Businesses exist to serve various customer needs while delivering profits to the owner of the company. These exist in the form of having a meal at a restaurant, opening a bank account, buying groceries at a supermarket, and more.
Have you always wanted to have your own company? Do you dream of becoming a billionaire who owns multiple businesses, just like Robert Kuok?
To do that, you’ll have to learn the ropes around managing a business!
As one of the most popular choices for students worldwide, a business degree will give you a broad idea of how businesses work. From managing daily affairs to running internal operations and planning future expansions, a business degree will be beneficial in many ways.
In an era where entrepreneurship and start-up companies have become a global trend, this course has undeniably increased in popularity and value.
There are many fields that you can choose to specialize in with a Business degree. The main fields covered in business are:
Accounting: Records, reports, and analyzes the financial transactions of a business to determine the financial state of the company.
Economics: Gives an understanding of how the general economy interacts with businesses and consumers through supply and demand, market monopolization, and competition. It also touches on the role of governments in combating unemployment and inflation.
Finance: Related to the management of money and wealth. You will learn investment strategies, wealth creation, fund allocation and the trade-off between financial risk and reward.
International Business: Provides the knowledge of how a multinational company runs its daily operations, overcomes challenges, and builds partnerships with other businesses for global expansion.
Management: Related to the management of a company where you will learn how to plan, organize, lead, and guide employees to achieve company goals while allocating the available resources.
Marketing: Equips you with the skills and knowledge to effectively communicate the value of a company’s product or services to maximize profit and build customer-brand loyalty.
Problems arise in business all the time. As a business owner or consultant, you need to be prepared to fix problems if they do not work out as planned. A business degree not only teaches you how to spot issues, but equips you with the knowledge required to solve them on your own.
Throughout your degree, you will gain an array of skills that can increase your employment opportunities. You’ll learn how to implement strategic planning, manage company finances, create a busines plan, and communicate effectively to market goods and services. These all are bound to come in handy if you plan to start a busines of your own in the future!
Ever heard the saying ‘A business degree is too general?’
That’s a myth. You’ll be studying general subjects in the first year, such as Fundamentals of Business, Principles of Accounting and so on. Later on, you’ll learn about the other subfields under Business that you can specialize in. Thus, while gaining an overall understanding of business, you attain specialist knowledge of your chosen field as well!
Business is a broad field that offers many career opportunities, so you’ll have the flexibility of picking from different industries. Here are some sectors that you can explore:
Expected salaries for Business Manager per year:
| Finance Executive
|Entry level||US$ 31,000||US$ 49,000||US$ 72,000||US$ 52,000|
|Mid-career||US$ 48,000||US$ 62,000||US$ 93,000||US$ 66,000|
|Executive||US$ 40,000||US$ 63,000||US$ 98,000||US$ 75,000|
|Senior||US$ 43,000||US$ 77,000||US$ 82,000||US$ 79,000|
Source: (payscale, 2016)
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Tech companies must prioritize diversity, equality, and inclusion to fully realize the industry’s potential. Systemic biases have led to historic exclusion of underrepresented groups, creating a vicious cycle of limited opportunities. Actionable strategies are needed to promote diversity, equality, and inclusion beyond hiring, such as creating equitable opportunities for all. These measures don’t just benefit individual employees but the business as a whole.