by Ronald Manalastas

Created on: April 28, 2010

Small businesses in the US create no less than 75% of the new jobs, constitute 97% of all exporters, and account for about 50% of total private employment. The US economy apparently draws enormous power from small business performance. There are 30 million small businesses in the US. Of this total, 53% or 16 million are home-based enterprises. Small business mortality rate, however, runs high. Incompetence, lack of management experience, and lack of knowledge on product or service had caused 3.5 million small business closures in 2007-2008, representing 87% of total closures. Close to 1.8 million of the 3.5 million closures were home-based businesses.

This extensive small business cessation accentuates a central message: the importance of continuing education across the ranks of small business owners, more particularly home-based entrepreneurs. Business studies abound linking higher education with entrepreneurial success and indicating that no less than 75% of small business owners have college degrees and close to 30% have MBA’s. Nonetheless, the more meaningful and compelling argument that comes to the fore is how learning can be sustained. Let us discuss the key parameters of continuing education:

1. Value of Continuing Education 

The fundamental goal and reward in continuing education for home business owners - or for any person, institution, and enterprise desiring to be attuned with change - is continued competence for growth and competitiveness. Continuing education in business is a capacity-building discipline that gives people the conceptual and practical readiness to address critical issues affecting business survival and growth. For example, the external factors (e.g. political, economic, social, technological, and legal) affecting business are major issues which home-based entrepreneurs must clearly understand and be updated with because of their complex, disruptive, and fast-changing context.

2.  Sources of Learning for Continuing Education

Home business owners can acquire continuing education from traditional and non-traditional learning modes. Traditional learning venues include colleges and universities, training institutions, professional organizations, and vocational schools offering courses, seminars, programs, modules, and certifications. Non-traditional learning channels include online courses and degree programs, web-based audio and visual conferencing (webinars), e-books, blogs, newsletters, magazines, CD-based training

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