THE IMPORTANCE OF STRATEGIC FUNDING OF BUSINESS EDUCATION FOR PROMOTING SKILLS ACQUISITION IN THE NEW NORMAL

Abstract

Business education remains a potent tool for economic survival in the country with dwindling economic resources. This is due to the design of the program with the primary objective of training students in tertiary institutions to acquire skills that can enhance securing or creating jobs for themselves after graduation. The new normal in education led to increased use of digital tools for teaching, assessing and learning in tertiary institutions all over the country owing to the COVID 19 pandemic. Using the digital tools to teach business education students skills acquisition in tertiary institutions requires putting in place necessary facilities that will allow for seamless training. However, funding to provide for the necessary facilities remains a challenge. In this study, the concept of business education, skills acquisition, new normal and strategic funding was discussed. It also highlighted the various skills acquired in business education, importance of funding skills acquisition in business education, sources of funding and strategies for funding in the new normal. Suggested strategies include the use of social media platforms, strategic venture investment, host-proprietor-university-funding model amongst others. It was concluded that funding skills acquisition is central to achieving the objectives of business education and funding strategies must be intentionally looked into. Recommendations made include organizing periodic workshops and seminars to create awareness and explore potential strategies in funding business education, encouraging interdisciplinary research to exchange ideas on funding business ideas and encouragement of lecturers and students’ participation in generating ideas on strategic funding peculiar to the host institution.

Keywords: Business Education, Skills acquisition, Strategic funding,New Normal.