I recently came across the latest edition of the Future Entrepreneurs Report, produced by heavychef.org. The latest edition of the report provides some key insights into how entrepreneurs consume information, how they are developing their skills and the specific areas of skills development that are increasing in popularity.
One of the critical areas that must be addressed is the focus on how entrepreneurs consume information.
The rise of the internet
The birth and growth of the internet is one of the most important events in the history of humanity. Not only have we created a platform where people can access and share information, through social media, we have created a platform that connects and informs people.
The Future Entrepreneurs Report points out that the growth of social media has been poignant in the development of entrepreneurs. There has been a shift away from a handful of formal education institutions that were the only option available to students or learners who wanted to be aspiring entrepreneurs. The landscape has expanded to include a proliferation of non-formal learning networks such as social media.
There is a significant challenge with this shift. While the democratisation of content has been a game changer, and the fact that entrepreneurs can now share their journeys on a wide platform, such as social media, is liberating and inspiring, it must be pointed out that no two journeys into entrepreneurship are the same. This means that companies can respond to challenges in different ways. Formalised education in entrepreneurship from a recognised education provider is critical.
It is also important to note that a challenge with social media-based learning is that there is often limited support for learners who need extra guidance on a topic.
However, we cannot ignore the role of the internet and its influence on the distribution of information. Therefore, MANCOSA works hard to develop current programmes and learning modules that incorporate information widely found in both formalised literature and on the internet. A significant component of these programmes are case studies that are major social media drawcards.
What is being consumed?
It is important to note that while many South African entrepreneurs have little to no formalised entrepreneurship training, many entrepreneurs do have degrees in key areas such as business development and marketing.
However, we need to acknowledge that the world of business has changed. Research from ecommercedb.com points out that South Africa is the 42nd largest eCommerce market globally, with a predicted revenue of US$7,217 million by the end of this year.
The skills required to run a profitable eCommerce business differ entirely from those necessary to run an equivalent brick-and-mortar business. According to the Future Entrepreneurs Report, entrepreneurs are gravitating towards short courses in online tools that can help their businesses. In addition, advances in cloud services, especially in fields such as accounting, sales and coding, focus heavily on automation, integration and service.
Digital marketing is also a skill that is in high demand. Billboards and newspaper adverts are being replaced by social media advertising and long-form video (for YouTube) and short-form (for TikTok) video content.
Entrepreneurs also know that successful eCommerce businesses depend on a professionally designed website that is kept up-to-date. Extensive experience in website development, as well as a working knowledge of website management platforms such as Wix and WordPress, are top requirements in the job specs of any business development manager. Entrepreneurs taking on the role of business development themselves need to be well-versed in these skills.
While many entrepreneurs are turning to the internet to formalise their entrepreneurship training, many are doing short courses focusing on specific areas that will enhance their existing training.
As a leading provider of distance education, MANCOSA not only offers several courses and qualifications that focus on entrepreneurship and entrepreneurship development, the MANCOSA School of Information and Digital Technology focuses on digital skills that will equip entrepreneurs with the skills that will help them succeed in a digitally driven business environment.
