Management Education: A Key Element For The Development Of Private Enterprises In Latin America. The Case Of Ecuador

Abstract

The purpose of this article was to determine the availability of management education in Ecuador and the usage of it by the management of private enterprises in the country. Management’s importance in the economy of a nation is paramount because it is responsible for the success or failure of businesses, which are the foundation stones of the free enterprise system. In turn, one of the most essential prerequisites to effective management is management education because it increases the knowledge, skills, and productivity of managers. The benefits of a better management education are improved ability to identify viable business opportunities; less resources waste on ill-conceived ventures; enhanced competitive edge internationally; improved job satisfaction and retention of personnel; and improved effectiveness in the turbulent external environment. It was concluded that in the educational sector Ecuadorian private enterprises are not currently in a position to contribute toward economic development because their managers do not have the necessary and commensurate managerial education