The primary objective of business studies is to help students to understand how businesses operate and how they can be effectively managed. In business studies, students learn the functions, structures and strategies of business. They also get to learn the external factors that impact business operations including market conditions, legal and regulatory frameworks and global trends.
Business studies are generally defined as the study of the activity of producing, purchasing, selling, marketing, or supplying goods (such as books, televisions, automobiles, etc.) and services (such as teaching, screenwriting, dancing, cooking, etc.).
Importance of business studies: Business studies is very important because as long as life exists on earth, everything and everyone is either directly or indirectly involved in one sort of business or the other and it is rather impossible to live in the world without doing business at one point or the other, either consciously or unconsciously.
Aims and Objectives of Business Studies
The aims and objectives of business studies encompass understanding the business environment, developing entrepreneurial skills, enhancing business management skills, and promoting ethical and socially responsible behavior. The following are the main aims and objectives of business studies:
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Management of human capital
Human capital is the mainstay of every business organization. The human resources component focuses on the management of human capital within organizations. It covers areas such as recruitment and selection, employee training and development, performance appraisal, compensation and benefits.
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Operations and supply chain management
Through the operations and supply chain management, the students are taught the management of business operations. This includes production processes, quality control, inventory management, logistics and supply chain optimization.
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Teaches students the importance ethics
This part of business studies teaches students the importance ethics and social responsibility of business organizations. Every business organization must make ethical decisions and take corporate social responsibility at all times. So the students are taught topics such as ethical dilemmas, corporate governance, sustainability and social impact.
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Teach the students how to identify business opportunities
One of the aims of business studies is to teach the students how to identify business opportunities, plan and start businesses. The entrepreneurship and innovation component of business studies covers the study of entrepreneurship in its entirety. Teaches business opportunity identification, business planning, financing startups, innovation strategies, and managing small and medium-sized enterprises.
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Business environment
The factors that impact businesses fall under two broad categories: internal factors and external factors. Business environment is the part of business studies that focuses on understanding the external factors. These external factors include economic conditions, political and legal factors, social and cultural influences, and technological advancements.
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Business management
Business management is an important part of business studies. It involves the study of organizational structures, styles of leadership, decision-making processes and so on.
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Office practice
Working in an office in any business organization requires knowledge about the practices. Business studies as a subject seeks to impact this knowledge in students to prepare them for any occupation requiring office administration.
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Book-keeping
The goal of every business organization is to make profit. However, the profits are products of day-to-day transactions carried out in the business. To track these business transactions, there is need for record keeping.
Book-keeping is a part of business studies that teaches students how to keep records of all financial transactions of the organization. Of course, this involves records of all the sales, purchases, supplies, credits, debits and so on
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Marketing & commerce
Marketing is another important part of business studies. It delves into the principles and practices of marketing, including market research and consumer behavior analysis. Other components under the marketing mix include product development and branding, pricing strategies, promotion, advertisement and distribution channels.
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Typewriting and keyboarding
One of the key essentials in business organizations are documents. Business studies deals with the basics of document preparation and production in the business organization.
These documents are either produced with the help of a typewriter or computer. Typewriting or keyboarding is the technique of using the typewriter or computer keyboard to key in information which will eventually be produced in hard or soft copy.
By hard copy we mean information printed on paper or other ‘hard’ materials while soft copy are those on a computer’s storage system.
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Computer studies
The world of business is fast evolving. Virtually everything about business is becoming computerized. This is because of the easier and faster possibilities that the computer creates.
The computer studies deals essentially with the use of computers and how to employ it in data entry, processing, and carrying out other tasks in the business organization.
Importance of Business Studies
The following are some Importance to Business Studies:
1. It improve and boost the economy
It is through the information that the whole world is built and designed and the economy of any nation is not left out of it.
Business education makes the learners come to terms with the status of the economy of their country and equally find out what they can do as individuals to improve and boost the economy of such.
2. It increases the chances of getting employed
No company or organization no matter how small will employ into its payroll incompetent persons as such, those who want to apply for positions in any corporate organization must really understand how the business world works, what to expect in the business world, what employers are looking for in employees and a lot of other business-related issues, these can only be begotten from the knowledge derived from business education at one point or the other.
3. It boosts self-esteem
Since the world operates on a standard of business, business studies have some core disciplines that will further better the lives of individuals even before going into the marketplace.
Business education teaches some values that other areas of discipline may overlook and these values are very important for the proper loving of an individual.
4. Skill development
The study of business helps the student to really develop his or her basic skills and any other skills that may be necessary for any official job.
It equally helps those who study it to be able to handle and tackle official tasks. The world of business rotates and there are sometimes some unforeseen circumstances, it is the knowledge of business that will really help the learners to be able to navigate through the challenges that may rise up from the business world.
5. Raises entrepreneurial skills
The truth is that everyone can be an entrepreneur if properly acquainted with the right and adequate skills.
This is what the study of business does, it makes learners aware of the fact that they too can rise up and become employers of labor by producing, manufacturing, leveraging upon, developing, and improving on products and services.
6. Enhances management and leadership skills
Every successful business organization is made up of teams and departments. The entire organization would be effectively managed if the various teams and departments are under good leadership.
A key advantage of business studies is that it equips individuals with essential management and leadership skills. These skill are essential for the effective management of teams, departments and the entire business organization. This involves goal setting, strategic planning, organizational behavior and decision-making.
7. Business studies help organizations to comprehend human needs and wants
Human beings are the end users of most products and services from business organizations. As social animals, human beings behave in certain ways and there is need to understand the factors that influence these behaviors.
How do human beings respond to changes and innovations? What factors determine their choices and decisions?
Business studies help individuals and organizations to comprehend human needs and wants, and how they vary under different contexts. With this knowledge, they can identify target markets, develop effective marketing strategies, and deliver value to customers.
8. Business studies promotes financial literacy
Financial illiteracy is a problem that is plaguing many people in the business world. Financial literacy is essential if an individual would be able to consistently make sound financial decisions both in personal and professional contexts.
Business studies promotes financial literacy among individuals. It does so by providing individuals with a solid foundation in financial management, accounting, budgeting and financial analysis.
9. Business studies encourage individuals to think critically
Business studies encourage individuals to think critically, analyze complex situations and solve problems creatively. And once they acquire these skills, they can apply them to other aspects of life such as personal finance, decision-making and problem-solving in different domains.
10. Business studies emphasize the importance of ethical conduct
Business studies emphasize the importance of ethical conduct and corporate social responsibility. Students of business studies are taught the ethical frameworks of business. They are made to understand the impact of business decisions on various stakeholders and how that makes for sustainability.
