Introduction to Business Studies

 Meaning of business:

Business studies 

If you look around, you will find many shops selling one commodity or the other.  In some cases, you will see offices providing services to satisfy the needs and desires of their numerous customers. Ask the people running these shops and offices what is their job or profession.  They will simply tell you that they are business men or business women . In actual fact ,every healthy person in the world today is involved in one firms of business or serving as an employee. A farmer is in the farming business. 

Business typically refers to the activities involved in producing, buying, or selling goods and services with the aim of making a profit. It can encompass a wide range of activities and organizations, from small sole proprietorships to large corporations, and it plays a fundamental role in the global economy. Business involves various functions such as marketing, finance, operations, and management to ensure the efficient operation and growth of an enterprise.

What is business ?

Business can be define as any activity performed or services rendered which provide goods or services to satisfy human needs and desires. Any business activity must be legal and must bring a reward or profit. The activities performed and the services rendered must result in the provision of tangible or intangible goods. A tangible good is something you can physically see or hold by hand such as pen,  a book, a pair of shoe etc. A person involved in the production or sale of these things is in business. An intangible good is a good or services that cannot be physically seen or held by hand. It involves such services as the services of your teacher, doctors, lawyers, accountants etc.  If a doctor treats you of your sickness for example, you can only feel you have regained your health, you cannot physically hold health by hand.  It must be noted that every economic activity brings a reward or a profit.  However, there are businesses which are not for profit making,  example of such businesses include the services of red cross society. 

Business studies can be defined as the study of how businesses work, especially the financial and management aspects of business. In our own context, it will be limited to the study of those basic subject required for effective management of business such as office practice, commerce, book keeping, shorthand and keyboard or typewriting. 

Importance of business studies 

The study of business is important for the following reasons:

• It gives one the opportunity to know the activities which one can perform to produce goods and services to satisfy human needs and desires. 
• It provides an opportunity for self employment. 
• It allows consumers to make better decisions about their needs and desires. 
• It provides the opportunity for making appropriate career selection. 
• In provides the opportunity for making better investment decision. 
• It gives one the opportunity to deal with a body of knowledge which encompasses many subjects areas including office practice ,economics, commerce, book keeping, insurance, transportation etc. 

Furthermore Business studies are important for several reasons:

Understanding the Business World: Business studies provide insights into the functioning of the business world, including how organizations operate, make decisions, and adapt to economic changes.

Career Opportunities: Studying business can open up a wide range of career opportunities in fields such as marketing, finance, management, entrepreneurship, and more.

Economic Literacy: It helps individuals become economically literate, understanding concepts like supply and demand, inflation, and economic policies that affect everyday life.

Entrepreneurship: Business studies can empower individuals to start and manage their own businesses, contributing to economic growth and innovation.

Problem-Solving Skills: Business education equips students with problem-solving and critical thinking skills, which are valuable in both professional and personal life.

Financial Literacy: It helps individuals make informed financial decisions, manage personal finances, and understand investment options.

Global Perspective: Business studies often include international business topics, fostering a global perspective on trade, culture, and geopolitics.

Ethical and Social Responsibility: It encourages awareness of ethical and social responsibility in business, emphasizing the importance of sustainability and corporate ethics.

Innovation and Technology: In today's digital age, business studies help individuals adapt to technological advancements and embrace innovation in various industries.

Adapting to Change: Business studies teach adaptability and flexibility, important qualities in an ever-changing business environment.

Overall, business studies provide a foundation for a successful and informed participation in the business world, whether as an employee, entrepreneur, or consumer.

Functions of business :

Business performs the following functions :

• Business makes available goods and services to the customers.
• It provides employment for the people .
• It provides raw materials for the production of goods required by the people. 
• It makes it possible for the provision of essential services such as  electricity ,banking and insurance, which, to a large extent,  make life more comfortable for people. 
• Through business, people got more and better goods and services, which automatically improve their standard of living. 

Furthermore Businesses have several fundamental functions, including:

Production: Creating goods or services for customers.

Marketing: Promoting and selling products or services.

Finance: Managing financial resources, including budgeting, investments, and accounting.

Human Resources: Hiring, training, and managing employees.

Research and Development: Innovating and improving products or services.

Customer Service: Providing support and addressing customer needs.

Supply Chain Management: Managing the flow of materials and resources.

Legal and Regulatory Compliance: Ensuring the business follows laws and regulations.

Strategic Planning: Setting long-term goals and strategies.

Information Technology: Utilizing technology for efficiency and growth.

These functions are essential for the operation and success of a business. The specific roles and importance of each function can vary depending on the nature and size of the business

Components of Business Studies; 

Business as a course of study, or a decipline, is a body of knowledge, which touches on many areas including commerce ,economic, insurance, and banking . Business studies at the primary level concern it self with the foundation courses of the above mentioned subjects. 

These foundation courses form the components of business studies and they include the following :

• office practice which deals with the management of an office meant for business activities .
• Commerce, which is the activity of buying, selling, and distribution . That is, the activity that brings goods as services to the final consumers.
• Bookkeeping,  that is, the job of organizing or reconciling a companys finances or that of an organization .
• Shorthand is the method of writing that uses symbols to represent letters, words, or phrase which is used when writing what someone is saying as he is talking. After the speech,  the symbols representing letters, words, or phrase will be translated into normal letters, words or phrase for other people to understand. It helps managers,  public speakers etc. to have the accurate record of what they said when they were talking. 
• Keyboarding, a system of using keys, which you press to print letters, symbols, graphical illustration etc. This can be done on typewriters and computers.  In writing business letters, preparing business accounts or other  documents you have to use either the computer or typewriter. 

These five components are so basic and fundamental to the knowledge and practice of business.  If you know the five components you will be in full control of your business. If you don't know some them, you have to employ some people you know to assist you. 

Furthermore Business studies typically encompass a wide range of components and topics, including:

Business Environment: Understanding the external factors that influence business operations, such as economic, legal, social, and technological factors.

Management: Studying principles and practices of management, including planning, organizing, leading, and controlling within organizations.

Marketing: Exploring concepts related to product development, pricing, promotion, and distribution strategies.

Finance and Accounting: Covering financial management, budgeting, accounting principles, and financial analysis.

Human Resources: Addressing topics related to recruitment, training, motivation, and employee relations.

Entrepreneurship: Examining the process of starting and running a business, including business plans and innovation.

Operations and Production: Focusing on efficient production processes, supply chain management, and quality control.

Ethics and Social Responsibility: Discussing ethical decision-making and a company's role in society.

International Business: Exploring global markets, trade, and international business strategies.

Business Law: Understanding legal aspects of business contracts, liability, and intellectual property.

Information Technology: Incorporating technology and its impact on business operations and decision-making.

Economics: Analyzing economic concepts that affect business, such as supply and demand, market structures, and macroeconomic factors.

These are some of the key components within the field of business studies, and the specific curriculum may vary depending on the educational institution and the level of study.

Career opportunities in business 

Career means an occupation or profession that can do earn a living.  The study of business opens the door of opportunities for choosing a life career . For example with the study of the five components mentioned above office practice ,commerce ,bookkeeping, shorthand, and keyboarding,  you Kay a solid foundation to become an entrepreneur, and a professional . A good knowledge of office practice ,shorthand, and keyboarding will make you a professional secretary.  With a sound knowledge of commerce and bookkeeping you can become a trader, an accountant, a finance expert, a banker, etc. With the study of such course like economics, accounting, finance etc.  Your career opportunities will be wider.  You can become in addition to the ones mentioned above, a management expert,  a manager of firms, supermarkets, oil as gas business etc. You can also become a management consultants and a self employed person doing many businesses.

Furthermore Career opportunities in business are diverse and can vary based on your interests, skills, and education. Some common career paths in business include:

Marketing: Roles in marketing involve promoting products or services, market research, and advertising.

Finance: Careers in finance include roles in banking, investment, financial planning, and accounting.

Management: Management roles can range from general management to specialized areas like human resources or operations.

Entrepreneurship: Starting and running your own business is an option for those who want to be their own boss.

Consulting: Business consultants offer expertise in various areas to help companies improve their operations.

Sales: Sales professionals focus on selling products or services to customers and building client relationships.

Supply Chain and Logistics: Managing the movement of goods and services efficiently is critical for businesses.

Business Analytics: Analyzing data to make informed business decisions is a growing field.

Information Technology: IT professionals support and manage technology systems within organizations.

Sustainability and CSR: Focus on sustainability and corporate social responsibility is becoming more important in business.

These are just a few examples, and there are many other Specialization within the business field. Your choice will depend on your interests and the skills you develop.

In conclusion  If you're thinking about studying business at university, you might be wondering what exactly business studies is. Business studies is a broad discipline that covers many different areas of business, from accounting and finance to marketing and human resources.

One of the great things about business studies is that it can lead to a wide range of careers. Whether you want to be a manager, an entrepreneur, or a financial analyst, a business degree can give you the skills and knowledge you need to succeed.

If you're interested in studying business, there are a few things you should know. In this blog post, we'll give you a brief introduction to business studies and tell you what you can expect from a business degree.

What is business studies?

Business studies is an academic discipline that covers all aspects of business, from management and marketing to accounting and finance. Business studies is usually offered as a degree at university, and it can lead to a wide range of careers.