What is business management: job opportunities + 4 reasons to study it
Claudia Roca
Business management or administration is a highly valued knowledge in terms of professional skills. The concept of business as we know it today is not very different from the concept that was used centuries ago, which is why being a good manager has always been of vital importance.
However, over the years and with the development of digital technology, this concept has evolved to the point where it’s a privileged knowledge worthy of a university degree.
That is to say, to be a business administrator is to be a professional capable of achieving the maximum benefit for a corporation, based on its work policies, mission, vision, objectives and development.
Join us to understand in depth this profile, the importance of this field today, and if it will continue to be a position in demand in the future.
What is business management?
Also known as business administration, it’s a set of knowledge and practices that are part of the social, economic, and technical sciences.
In this career or area of knowledge, the aim is to develop all the skills and competencies that a person must have to be able to manage a company in the most efficient way possible.
Thus, taking care of aspects such as planning and directing the company's resources, providing a stable order to the processes so that the activities are carried out successfully, and thus offering goods and services of the best possible quality.
The resources managed by a company, or rather, by the company manager, can be either:
Economic resources and,
Technological resources.
Each of these resources has objectives and purposes, of which the manager must be fully aware and establish adequate work strategies so that they can be invested and worked in an orderly and clear manner.
6 Skills that a business administrator must develop
A business administrator must be in full power and capacity to manage all levels of business organization, being able to develop strategies and plans that substantially improve the assets of the business and keeping the accounts always up to date.
Planning, organizing, controlling, and directing are words and actions that a business manager must know perfectly, to the point of being able to perform them at any time that is required.
1. Ability to carry out situation and case studies
When we talk about situations and case studies, we are talking about the company's current situation. What problems it has at the economic, social, and personal level, identifying them and then being able to propose practical solutions to each situation.
A good company manager cannot be unaware of the current situation of his workplace. Not doing so implies not only a lack of professionalism but also means working in the dark and without any stable basis on how to develop his other functions and activities.
2. Ethical and moral values
Of course! As in any other profession, ethical and moral values should be part of your skills as a professional. You must be able to adhere to the elementary principles of the company and follow its values and rules to the letter, as long as they are in line with the law and good work performance.
And it’s not just about following these values, it’s about reflecting them in your activities and strategies so that both your staff and the company's public can notice them.
3. Transforming the reality around you
And yes, part of your job as a business administrator is to create strategies that, through the services or products offered, can accumulate capital to offer quality and support social transformation programs.
Another of the characteristics, functions, or skills that you should develop is to be able to both self-train and train staff in their areas of work.
4. Adaptation to the market
As you can already guess, the current work-related market is volatile, and it’s constantly evolving and transforming. As a business administrator, you must not only be aware of these changes but also adapt to them and reflect them in your work plans.
You need to be able to take the company to the competition in the current market, and thus achieve sustainable development.
5. Integral and human training
Keep in mind that your dealings with the public or work personnel will be constant. Therefore, you must be able to respond with respect, responsibility, and fairness. You must always remain impartial in conflict situations until you reach clear conclusions and make the fairest decisions possible.
In other words, you must be a born leader in personnel management. And remember, being a leader implies being part of the process of change, transformation, and development. It’s not about commanding or creating authority in a bad way, because, although some may respect you, it will probably be out of fear, and not because they really value you as an ethical professional.
6. Science and humanities go hand in hand
In the beginning, we emphasized the importance of developing science and social skills in addition to technical skills. Not only because your job as such involves accounting exercises and resource management, but also because you must be able to analyze situations, understand your reality, and draw appropriate conclusions.
You must develop the habits of research and critical thinking and also promote them with your work staff.
How important is business management for a corporation?
Let's start by saying that, without administration, there would be no company as such. Everything would be chaotic, there would be no order and, therefore, we would not know the real situation of the company, if it’s growing, if it’s stagnant, or if it’s making losses.
On the other hand, problems may arise at the level of personnel or process development which, without early identification, could lead to serious problems that could compromise the stability of the company.
For this reason, it’s necessary to have trained personnel to administer and manage all these aspects that can get out of hand.
However, within the world of business management or administration, there’s also a large number of positions, depending on the type of company and its needs: you can be part of one or another. We present them below.
Career opportunities in business administration
Just as in medicine or engineering, within the technical world of business management, there are also branches or variants of the career, which will give you a specific function within the corporation.
Thus, once you achieve a bachelor's degree in business administration, you will be able to be part of the following jobs:
Marketing.
Marketing and market research.
Manager of recruitment, selection, and training of personnel.
Executive of public and private companies.
Executive Assistant.
Sales executive.
Finance department director.
Administrative manager.
Executive president.
Financial analyst.
Entrepreneur of personal projects.
These are just some examples of job opportunities, and there are many, as we’ve already mentioned, depending on the type of company, the place and the objectives sought.
However, it‘s still one of the professional careers with the highest demand and work field that exists, and it will continue to be so in the future due to the constant growth of new projects and companies.
When is a business administrator necessary?
As we’ve already mentioned, the functions may vary although they are closely related. However, a company will require the services of an administrator when situations such as the following arise:
When there is a need to plan, organize and direct training and business development plans.
Evaluating and managing resource investment projects.
When there is a need to direct studies of new markets in which to participate and compete.
Administration of resources, marketing or marketing proposals, and financial management.
Design of administrative structures for companies.
Directing and completing administrative procedures internally and with third parties of the company in question.
Supervision of the fulfillment of the processes in the strategic plans active in the company.
Executing market research plans through surveys.
These business needs and requirements are always present, so there’s always a search for new personnel trained to perform all these functions.
4 Reasons to study business management or administration
If you are a lover of marketing, management, and economic sciences, then business administration is right up your alley. Since it meets all these characteristics and indeed, once you start with your professional practice, you will be in constant exposure to such functions.
In addition, thanks to the fact that it has different fields of study, its curriculum is very varied, which in turn allows for extensive specialization once you reach a certain level. Being able to develop all these functions, but being a specialist in one of them.
It’s important to emphasize that specialization is highly valued at work level. Sometimes it’s not about doing many things, but about doing one thing and doing it well.
However, a good business manager will be able to perform his job in any of its areas with the required competence.
So, specifically, what will you be exposed to?
1. Economic aspects
Everything related to the economic and financial framework of the company, from the implementation of accounting reports to the management of financial resources and capital.
2. Legal aspects
That's right! The business manager must know the legal framework of the company, not only to apply it in their action plans and strategies but also to comply with the rules and legal regulations of the city where it’s located.
3. Administrative Aspects
Everything involved in the proper functioning of the company is included in this area. Therefore, management will be a fundamental point that you will have to acquire and put into practice constantly.
4. Functional aspects
This is where your humanities skills come into play. You must have critical analysis skills to be able to interpret each situation in the company ethically and professionally. In addition, of course, you must study the operational aspects of the company, being able to identify failures in each sector of the company or, alternatively, discard them.
In conclusion, business administration is one of the most complete professional positions in today's working world.
It has a very demanding specialization that requires the development of many skills for the same purpose. However, it’s thanks to this that it’s such an interesting and appealing career for students.
The learning curve is considerable, however, it’s a career that demands a lot of practice, so acquiring knowledge will also depend on a lot of trial and error, at least, as far as your training process is concerned.
The reality is that, once you finish your studies in the field, you will have an extensive amount of job options in which you will be fully capable and you will be able to enjoy a good salary as well as enjoy the fact of how a whole company starts to grow and develop thanks to its functions.
Are you thinking of taking your studies in business administration? Hopefully, this information has been enlightening for you, as well as motivating.
Do you like what this profession has to offer? Don't forget to comment and share the information with those you think may need it.
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