Business is a general term that casts a wide
net in the world. Essentially, "business" refers to any commercial
enterprise entered into for profit. Traditionally, it has implied the
manufacture and sale of goods, but a more expansive definition includes
the exchange of services, information or expertise for profit, as well
as non-profit institutions.
There are thousands of types of businesses and dozens of ways to
categorize them. Manufacture, retail sales, the service industry,
agriculture, finance, utilities, transportation — all are
generally-recognized, top-level categories of business, under which fall
scores of specialties, services and companies, each presenting
opportunities for jobs, occupations and careers.
Since there are so many types of business, there are numerous routes to
engaging in a career in business. On-the-job training and apprenticeship
are two traditional pathways, but the most common modern method is to
first obtain a good education. Business schools are located everywhere,
and online courses are available to virtually anyone at any time in any
location. Business majors first study essential techniques and
principles, such as accounting and marketing, then move on to specific
applied practices of management, sales and marketing, business
administration and organization, finance, business law and ethics, human
resources, and many other areas of study.
Regardless of the area of business in which one intends to specialize, a
strong education in the field will prove a great advantage.
Business Degrees
While no degree is necessary for many entry level jobs in the world of
business, the farther one wishes to climb up the corporate or company
ladder, the greater the necessity for a business degree. Degrees in
business can run from certificates, indicating competency in some
specific function, to Ph.D.s, and cover every level in between.
One of the most popular and useful degrees in the realm of business is
the MBA (Master of Business Administration). MBA programs train students
in competence in a number of essential business techniques, as well as
how to apply this theory to the practical necessities of the work
environment. An increasing number of management positions require
candidates to hold an MBA, making it a virtual career necessity. Not
only do MBA degrees move careers forward, they also pay off in increased
salaries for those who have earned them.
There are many different programs of MBA studies available, and these
can result in a number of different degrees, from a general degree
applicable to numerous types of businesses and industries to degrees in
highly specialized disciplines. In a typical two-year MBA program, the
first year is spent studying a wide range of subjects and the second
year is devoted to a specialization.
Degree Programs and Careers in Business
Business can be divided up into numerous types, areas, and
concentrations, each with its own specific focus and further
specializations. Among the most common divisions and most popular
categories of business are:
Accounting and Finance
Accounting is an administrative function in which the costs,
expenditures, and overall financial performance of a company or business
are systematically recorded, compiled, summarized and analyzed in order
to ensure financial control and to help guide decisions regarding the
management of the company. Accounting specialties can include
bookkeeping, systems design, and analysis and interpretation of
financial information, among others.
Finance is the branch of economics that deals with managing money in all
its forms, including capital and stocks, credit and debt, income and
expenditures, investments and other assets. Finance degrees prepare the
student to effectively manage the finances of businesses, including
planning, risk analysis and developing strategies for optimum growth.
Advertising
Advertising is the communication of a message or the promotion of a
product or service to a targeted audience through various forms of
media. The goal of advertising is to increase awareness of a product and
inform a targeted audience of its benefits, thereby increasing sales of
the product and ultimately leading to profits for the company.
Business Administration
Business Administration is a general term denoting the managing of
business assets in an effective manner, whether the assets are human
resources, finances, or materials. A degree in general Business
Administration trains the student in essential management and business
techniques which can be generally applied to virtually any business.
E-Commerce/E-Business
The Internet has opened up entirely new avenues of sales and marketing,
requiring newly developed techniques to expose potential customers to
these products and services. E-Commerce courses educate the student in
these new techniques and explain how to adapt traditional techniques to
Internet business.
Financial Planning
Within the general field of financial planning there are two specific
types of occupations. Individuals who need advice and assistance in
planning for their financial future call on financial planners to advise
them. Financial analysts work for businesses such as banks and insurance
companies, helping them and their clients with investment decisions.
Financial Management
Financial managers oversee the budgets, investments, and cash-management
strategies of the companies for which they work. They institute
financial plans and policies, prepare financial reports, monitor cash
flow, and hire and manage staff. They may supervise all financial
matters throughout one or more departments within a company.
Hospitality and Tourism
The leisure industry is experiencing an explosion of growth all around
the world. Courses and degrees in this field impart valuable knowledge
and skills in many forms of guest services and traveler assistance, from
functional management of hotels or restaurants to travel arrangement;
from human resources to marketing; and many more.
Human Resources
Human Resources, also known simply as "HR," is the department of a
company responsible for managing employees. This includes recruitment
and hiring of personnel, payroll, organization and administration of
benefits (such as medical and insurance benefits), layoffs and severance
packages, firing, and numerous other personnel problems and issues.
Since these vital services can require an in-depth knowledge of laws and
regulations at all levels of government, as well as a thorough
understanding of the company goals and culture, extensive training in
the range of duties and their application is available through several
degree programs.
International Business
As businesses continue to expand their reach globally, they must
consider local economies, cultures, languages and traditions, as well as
the often complex laws and regulations regarding international trade. A
concentration in international business educates the student in the
numerous and various laws, cultural differences, languages and
techniques necessary to effectively operate, or function within, a
multinational business.
Management
In general, management refers to the upper level personnel of an
organization responsible for establishing, organizing, mobilizing,
guiding and strategizing the organization's resources to attain its
goals. Graduate and post-graduate training in management imparts the
theoretical and practical techniques of various management theories,
including decision-making, organization, resource utilization, tracking
and evaluating success, motivation and delegation, effective
communication, and many other skills necessary for overseeing a
complicated business or organization.
Marketing and Sales
Both the marketing and sales disciplines involve getting products or
services into the hands of consumers. While sales courses present the
various theories and techniques of the actual wholesale or retail
transaction, marketing concentrates on the theoretical and applied
techniques of creating an image of the product that will attract
consumers and inspire purchases. This includes coordinating research,
communication, design, psychology, pricing, promotion, advertising,
merchandising, and many additional disciplines.
Organizational Management
Organizational management generally refers to the management of human
resources from the individual, team, organization, and global
perspectives. As corporations grow and expand internationally, there is
an increasing need for organizations to understand how to manage their
business on a cross-cultural level.
Project Management
Project management refers to the planning, organizing, and managing of
specific business projects. Project managers set goals, define budgets,
create schedules, and coordinate the activities of various individuals
and departments, all in an effort to complete the work of a given
initiative on time and on or under budget.
Public Relations
While an advertising agency communicates a company's message to a
targeted audience, a public relations agency communicates that message
to the press. PR professionals speak on behalf of their client, often
pitching story ideas to the press, writing press releases, and creating
press kits.
Risk Management
Risk managers identify and analyze the financial risks posed to
organizations and businesses in order to minimize the potential for loss
and increase the potential for success and therefore profit. Through
research and testing, risk managers help to determine the steps a
company needs to take in order to reduce risk and emphasize gain.
Financial Outlook for Careers in Business
Business covers such a wide range of occupations that there will always
be opportunities at every level of industry, for every level of
education, at every conceivable salary, from minimum wage to the
multi-million dollar salaries commanded by corporate CEOs.
According to statistics compiled by BizStats.com, there are more than 25
million U.S. business entities filing income tax returns, and that
figure has been growing about two percent per year. This includes more
than five million corporations of various sizes. Collectively, U.S.
business entities posted over $ 20 trillion in annual revenue in 2003,
and in 2001 sold more than $10 trillion worth of goods and services.
Some areas of business and industry are currently outperforming others,
however, in terms of growth and career opportunities. According to the
U.S. Bureau of Labor Statistics, for instance, employment in
administrative and support services is predicted to grow by 31 percent
during the next decade, elevating this area, particularly employment
services, to the position of one of the fastest expanding employment
areas today, as well as one of the areas in which the most jobs will be
found. Retail jobs are predicted to grow by about 11 percent; managerial
positions and financial positions by 14.4 percent; and sales positions
are expected to grow by nearly ten percent, creating the largest number
of new jobs in any occupation. Employment opportunities in the
hospitality sphere, specifically food services, are forecast to grow by
as much as 16.5 percent between now and 2014
