate introductions to like-minded individuals. Networking is an essential part of being a small business owner or manager.
- Understand the environment: learning to read and respond to your ever-changing environment takes time. While every industry differs, there are universal principles that apply when forecasting, troubleshooting and mitigating challenges. These skills become possible with comprehension of your working environment. A qualification helps you to think practically and explore case studies and solutions before going out on your own. Think of it as a test drive!