Everything you need to know about studying business management
The term ‘business management’ is often used within the corporate sector and encompasses many things. Virtually every corporate role today involves some aspect of business management.
Therefore, it makes sense to understand business management in-depth and pursue a business management programme to enhance your corporate career prospects.
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Let’s dive into the importance of business management and how it can be beneficial for your career.
What is business management?
To put it simply, business management involves looking after the entirety of business operations in a company. Business managers coordinate between different teams, create realistic business goals and help the employees achieve them in the target time.
The role of business management is to ensure that company operations run smoothly and the organisation grows and establishes itself within its industry.
What does business management involve today?
Business management encompasses a lot of business operations and strategies that form a complex and interconnected web. Some of the common business management operations in 2022 include:
- Finding the right talent for different business roles and recruiting them
- Expanding the visibility and prominence of the company in the open markets
- Creating specific time-bound business goals to increase revenue
- Setting up processes and strategies to achieve business goals
- Interacting with employees to motivate them to do their best
What are the different functions and processes involved in business management?
Business managers need to have a broader perspective of running the show within a business organisation. Therefore, they need to expand beyond specialised knowledge of specific operations.
Here are the primary functions of business management that we’ve listed below:
- Planning: This is the first step of managing any business operation and involves creating tasks and goals for a company to achieve. Business planning also includes allocating available resources and setting realistic timelines to complete the goals.
- Organising: Organisation includes setting up corporate structures and systems to ensure business operations run smoothly.
- Leading: Leading involves backing different teams and solving their issues so that they can perform to their best ability.
- Controlling: This step includes monitoring different business operations to identify any risks or potential misses in the system and address them.
Why should you learn about business management?
Business leaders and entrepreneurs need to demonstrate relevant business and managerial skills on a daily basis. If you plan to be a success in the business world, learning about business management in-depth can give you the academic knowledge and skills needed to excel in your career.
Business management principles also tend to evolve over time. Being proficient in management concepts can also help you identify potential gaps within your organisation and strategies for potential risks.
Finally, learning about business management principles can build an aptitude for innovation and scientific curiosity.
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This can help aspiring business leaders expand the boundaries of the business administration world.
What are the benefits of choosing a business management career?
Learning about business management does not necessarily mean you have to choose a business management career. However, there are distinct advantages to choosing to work in the field. If you choose to take on the role of a manager within a business, some of these advantages can include:
- You develop important managerial skills that can serve you well, even in your personal life.
- Relevant business management experience in your resume can enhance your employability in practically every industry.
- A business management degree can provide a first-hand introduction to how things operate in the real business world.
- A business management background can prepare you for an entrepreneurial career where you can be your own boss.
- Learning about business management can also give you a broad overview of ancillary subjects like finance and human resource management since they overlap.
What kind of career prospects can you find in business management?
A business management background can be helpful for a varied number of career paths across numerous industries. Depending on your skills and career aspirations, you can explore diverse jobs and career opportunities within the business domain.
Business managers can find suitable jobs in industrial domains such as healthcare, fashion, construction, pharmaceuticals and IT. You can also look for relevant opportunities in marketing, sales and finance, and logistics.
Here are a few interesting examples of jobs you can get with a business management degree that might interest you:
- Business analyst
- Corporate investment banker
- Business advisor
- Business consultant
- Management consultant
- Chief executive officer
- Chief marketing officer
- Human resource manager
- Marketing manager
What are the top business management skills you are expected to develop for a career in this field?
While business management career paths can be quite lucrative, it can be difficult to establish and sustain your career if you don’t develop some crucial management skills.
Some of the most important skills for business management that are expected from aspiring business managers include:
- Management and leadership skills
- Organisational skills
- Strong communication skills
- Aptitude for sales and marketing statistics
- Financial intelligence
- Problem-solving and critical thinking skills
- A knack for creativity and innovation
How can a business management degree help you establish a business management career?
There are many ways to acquire the business management skills listed above. While you can opt for a conventional route where you develop them over time through a business management job, a shorter alternative would be to opt for a business management degree.
Courses such as a master’s in business management can be a good way to acquire business acumen and other soft skills that would set you apart in a competitive field.
A relevant business management degree can also help you build and expand your professional network and leverage your contacts for your career goals.
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What are the different specialisations available in a business management programme?
Within business management, there are several specific job roles and specific responsibilities depending on the role you acquire. Picking a specialisation in your business management degree that interests you can help you gain in-depth knowledge in a specific discipline.
A business management specialisation can also help you become an authority on that subject and secure a high-paying role in that field.
Here are some common specialisations that you can choose for your business management degree. You should, however, remember that the number and nature of business management subjects can differ from one university to another.
- International business and entrepreneurship
- IT management
- Project Management
- Cybersecurity
- Finance
- Logistics
- Healthcare administration
- Hospitality management
- Human resources
- Sales and marketing
What are the usual admission requirements for a master’s in business management?
A master’s programme in business management can provide both a broad overview of the business world as well as specific insights into managerial aspects. The entry criteria for a postgraduate degree in business management, however, depends on the university offering the programme.
Most programmes require you to have a bachelor’s degree either in business management or an associated subject.
If you want to study business management in an English-taught business school, you might be asked to show proof of your English language proficiency.
At the end of the day, the criteria are university-specific; hence, you should check out the admission requirements before applying.
Your search for an appropriate business management programme can end with the MSc Business Management from GISMA Business School. This programme is designed to prepare you for a leadership role in any business organisation.
The course provides immense application-specific knowledge, pertaining to business management operations and principles. You can also choose from a lot of industry-relevant specialisations such as cybersecurity, marketing and finance.
Click here to enrol in this business management programme at GISMA today!
– This article was written by Sweha Hazari.