why study business essay

why study business essay

The Importance of Studying Business: A Comprehensive Analysis

1. Introduction to the Study of Business

No business, whether it be a sole proprietorship, a corporation, or a department in a non-business organization, can exist without performing its primary function, which is to perform trading transactions. If it does not perform this basic function, it fails to meet the main test of a business, and it is, in effect, closed down either by the voluntary action of equities, staff, or both; or by the action of those who have provided the finance and hence the reason for the existence of the business organization.

The term or title “business” is by no means confined to the concept of a for-profit entity. Business is not solely about making money, although making money is important and vital to the success of any business. At the most essential level, a business is all about exchanging goods and services for money between a buyer and a seller. Once again, it is important to emphasize that a business transaction occurs not only when money is exchanged, but whenever one thing is traded for something else, be it goods or services. Any business, public or private, individual or corporate, is in reality a mechanism that performs a transaction. If the mechanism breaks down so that the transaction does not occur, income does not flow.

2. Key Benefits and Relevance of Studying Business

Business studies have the potential to offer many benefits to students. The first benefit of teaching business studies is that it provides practical knowledge. Business studies go beyond where most conventional textbook subjects conclude, giving students the opportunity to improve and display original thought, logic, and creativity by incorporating wider and dynamic business knowledge. Studying business subjects can encourage future business leaders when taught with the best teaching techniques. Business studies are like life; it deals with human behavior and outcomes when dealing with other people and in response to changes in the economy of the market system. Knowledge and theory of various important aspects of the economy, such as finance, marketing, and management, are also provided by business studies. This is essential as business and marketing are constantly evolving with changes which both present great difficulty as well as new and continued opportunities in fostering business performance and industry expansion. Business study also has the potential of improving our skills such as presentation, oral and written communication, team working, numeracy, problem-solving, quantitative skills, and ethical reasoning and judgment.

In today’s world, business and market concepts (from marketing to finance, from leadership to strategy, etc.) are universal ideas that we face in almost every aspect of our lives. Although most of us have not received a specific business education, we have an instinctual grasp of the business industries in which we buy services and products. This is why businesses have played a key role in our society. Learning business provides a foundation in domains that will matter to everyone in society. The reasons for studying business are surrounded within the benefits of that education. Studying business provides an opportunity to discover what makes people and organizations successful and generate effective, structured, and flexible business mechanisms that can be advantageous in both professional life and personal life. It gives us exposure to theoretical knowledge, practical approaches, visional perspectives, expert capabilities, and potential opportunities along with the chance to observe the successes and failures of organizations.

3. Impact of Business Education on Personal and Professional Development

One way to provide insight into the importance of the study of business is to look at the impact that this subject area has, or can have, on those who study it. One of the most visible impacts of business activity is the way in which it creates and generally conditions jobs, an issue of considerable concern in many parts of the world. This in turn stimulates consumer and political reactions about issues relevant to business. Materialism has led to this condition; greening the public, as it were, has drawn attention to making improvements. Yet, from another perspective, this concentration on jobs has yielded substantial increases in labor costs. Outstanding business and financial leaders have served as models for others. They contribute in many ways by their investment in and support of schools and colleges. Business leaders are probably the most visible aspect of business, and they are usually under public scrutiny. The populous at large may be a consumer or owner of wealth, and will receive income in return. The benefits society actually derives from business depend both on the success with which individual enterprises such as Nissan, IBM, General Motors, Bowen, and Ford meet the demand for products and services at acceptable levels of quality, and on the success of business and financial leaders in meeting the challenge of public policy.

One way to provide insight into the importance of the study of business is to look at the impact that this subject area has or can have on those who study it. Specifically, how does business study contribute to overall personal and professional development? The benefits of business study and training in helping a person achieve positive career and professional development have long been recognized. What is significant is that business can be of value in effecting positive personal, managerial, and professional development whether or not one is an accountant, administrator, or manager. Business can be of help whether one is a nurse, engineer, librarian, parent, son, or teacher. In other words, the values achieved are not limited to one specific profession. The extent to which business study affects or contributes to the development of the individual is in itself the cornerstone of the benefits derived. Business study plays a critical role in personal and professional development by providing stimulating, challenging, and well-paid career opportunities with long-term potential.

4. Challenges and Opportunities in the Field of Business Studies

On the contrary, relatively few self-contained enterprises operate in this way, but that is just what their students expect. An additional field separateness ratio is faculty that has no business organization, individuals that are accountable primarily for one function of the school. The conundrum is that business, current modern enterprises, barely operate this way. Academics with narrow focuses on research or teaching (which they often perceive as quite unique disciplines) due to the separation of research and teaching activities within business schools are former students from a myriad of professions and disciplines. On the other hand, if you think about it, these individuals are also known as human and/or intellectual capital, which this conundrum discussion that immediately follows, attrits out a further concept, namely, business education also consists of executive development process. To spell it out without fear of contradiction, it is a necessary component of the business ecosystem supply chain. Business schools without doubt are not the sole source of producing the right talent for this purpose, but they are without doubt an indispensable one. The range of potential academic sinus and outcomes related to this assertion is large as we shall signpost. Business schools require research that makes sense and spurs development, high-value teaching and development-centric contributions.

Several challenges, predominantly exogenous, actively influence business studies. Among them are fluctuations in the macroeconomic environment, the rapid evolution of technology, omitting the fact that business students hardly rigorously study technology, the tyranny of shareholder capitalism, the paucity of “good” companies in terms of corporate social responsibility, excessive executive remuneration, the essential enterprise spirit crisis, globalization and international business-related problems, the drawbacks and controversies of the Anglo-American corporate governance model, and recent financial calamities. Organizational design and leadership succession, intellectual and emotional capital are the core of modern enterprises, necessitating related expertise. Educators as well as businessmen articulate the gap between the two activities, both in terms of graduates, mainly business studies ones, and budding undergraduates’ skills and requirements. Indeed, the latter aspire to be broad-based generalists with a broad base and sound organizational and people skills, the former are heaving towards a big functional emphasis meriting an iron competence base in only one or two business areas. Accomplishing equilibrium is the key challenge for those toiling away within business schools.

5. Conclusion: The Future of Business Education

Conclusion: The Future of Business Education It is apparent that business is the backbone and economy of every country. Its institutions include people from all walks of life. Educational programs for business should be planned so that they can help provide high quality services to all of these institutions by creating a framework of high-quality productive business activity. Such a framework of productive activities helps to develop economies, providing services to millions of people.

Many people have criticized educators for not providing better business education. Although some colleges of business are justifiably proud of their programs of study, too many schools do not have programs, nor do they plan for, that are of high quality. This outcome affects the production of trained employees who are able to compete in national and international markets, and who can help develop the economy. Only students, graduates, citizens, and business officials and employees who become knowledgeable in business areas can inform the schools of the need for more and better education. At the same time, they must inform schools of the program conditions which should be imposed by agencies who accredit programs. Students, teachers, and business people must become concerned with the social responsibility of business education from the point of view of morality, business ethics, economic and social development, and the environment, considering their effects on human resources from the view of benefits they produce. Students cannot afford to expect that businesses which allegedly exploit human resources will act responsibility if their college of business education is irresponsible. They cannot afford to expect such behavior from businesses or falsified advertising if their college of business has a reputation for questionable quality of its instructions, graduates, and their behavior. Business education, student graduates, and the character formation they receive must be affordable, in accordance with repeatedly endorsed goals for business, which are determined impersonally by quality of curriculum, administration, instruction, and the educational experience. Quality programs and the graduates they produce are essential to a positive perceptual image produced in schools, business as the social institution.

Business is a broad and complex subject. Not surprisingly, the demand for business programs – including accounting – has continued to expand rapidly in many diverse directions. A growing number of college and university educators, business people, and public administrators are giving increased attention to improving business education. Some feel that traditional business programs are outdated and therefore are not meeting the rapidly changing demands of labor markets. They seek closer cooperation between business and higher education and changing business college curricula to better suit potential business students. Other people prefer more emphasis upon business programs in schools for women, and some advocate changes in curricula because of the increasing importance of the service sector of the economy.