Economic Growth Correlates with Investment in Education

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TimesofMalta.com

Now more than ever, today’s employees need to possess adequate skills and knowledge to enable them to perform a wider range of tasks and functions within their organisational contexts. The labour market has to become flexible and adaptable to the continuously changing market environment. Moreover, the educational institutions’ investments in curriculum development will help to provide incentives for individuals to commit resources to their careers. Many academic studies have shown that economic growth is increasingly correlated to the effectiveness of the countries’ educational policies and their related curriculum development programmes (OECD, 2012). Educators should ensure that their policies, systems and reforms contribute to the supply of well-skilled people for the labour market. Prospective students of continuous professional development programmes and of higher education courses may be new entrants (school leavers), people continuing to expand their existing knowledge and skills in their workplace or job seekers registering for employment. On the other hand, lower social capital investments can impact on a country’s economic growth prospects as well as on its productivity levels and competitiveness. This may translate in serious negative effects for the individual’s well-being as well as for the cohesiveness of society.

For instance, entrepreneurship programmes in post-secondary or tertiary institutions are usually based on multiple-skills approaches. Students who follow such courses acquire key competences in creativity, innovation as they enhance their business acumen. In addition, they usually develop their social skills, particularly if they work in groups. Students can learn how to work collaboratively in a team environment. Educators should try to adopt student-centred approaches, including case studies, active participation in cooperative learning, exercises such as role-playing, debating, and the like. In fact, assessments of entrepreneurship studies may also involve the delivery of a sales pitch and the drawing-up of a business plan. Both of these tasks can be carried out in groups of three or four students. Ideally, students should also demonstrate their written communications skills. They may be required to produce media releases which feature their unique selling proposition(s) to their chosen markets. Such methodologies may possibly entice students’ curiosity and motivation in the subject. In the process, the students will also learn how to work in tandem as they develop their interpersonal skills.

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In a similar vein, successful entrepreneurs also have to work closely with people. Perhaps, it is critical for business owners (including micro-enterprises) to foster great relationships with employees, customers, suppliers, shareholders, investors and more. It goes without saying that some individuals may exhibit higher interpersonal traits than others, but others can learn and improve upon their existing skills. As prospective entrepreneurs, the students are expected to come up with fresh, innovative ideas, and make good decisions in their projects. Arguably, creativity, problem solving and recognising opportunities in the marketplace are some of the specific skills that may be acquired. However, it is important that the students’ decisions are based on relevant market research. The entrepreneurship programme will have to provide practical skills and knowledge to enable the student to produce effective goods or services in a profitable manner. One of the learning outcomes of this subject is to help students to set their goals and to create good plans to achieve them. Afterwards, the students can proceed with the organisation, leadership and implementation of their project. The students’ multi-skills will help them leverage themselves and to achieve a competitive advantage over others.

 

The theoretical aspect of the entrepreneurship studies teaches students how to develop coherent, well thought-through business plans. The students acquire sufficient knowledge of the main functional areas of business (sales, marketing, finance, and operations). In addition, the students are taught how entrepreneurs raise their capital. They will also learn about financial projections and how to determine the break-even point of their projects.

 

Indeed, the entrepreneurship studies focus on developing the students’ potential skills. Throughout such pragmatic educational programmes, the students will have to use their abilities and talents to operate resources or to manage others with a reasonable degree of confidence and motivation.  The students who are successful in their entrepreneurship studies nurture their skills, knowledge and competences. This contribution suggests that multi-skilling approaches in education can bring increased competitiveness and productivity in the labour market.

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