To fully understand how a society works, the importance of business must be considered. Business connects every facet of the modern world. For example, the United States had 31 million entrepreneurs after the first quarter of 2022, making up 16% of the adult workforce. By considering other business careers aside from entrepreneurship, one can begin to see how important business is to society.
The benefits and opportunities created by business enterprises play a crucial role in how different world areas are viewed. They also create a platform for new creations on which the world can thrive. This, in turn, aids in propelling a society forward and supporting how it functions.
As such, solid business knowledge can be a starting point for a successful career in any industry. There are a lot of platforms that help set the foundation for understanding the business industry, some of which include undergraduate degrees and online certifications. In today’s competitive job market, having a degree from a prestigious university can give you an edge over the competition. However, an advanced degree becomes necessary to recognize critical business processes completely.
What is a business management degree?
A degree in business management is a platform that opens a professional up to various high-level managerial roles in the business industry. It offers knowledge for people looking to advance or break into the industry.
Typically, advanced business degrees focus on planning, organizing, and analyzing the activities required to manage business-related tasks efficiently. In a very saturated global market, an organization can only stand out if it is being run efficiently. Thus, an advanced degree in business evidences a professional’s knowledge base and competency in critical skills required to work at any position in any company.
To some people, the term ‘business’ is quite ambiguous, and understandably so. Business embodies a lot of disciplines, all of which can be viewed as operational actions that support an organization’s existence. These disciplines are used differently based on an organization’s stature, preference, and need.
Here are some of the primary disciplines in business: Here are some of the primary disciplines in business:
Human resource management
This is a foundational discipline that is taught in all undergraduate business programs and focuses on the business environment and the relationship between employers and employees. Its curriculum includes performance management, training, development, human resource strategy and employee relations.
Additionally, professionals can also learn how to negotiate, bargain, manage conflicts and handle grievances.
Marketing is arguably the most critical discipline in business, covering business areas such as market research, marketing media, brand and retail management, advertising and sales. Professionals can also learn market-based promotion of the transparency of a business. Furthermore, it also covers the disclosure of associated risks.
Through marketing, a business is able to offer more information to the public through disclosures and transparent financial reporting systems.
The whole essence of a business is money. As such, there is always a massive demand for professionals with a background in finance and accounting. Companies provide a wide range of career opportunities relating to the finance discipline. These opportunities include auditing, tax planning, corporate finance and management consulting.
Supply chain management covers many critical business processes, including demand planning, inventory management, transportation, sourcing, merchandising, distribution management and store operations. There are also many other sub-disciplines in supply chain management.
This is an essential discipline in business as it provides centralized control of some fundamental processes required to produce and sell an organization’s product.
Some other disciplines include operations, consultancy, business information systems and economics.
Skills required for a business career
The basic setup of a business includes groups of people working together towards a common agenda. Unsurprisingly, a business’s success depends on how effectively each group can work together. As a result, a business career requires essential skills.
Business skills are the core practices utilized by working professionals in an organization and serve as a platform for success in the industry. Here are some of the most in-demand skills for a business career:
Most professionals in the business industry are seen as a direct interface between the organization and its customers. Hence, the level of communication determines how seamlessly a business will operate. In an organization, communication can be both internal and external — all forms help set the tone and define a business’s brand.
Aside from customer relations, the role of communication in business-to-business transactions cannot be overlooked. Practical communication skills can help you stand out in an organization as a professional.
A professional’s management skills represent how well they can unite other workers towards achieving a common goal. With different groups working closely together in an organization, it is the manager’s responsibility to coordinate each group effectively both from near and far.
Management skills help professionals communicate better, understand apparent challenges and objectives, and collaborate with others to find practical solutions. Professionals competent in management skills have proven to be knowledgeable in different business disciplines such as management, accounting, finance, administration and human resources.
Critical thinking refers to the process of breaking down a problem into segments to find and address the root cause. In an organization, decisions are made on a regular basis, and often these decisions require the business to adapt.
Hence, professionals in decision-making roles require critical thinking skills in order to examine and address an ever-changing business climate. Well-developed critical thinking skills help professionals make data-driven decisions that ensure organizational success.
As a result of the current technological age, data has continued to play a vital role in different decision-making processes. Making data-driven decisions has proven to be effective in boosting business productivity. As a result, a professional’s ability to collect and analyze data in line with developing insights is highly valued in every organization.
Data is everywhere, and every sector realizes its potential to improve efficiency. Hence, developing data analysis skills is essential to becoming successful in a business career.
A successful career in business also requires some leadership skills. These skills help in identifying issues and how to address them. You can either resolve them yourself or delegate responsibilities to others. Effective leadership also propels employee morale as they are effectively part of the decision-making process.
Leadership in an organization is significant, so much so that some companies engage in internal training to boost employees’ leadership skills. Alongside these skills, some other competencies to succeed in a business career include negotiation, organizational skills and financial knowledge.
Benefits of an advanced business degree
In the business industry, as with other sectors, there are many reasons to engage in an advanced degree program, which offers a good platform for getting to the top of your profession. There are many institutions that help individuals gain expertise across a vast array of business functions. Traditional institutions have always been the predominant option for advanced degrees over the years. However, professionals are now able to engage in advanced programs online.
Whichever option is selected, an advanced business degree helps qualify a professional for a plethora of business career opportunities. Here are some benefits of having one:
An advanced degree can help develop some of the most in-demand and relevant business skills, such as the ones listed above. These skills are essential to becoming an entrepreneur or taking up management roles in an organization.
MBA programs also offer a solid knowledge of these skills to professionals without prior experience in business management. You can quickly build the skill set required to respond to issues and changes in the business environment. This includes critical and strategic skills, effective communication, problem-solving, organizational and project management skills.
Professionals who engage in advanced business degrees obtain transferable skills and a good knowledge base, making them an invaluable asset to employers. This also makes them a lot more employable for several positions.
During a business degree, individuals can streamline the direction of their careers and decide on a specialist area that perfectly complements them. This could be in response to some business preferences for specialized professionals.
There are so many positions that promote specialization in the business industry. Some of the best business positions include:
These professionals are responsible for generating more sales for a business by promoting its services. Some primary roles include advertising, campaigning, promotions, and identifying potential customers.
As a sales manager, you will be responsible for managing a sales team in order to meet predefined sales goals. Some other responsibilities include creating business plans and roadmaps to meet business goals.
An engineering manager is specially trained to coordinate the activities of different teams engaging in engineering projects. They are mostly leadership responsibilities that cover tasks from creating strategies to providing training platforms for other employees.
Compensations and benefits manager
This career field might be somewhat unknown, but it is part of an organization’s HR department. It requires specialization in either human resources or finance. Some typical responsibilities include accessing an organization’s current compensations and ensuring they are in line with employment rules. Occasionally, these professionals also assist in recruitment.
Broader business perspective
An advanced business degree evidences a professional’s knowledge in the industry. It shows that an individual has a good foundation as well as a broad perspective of the field.
The curriculum of an advanced business program contains topics such as industry tendencies and market reports. Some MBA programs also include a global standpoint in the curriculum by motivating students to participate in international conferences and courses.
Having a broader perspective of the business industry prepares you as a professional to make effective decisions across all departments in an organization.
By having an advanced degree, you can be open to new opportunities and the potential of becoming your own boss. The business foundation obtained from the program is adequate to start your own business.
Adding a business degree to entrepreneurial skills and the ability to implement business ideas creates the platform to become a competent entrepreneur. Additionally, most institutions provide extracurricular activities for individuals interested in entrepreneurship. They also invite successful business owners to speak at conferences.
Networking is all about growing together in a like-minded community, and educational institutions foster student collaboration. As a result, by obtaining a business degree in an academic institution, professionals are empowered to meet and collaborate with individuals of similar interests.
Students are offered the opportunity to meet instructors, recruiters, and other students that share the same level of enthusiasm towards the business industry. This improves the possibility of landing a promising career after graduation. Furthermore, consultation on work-related issues becomes possible and more accessible by identifying similar professionals.
Alongside the possibility of advancing in a career, there is also the potential for better job opportunities and increased salaries. Individuals with an MBA degree are viewed as more professional and qualify for top positions in an organization. Employers are always eager to hire MBA graduates based on their better skill set and knowledge base.
Obtaining a business degree can help professionals increase their opportunities for career advancement. Acquiring an MBA is an excellent investment for ambitious individuals looking to get to the top of their careers.
Advanced business degree from Kettering University Online
An advanced degree is a sure way of developing the skills necessary to engage in top managerial positions. In today’s world, professionals can develop these skills through MBA online programs, one such program being Kettering University Online Master of Business Administration.
Kettering University Online offers an online MBA to take a professional’s business understanding to the next level. With this program, students can gain confidence in making managerial decisions that affect all levels of an organization.
Previously tailored for working engineers, the program is now all-encompassing, covering anyone looking to step up to the next level in the business industry. Kettering University Online’s MBA offers students the relevant skills required to make a difference in the business industry with a curriculum that includes disciplines in finance, accounting, marketing and management.