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7/25/22

Introduction to business studies

 Meaning of business:

business Studies
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. 

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. 

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. 

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. 

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 mentiond 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.

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.



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