Interested in starting your own business or hoping to become an entrepreneur? Well, being passionate about it is one of the key aspects for starting and successfully running a business, but it is not enough. Excellent business skills such as strategy, marketing, finance, and business planning are also necessary. You will require other skills too, such as communication, leadership, motivation, and analysis. You can learn these skills by studying a business management degree. So what exactly is this degree all about and why is it so important if you want to become an entrepreneur? Read on to find out.
What is business management?
Business management refers to the activities associated with running an organisation. Business planning, strategising, monitoring, finance, and marketing are some of the activities involved in managing a business. The concept of business management is based on a learning framework that identifies the skills and knowledge a student must possess on completion of the degree. Starting and running a successful business requires an excellent idea and knowledge of the six key aspects of business management. These aspects or fundamentals are explained below:
- People: Human resource is considered to be the key asset in any organisation. Your leadership style can determine the success of an organisation. Having good communication and leadership skills can help inspire the employees and take the organisation to new heights.
- Operations: This is an important aspect of any Operations mainly involve plans, analyses, quality checks, supply chain, tools, techniques, etc. required for running the firm on a daily basis.
- Accounting: The operations phase in an organisation can only be successful if the day-to-day finances and accounting is properly managed. This phase involves reading, analysing, and preparing budgets, balance sheets, and financial statements.
- Strategy: Identifying new, exciting business opportunities and staying ahead of the competition are just two examples that show the importance of strategy. This phase includes competitor analysis, study of business opportunities, and the development of a sound business strategy.
- Finance: If an organisation needs to grow and become more successful, it requires funds. This can be done through smart financial planning and sound investments. This step includes employing various techniques and tools to manage capital and maximise profits for the business.
- Marketing: An organisation can only become successful if it employs an excellent marketing strategy. A sound marketing strategy involves researching the customers’ needs, requirements, demands, and changing tastes. This aspect includes the implementation of several marketing concepts such as purchase funnel, segmentation, targeting, positioning, and branding.
Why should entrepreneurs study business management?
In order to become an entrepreneur, you should possess certain traits, and doing a degree in business management can help you get there. There are certain advantages for budding entrepreneurs to study business management, take a look at some of them here:
- Learning new skills: Studying business management can equip you with great knowledge of how an organisation works, the dynamics involved in business markets, and best business practices. It hones in on business-centric skills such as business administration, advertising, and sales. The combination of these skills and knowledge can help you fulfil your dream of becoming an entrepreneur and running a successful firm in the long run.
- Making contacts: One important part of becoming an entrepreneur is making contacts with like-minded people, whether it is for funding, partnerships, or job opportunities. These like-minded people are likely to be found in a business school. The more connections you make in business school, the more beneficial it becomes for you in the future when you start their own firm or organisation.
- Gaining credibility: Entrepreneurs require funds to start their own business. Earning a business management degree will add credibility to a budding entrepreneur’s request when they approach investors for money. Aspiring entrepreneurs are less likely to obtain funding if they are just graduates. Also, having a business degree provides a good backup in case your start-up fails and you need to apply for a job.
- Increasing knowledge: Due to the constant change in markets, business models, and techniques, entrepreneurs should go to business schools for refresher courses that enable them to keep up with the changing requirements and demands of running a business.
- Methods of running a business: A business management degree teaches people how to run a business
- Critical decision-making: Critical decision-making is a key trait of any successful entrepreneur. This skill is developed and refined by students during their business management studies. It is very useful in scenarios such as hiring new employees, dismissing personnel, reallocating resources in the organisation, or developing and implementing a fresh framework in case the business needs
Having a business degree is not compulsory to become an entrepreneur, but it does help greatly. Entrepreneurs have to make key decisions and solve major problems in a limited timeframe, which ultimately may overwhelm them. Business schools simulate similar high-pressure scenarios for students to prepare them to face the same in the real world.
What skills can you learn from a business management degree?
Completing a business management major equips students with great business management skills. Take a look at the some of the management skills you can acquire to get a clearer idea:
- Communication (both written and oral);
- Critical and analytical thinking;
- Problem solving;
- Logical thinking;
- Critical decision-making;
- Financial management;
- Business administration;
- Project management;
- Time management;
- Motivational skills;
- Organisational skills;
- Business planning and strategy.
Tips for studying a business management degree
Business management courses are considered to be very difficult due to the constant pressure. Take a look at some tips below that would help you while studying for your business degree:
- Preparation: preparation is key when it comes to studying in a business school. Students should be prepared for anything ordinary or extraordinary.
They should also prepare a study plan and adhere to it, as it will help students to perform well in their business courses. Additionally, students should also prepare notes and revise before tests and exams.
- Interact with alumni of business schools: prospective business schools students should interact with alumni to get glimpses of life in business schools. Students can learn from the alumni’s experiences and implement their advice on how to perform well in a management course.
- Join extracurricular activities: extracurricular activities are a great way to make new friends, de-stress, and impress prospective employers. Students can attend sessions organised by the business school clubs and choose clubs that they find Taking up leadership positions in clubs can help boosting your CV and it looks great on future job applications.
- Stay organised: studying in business school requires a great deal of multitasking, so students should stay Before starting their business management course, students should get acquainted with their class schedules, project deadlines, exam timetables, and extracurricular activities and events.
- Take up a hobby: due to the constant pressure and stress in business management courses, students should take up hobbies to de-stress, relax, and get rid of any existing anxiety. Students could take up hobbies such as cooking, reading, painting, music, or even gaming.
Entry requirements for a business management degree
There are several entry requirements that you needs to consider before opting for a business course in the UK. Take a look at these some of these entry requirements below:
- School education: if you have elected to do A-levels, you need to score at least an ABB. If you have opted for a GSCE, you should obtain five GSCEs (C and above), including mathematics and English. If you have chosen IB, you need to score a minimum of 32 with at least four IB points in mathematics, five points in English and any two other subjects.
- English language requirements: Students need to take an IELTS test and achieve an overall score of at least 6.0, with a minimum score of 5.5 in each component, namely listening, reading, writing, and speaking.
- Age: applicants must be at least 18 years old if they want to apply to a business management course. If they are above 21 and are interested in applying, they must pass a QAA-approved Access to Higher Education Diploma test with 60 credits. They should also have an excellent statement of purpose.
LCCA provides career-focused programmes that seek to help students gain hands-on experience in their chosen industry, as well as obtain the relevant theoretical knowledge needed to embark upon a successful career.