In the past, it was a common practice to establish a business without any prior knowledge. People had various skills and talents which they utilized in starting up a business. The startup of business was as simple as renting or owning a place, raising capital, and finding a product to sell. It was easy and straightforward, making the startup very convenient. However, now a startup is compound as the market has evolved beyond comprehension. The current era is witnessing FMCGs and technologically advanced products, making the market full of challenges. Every other day a new product with better features and capabilities is being invented because of which the market has become vast and diverse. This diversity has raised the benchmark for other companies to reach and has made it somewhat impossible to serve customers’ varying demands. At this time around, it has become a lot complicated to start a business. Therefore, it is crucial to have prior knowledge of the industry.
Business education has become a relevant and necessary field of knowledge. Almost every educational institution offers business degree programs for students. It helps you to understand all dynamics and attributes of a business. In this fast-growing world, a business startup faces a spectrum of challenges; a business degree makes it easy to handle these challenges. In the past, businesses were as simple as finding a product and selling it, while the product itself has become complex. However, now business has become much more advanced. With the company’s expanding to MNCs and targeting the global market, they are more inclined to new opportunities and better customers. In business education, an individual needs to learn more about managerial skills, critical thinking, interpersonal skills, leadership, finance management, and human resource management.
Outlined are a few reasons that describe why studying about business is viable:
Starting your own business
Individuals who wish to become entrepreneurs opt for a study in the business field. Studying business management helps you to learn skills that can shape your dream into reality. For example, if someone wants to start a baking company, he/she will have to learn specific skills in marketing the product. A financial plan for the cash inflows and outflows is necessary, which will outline the business’s feasibility. From how to raise capital for your business, accounting profit, and loss statements to selling a product are a few necessary learnings required to establish an organization. Therefore, having background knowledge of the business can come in handy.
If a person is confused about deciding on his future profession, a business degree also benefits decision-making. Business studies is a broad arena of all aspects of the business, which covers all the business world’s dimensions. From accounting, financing to management and marketing the education provides endless knowledge and opens plenty of opportunities. As you progress through the program, the career path and milestones become clearer. Either a person selects between human resource management, marketing, or supply chain management, etc. People not choosing to startup businesses move towards finding employment. In comparison with other fields, there are greater chances for a business graduate to get employed. Business management graduates have a variety of job opportunities in:
- Retail and sales
- Finance and accounting
- Human resource management
According to a study conducted in 2009, almost 65% of business graduates got full-time employment while other fields lagged. Therefore, studying a business field is never a loss but a win-win situation. In addition to this, the salary of fresh business graduates is quite handsome and shows a more promising career. The average annual starting salary is $55,000. However, people employed in multi-national companies with higher job status can earn up to $117,960 annually.
As a person progresses in business studies, he learns that the skills are easily transferrable and adaptable. These programs help develop skills that are quite useful in almost any related field, e.g., marketing is required from a range of small-scale products to industrial equipment. It sharpens your critical thinking, problem-solving, innovative idea formation, leadership qualities, managing team, thinking for creative marketing ideas, and managing finance. All these transferable skills come useful for starters. Some of the other valuable skills in the business field are:
- Presentation skills
- Report writing
- Making of financial report and interpretation
- Communication skills
- Handling people under stress and pressure
- Working with team
Management skills help a person to make an informed managerial decision while considering social and economic implications. Here are some essential business management skills:
- Critical thinking and strategic thinking
- Project management
Business studies have become a necessary field to understand the world. Every industry requires assistance in its core departments, and that is where the business studies shine. It serves as a basis for businesses and an establishment for finding employment. The skills learned are adaptable and flexible, giving people a competitive edge over other fields. It sharpens your creativity and increases the strategic process.