E3 Journal of Business Management and Economics
E3 Journal of Business Management and Economics Vol. 2 (4) pp. 147-155, October 2011; © E3 Journals; ISSN 2141-7482
Importance of identifying and analyzing business development needs for economic survival and sustainable development through human capital
Joe Duke II *Department of Business Management, University of Calabar, Nigeria; Tel: 234-803-710-6463
*Corresponding Author E-mail: joedukell@yahoo.com
Accepted 9 September 2011
Abstract
A business firm’s ability to effectively take advantage of new business opportunities depends to a large extent on the quality of its human capital. For a firm to improve or increase its stock of human capital, it needs to continue to develop its human resources. This paper demonstrates theoretically that there is a strong connection between firms’ ability to identify and analyze business development needs, using their stock of human capital, and the achievement of economic survival and sustainable development of a nation. The paper makes a case for sufficient emphasis on the funding of the drivers of human capital development – education and health - if developing nations, like Nigeria, should transit into world class economies in the near future.
Keywords: Keywords: Human capital; Human resources; Business development; Sustainable development.
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