Business studies a very wide subject which includes the study of how the business is operated. The main focus of business studies is on financial and management aspect of business operation. This study teaches the business principles, management principles, marketing principles, financial principles, accounting principles and economics principles. Business study tells about the organization, planning and action to create, develop the products and services for customer satisfaction by the individuals and group of people. Thus, business study involves the theoretical as well as practical knowledge of business management such as how to construct a business model to run the business, how to plan strategy, how to build financial structure etc. This multi – disciplinary domain further involves the study of accounting, finance, marketing, entrepreneurship, supply chain management etc.
The business serves as a pillar of this developing globalised modern world. Business studies enable the students to understand, explain and work in different organizational framework. The area of study is just not limited to business and management; it further highlights the sociology, political science, psychology, mathematics, law, statistics etc. There are many factors which influences the business directly or indirectly such as cultural impacts, environmental factors (internal & external), ethical elements, political scenario, economic conditions etc. Thus business studies help in better understanding the world of business with all these factors. It develops essential soft skills and technical skills which are required to run a business. Business studies cater the students with following skills:
- It enables the students with critical and analytical skills
- It enables the students with good evaluation techniques
- It enhances the students’ research skills, interpretation skills data and information collection and analysis
- It teaches the students about self – reliance, initiation ability, management skills, projects and resources ability.
- It teaches the students about the effects of economical, social, cultural changes on the business.
- It enables the students with problem solving abilities, decision making skills, strategy making skills.
- It highlights the business history to make the students understand the business and organizational behavior and organizational structure.
Thus, business studies are of great importance. Employers all around the world look for these attributes in employees. The subject encompasses mainly the business principles, theory and practices that develop the entrepreneurial initiative, economic growth and sustainable enterprises. The subject involves the following features:
- Business Environment: Business study highlights the various environmental elements such as macro, micro and marketing environments plus the complexity of business sectors.
- Business Operations: This feature equips the students with the ability of business and operation management such as human resources, marketing, project management, production management, public relations etc.
- Business Ventures: This feature is about development of various factors which can create sustainable business organizations.
- Business Roles: Business studies teach the students about the roles of business which are required in diverse business contexts.
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