The purpose of education has always been clear – to grow an individual to a productive citizen and impart the knowledge, talents, and acquired skills to ensure sustenance and achievement of the biggest goals of one’s life.
Many people think that formal business education is not required and that the in-built skills of an individual that would do. Though, everyone might have some innate skills in them, education helps in polishing those raw talents, and therefore formal business education is essential even if you have the talent.
The importance of business studies has been recognised by one of the lesser developed countries in the world, Nepal, wherein business schools are rapidly flourishing. Here are a few reasons as to why business schools are witnessing a tremendous growth in Nepal.
Growing Demand of Management Personnel
Being a less developed nation, the economy of Nepal is constantly trying to work upon reforming its condition. An economy can only flourish if all the industries of the economic sector run exceptionally well. To run all the sectors of economy well, the demand for business people will always be higher. All of this directly reflects on the establishment of business schools. Where there is a higher demand, there will be higher supply; if economy demands more of management personnel, there will be higher demand for business schools and eventually higher supply of business schools.
Changes in Occupational Pattern of Nepal
For years, agriculture has been a major source of occupation for most of the people in Nepal. However, with the increase in population, agricultural lands are not sufficient enough to bring employment opportunities to everyone. This is one of the reasons why people are thinking of starting a business of their own.
Another reason why occupational patterns are changing is the rising literacy levels. People are now more literate and aspire to start businesses of their choice. This has paved the way for an increasing demand for business schools in the country.
Growth of Financial Sector
The financial sector of Nepal has seen a remarkable growth in the past few years. Till the 1980s, the banking sector was wholly owned by the government. However, since then, the entry of other developmental banks, finance companies, NGOs etc brought a steady growth in the financial sector.
As the financial sector is growing, aspiring entrepreneurs can think of starting a business with financial help. This has given many people the confidence to invest in business education, and later on be able to embark on their entrepreneurship journey.
Growing Emphasis on Privatisation
Privatisation has paved the way for private companies to participate in the economic growth of the nation. This is one of the most significant impacts of privatisation on the economy of Nepal. Ever since the privatisation policies are implemented in the country, there has been steady growth of business owners. So, as the growing emphasis on privatisation has attracted many business aspirants, business schools are witnessing better growth.
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