Given the current state of the Nigerian economy, many individuals are contemplating whether to pursue a university education or dive straight into starting a business.
While everyone has the freedom to make their own choices, it is crucial to consider several factors before making a decision.
In this blog post, we will explore five important aspects that can help you navigate this dilemma effectively.
- You Can Do Both: One misconception to avoid is the belief that you must choose between getting a tertiary education and starting a business. The truth is, it is possible to pursue both simultaneously. Many individuals have successfully balanced their studies while running thriving businesses. To determine if this is feasible for you, ask yourself if you possess the discipline and focus required. Cultivating these qualities will benefit you regardless of your chosen path.
- Better Job Prospects: While securing a job is challenging in today’s labor market, having a university degree significantly broadens your options. Statistics reveal that only 15% of individuals who graduated within the last six years are unemployed, compared to the 27% unemployment rate among those without higher education. Therefore, having a degree increases your employability and enhances your prospects for finding meaningful work.
- More Financial Opportunities: Although starting a business may seem like a shortcut to quick and easy money compared to spending 4-6 years in a tertiary institution, it is important to consider the long-term financial benefits. With a university education, you can access graduate training programs that fast-track your career progression. This acceleration often leads to higher salaries, which improve over time. While it may take longer to accumulate wealth initially, the potential for financial growth is greater with a degree.
- Acquisition of New Skills: A university education provides a valuable opportunity to develop a wide range of skills that are transferable across various industries. In addition to expanding your knowledge, you will learn how to work effectively in teams, deliver compelling presentations, and communicate proficiently with others. These skills may not be readily available or as diverse in a business venture, where you may be limited to a specific set of skills.
- Unforgettable Experiences: The university experience offers a unique blend of personal growth, lifelong friendships, and valuable life lessons. From communal living to engaging in social activities, university life enriches your overall development. While it is true that there will be ups and downs along the way, the memories and experiences gained during this period are often cherished and contribute to shaping your character.
Conclusion
In the face of Nigeria’s economic challenges, choosing between a university education and starting a business can be a daunting decision.
However, by considering these five factors, you can make a more informed choice.
Remember, it is possible to pursue both paths simultaneously, but carefully weigh the benefits of a degree in terms of job prospects, long-term financial stability, the acquisition of valuable skills, and the unforgettable experiences offered by the university journey. Ultimately, the decision should align with your personal goals, ambitions, and circumstances.