Is Business Management a Good Field of Study?

Students everywhere know that what you study in college can have a big impact on your future. If you're unsure of what path to take, you should know that business management is a versatile choice with a lot of earning potential. Office buildings everywhere are teeming with these professionals, and there is almost certainly a place for you among them. Read more below about what they do and what you'll need to learn to become one of them.

What is Business Management?

Business management is a field that involves overseeing the day-to-day operations of a business, ensuring that assignments are being completed in a timely fashion, conflicts are being handled as they arise, and that the company has a clear direction for its future. Most companies have several tiers of business managers, from mid-level all the way up to high-level.

Over time, you'll probably have the chance to move into higher ranks depending on your performance and level of education. Because every company has at least some demand for managers, you'll have plenty of options when it comes to finding work.

These jobs carry a relatively high level of responsibility, but their availability and attractive compensation make it a worthy trade-off. As you can see in this overview from the Bureau of Labor Statistics, there is a wide variety of fields that managers can work in. Which means that even if you have an aptitude for healthcare, studying business management could lead you to working in this field, only in a management capacity.

Hard Skills Needed

Like any job, a business manager position requires applicants to have a certain hard skill set. As a manager, your main job is to ensure success - but it's not as simple as it sounds. What does success look like in your setting, and how will you prove it in a concrete way?

It's important that this process involve quantifiable values that can yield data that is easily understood and that is truly useful in distinguishing between what is working and what is not. You should be able to use a variety of metrics to gauge your team's overall productivity, as well as that of each of its individual members.

You need to know how to strategize and intervene productively if any of those metrics are unsatisfactory. Knowledge of things like accounting, computer use and accepted business practices are essential for this part of the job.

You'll also need to be very familiar with what your specific company does, and even more importantly, how it does it. If you want to work for a shipping company, you'll need to know your supply chain logistics inside and out. For the corporate headquarters of a retail chain, you should be deeply familiar with product offerings, new developments, and planned expansions. You can learn many of the finer points of these things on the job, but it's important to keep them in mind when choosing where you want to apply.

Finally, you should also know something about the legal and ethical contexts of business and what a company can and cannot do. This training ensures that you stay on the right side of the law and operate with fairness and justice in mind. Not only will this help you avoid potentially devastating legal consequences, but it will also keep your employer's image safe from public ire.

Soft Skills Needed

Beyond technical competencies, managers must also possess a variety of soft skills in order to be effective at their jobs. Managerial jobs differ from other kinds of work in that they always involve a high level of interpersonal interaction, both inside and outside of a position of power. Even if you have other duties, you will always be in charge of at least a small team of lower-level workers, and you will usually have superiors to report to as well. For that reason, people skills are necessary for any manager.

According to Inc. Magazine, many new managers overlook the importance of communication in several different but critical ways. A few of the vital competencies they outline include making your expectations clear, making sure your team members know they are valued, and accepting feedback on your own work with the goal of continually improving your performance.

Being able to mediate disputes effectively can also make a big difference to your team dynamic. Essentially, the healthier, purposeful interaction you can have with your team, the better off you'll be. You should also be comfortable interacting with and explaining things to higher-ups, because you'll frequently be called upon to do so.

Are you Ready for the First Step In Your Business Career?

Interested in becoming a manager, but not sure where to start? A Bachelor of Science Degree in Business Administration with a Concentration in Business Management could be the next logical step for you. For more information on this exciting program, connect with a helpful admissions advisor.

It could be the Best Decision You Ever Make!

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Gainful Employment Information – Business Management - Bachelor’s

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