5 answers
Jennifer
Student
Cape Town, Western Cape, South Africa
1
Question
Updated
660 views
How does everything work in the business management field work?
I am a 10th grade who has just started business learning
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5 answers
Michelle M.
Entertainment Industry
1968
Answers
Updated
Michelle’s Answer
Hello, Jennifer !
I am happy to know that you are taking a business class while in 10th grade in High School. This is the perfect time to begin studying the enormous amount of information about the business world, especially if you plan to pursue it further in college. Although your question covers an enormous amount of ground, it's enlightening to receive advice about this field of work. There's a lot to learn.
Learning about Business and Business Management is a process. You are most likely getting the basics of it in the class you're already taking and that will help you understand each facet of business. It would take a lot of words to say how "everything works". If you want to jump the steps your class is taking, there are some books that you can read on the different areas of business and management, but I would recommend that you take this learning at a step by step pace. Here are some books that will give you the gist about business that you can take out from the Library or look for online: The Confident Introvert, Shoe Dog by Phil Knight (this one's about Nike), The Lean Startup by Eric Ries, The Making of a Manager by Julie Zhou, Traction by Gabriel Weinberg and Justin Mares, The Hard Thing About Hard Things by Ben Horowitz, Start it Up: The Complete Teen Business Guide by Kenryn Rankin, and The Young Entrepreneur’s Guide. These books are good for high schoolers and these are just a few of the resources to learn from.
You also may be wondering how else you could learn everything about business. Well, you're not going to learn everything all at once, but a positive step would be to do some volunteer work. Here are some places you can look up online and connect with them for volunteer work: Entrepreneurs’ Organization (in Cape Town), Crunchbase Hub Profile, SME South Africa, National Small Business Chamber, Cape Town Regional Chamber of Commerce & Industry. You will learn a great deal by doing volunteer work.
Like many careers, business is something you learn about not only in the classroom and through books, but also by actively having a hands on, in person experience. The high school class you are taking now will provide you with the understanding and ability to take it further and venture into the diverse businesses that your country has to offer.
I hope this is of some help and I wish you all the best !
I am happy to know that you are taking a business class while in 10th grade in High School. This is the perfect time to begin studying the enormous amount of information about the business world, especially if you plan to pursue it further in college. Although your question covers an enormous amount of ground, it's enlightening to receive advice about this field of work. There's a lot to learn.
Learning about Business and Business Management is a process. You are most likely getting the basics of it in the class you're already taking and that will help you understand each facet of business. It would take a lot of words to say how "everything works". If you want to jump the steps your class is taking, there are some books that you can read on the different areas of business and management, but I would recommend that you take this learning at a step by step pace. Here are some books that will give you the gist about business that you can take out from the Library or look for online: The Confident Introvert, Shoe Dog by Phil Knight (this one's about Nike), The Lean Startup by Eric Ries, The Making of a Manager by Julie Zhou, Traction by Gabriel Weinberg and Justin Mares, The Hard Thing About Hard Things by Ben Horowitz, Start it Up: The Complete Teen Business Guide by Kenryn Rankin, and The Young Entrepreneur’s Guide. These books are good for high schoolers and these are just a few of the resources to learn from.
You also may be wondering how else you could learn everything about business. Well, you're not going to learn everything all at once, but a positive step would be to do some volunteer work. Here are some places you can look up online and connect with them for volunteer work: Entrepreneurs’ Organization (in Cape Town), Crunchbase Hub Profile, SME South Africa, National Small Business Chamber, Cape Town Regional Chamber of Commerce & Industry. You will learn a great deal by doing volunteer work.
Like many careers, business is something you learn about not only in the classroom and through books, but also by actively having a hands on, in person experience. The high school class you are taking now will provide you with the understanding and ability to take it further and venture into the diverse businesses that your country has to offer.
I hope this is of some help and I wish you all the best !
Dharmesh Churiwala
Management Consultant
6
Answers
Kansas City, Missouri
Updated
Dharmesh’s Answer
Welcome to the exciting world of business management! At its core, business management is about planning, organizing, leading, and controlling the resources of a company to achieve specific goals. Here’s a simplified breakdown of how it works, tailored for someone just starting out:
1. Key Areas of Business Management - Business management involves several core areas, each playing a unique role in running a company:
a. Planning
- Setting goals for the business and determining how to achieve them.
- Involves creating business plans, budgets, and strategies.
b. Organizing
- Arranging resources (people, money, tools, etc.) to implement the plan.
- Structuring teams, departments, and workflows.
c. Leading
- Guiding and motivating employees to achieve goals.
- Includes communication, decision-making, and leadership skills.
d. Controlling
- Monitoring performance to ensure goals are being met.
- Analyzing results, solving problems, and making adjustments.
2. Business Functions - A business typically consists of the following functional areas:
a. Marketing
- Promotes the product or service to attract customers.
- Includes advertising, social media, branding, and market research.
b. Finance
- Manages money, budgets, investments, and financial reports.
- Ensures the company remains profitable and sustainable.
c. Operations
- Handles the day-to-day activities of producing goods or services.
- Focuses on efficiency, quality control, and supply chain management.
d. Human Resources (HR)
- Manages employees, including hiring, training, and maintaining a positive work environment.
e. Sales
- Directly interacts with customers to sell products or services.
- Focuses on building relationships and meeting revenue targets.
3. Levels of Management - There are three main levels of management within a company:
a. Top-Level Management
- Includes CEOs, presidents, and executives.
- Focuses on overall strategy and decision-making.
b. Middle-Level Management
- Managers and department heads.
- Implements the strategy and oversees teams.
c. Lower-Level Management
- Supervisors and team leaders.
- Manages the day-to-day tasks and frontline employees.
4. Skills Needed in Business Management - To succeed in this field, develop the following skills:
- Communication: Clear and effective interaction with teams and clients.
- Problem-solving: Analyzing issues and finding creative solutions.
- Leadership: Motivating and guiding others toward a common goal.
- Time Management: Prioritizing tasks and meeting deadlines.
- Decision-Making: Weighing options and making informed choices.
5. How Businesses Make Money - Businesses generate revenue by providing goods or services to customers. The basic formula is:
- Revenue: Money earned from sales.
- Costs: Expenses incurred to produce and sell products.
- Profit: Revenue minus costs.
6. How to Explore Business as a High School Student - Here are some steps to get hands-on experience and grow your understanding:
a. Join Business Clubs
b. Take Relevant Courses - Focus on subjects like economics, accounting, marketing, and entrepreneurship if offered at your school.
c. Start Small - Launch a small business or participate in a school fundraiser to learn real-world skills.
d. Participate in Competitions - Look for business plan or pitch competitions to practice problem-solving and innovation.
e. Learn Business Tools - Explore tools like Excel, Google Sheets, and project management software (Trello, Asana).
f. Internships or Jobs - Work part-time or shadow someone in a business-related role to gain practical knowledge.
7. Future Opportunities - As you progress, you can specialize in areas like:
- Entrepreneurship: Starting your own business.
- Corporate Management: Running large companies or divisions.
- Consulting: Advising businesses on strategy or efficiency.
- Finance/Accounting: Managing money and investments.
- Marketing: Building brands and reaching customers.
Learn the basics of finance, marketing, and leadership
Join a business club or competition
Explore real-world examples by studying companies or shadowing a business professional
1. Key Areas of Business Management - Business management involves several core areas, each playing a unique role in running a company:
a. Planning
- Setting goals for the business and determining how to achieve them.
- Involves creating business plans, budgets, and strategies.
b. Organizing
- Arranging resources (people, money, tools, etc.) to implement the plan.
- Structuring teams, departments, and workflows.
c. Leading
- Guiding and motivating employees to achieve goals.
- Includes communication, decision-making, and leadership skills.
d. Controlling
- Monitoring performance to ensure goals are being met.
- Analyzing results, solving problems, and making adjustments.
2. Business Functions - A business typically consists of the following functional areas:
a. Marketing
- Promotes the product or service to attract customers.
- Includes advertising, social media, branding, and market research.
b. Finance
- Manages money, budgets, investments, and financial reports.
- Ensures the company remains profitable and sustainable.
c. Operations
- Handles the day-to-day activities of producing goods or services.
- Focuses on efficiency, quality control, and supply chain management.
d. Human Resources (HR)
- Manages employees, including hiring, training, and maintaining a positive work environment.
e. Sales
- Directly interacts with customers to sell products or services.
- Focuses on building relationships and meeting revenue targets.
3. Levels of Management - There are three main levels of management within a company:
a. Top-Level Management
- Includes CEOs, presidents, and executives.
- Focuses on overall strategy and decision-making.
b. Middle-Level Management
- Managers and department heads.
- Implements the strategy and oversees teams.
c. Lower-Level Management
- Supervisors and team leaders.
- Manages the day-to-day tasks and frontline employees.
4. Skills Needed in Business Management - To succeed in this field, develop the following skills:
- Communication: Clear and effective interaction with teams and clients.
- Problem-solving: Analyzing issues and finding creative solutions.
- Leadership: Motivating and guiding others toward a common goal.
- Time Management: Prioritizing tasks and meeting deadlines.
- Decision-Making: Weighing options and making informed choices.
5. How Businesses Make Money - Businesses generate revenue by providing goods or services to customers. The basic formula is:
- Revenue: Money earned from sales.
- Costs: Expenses incurred to produce and sell products.
- Profit: Revenue minus costs.
6. How to Explore Business as a High School Student - Here are some steps to get hands-on experience and grow your understanding:
a. Join Business Clubs
b. Take Relevant Courses - Focus on subjects like economics, accounting, marketing, and entrepreneurship if offered at your school.
c. Start Small - Launch a small business or participate in a school fundraiser to learn real-world skills.
d. Participate in Competitions - Look for business plan or pitch competitions to practice problem-solving and innovation.
e. Learn Business Tools - Explore tools like Excel, Google Sheets, and project management software (Trello, Asana).
f. Internships or Jobs - Work part-time or shadow someone in a business-related role to gain practical knowledge.
7. Future Opportunities - As you progress, you can specialize in areas like:
- Entrepreneurship: Starting your own business.
- Corporate Management: Running large companies or divisions.
- Consulting: Advising businesses on strategy or efficiency.
- Finance/Accounting: Managing money and investments.
- Marketing: Building brands and reaching customers.
Dharmesh recommends the following next steps:
Rebecca Tang
Banking
1887
Answers
Hong Kong
Updated
Rebecca’s Answer
Thank you for your question. I am glad to hear that you have interest in Business Management.
Below are my suggestions :
1. There are many careers in business management, .e.g. Banking, Administration, Finance, Accounting, Marketing, Human Resources', etc. You can find out more Business Management related careers online
2. Find out more on these careers and determine what you have interest
3. Speak to someone who are working in these careers. Seek guidance from mentor, school career counsellor and your parents, etc.
4. Shortlist 1-2 careers you would like to pursue
5. Explore the entry criteria of relevant subjects in colleges
Hope this helps! Good Luck!
May God bless you!
Below are my suggestions :
1. There are many careers in business management, .e.g. Banking, Administration, Finance, Accounting, Marketing, Human Resources', etc. You can find out more Business Management related careers online
2. Find out more on these careers and determine what you have interest
3. Speak to someone who are working in these careers. Seek guidance from mentor, school career counsellor and your parents, etc.
4. Shortlist 1-2 careers you would like to pursue
5. Explore the entry criteria of relevant subjects in colleges
Hope this helps! Good Luck!
May God bless you!
Thank you, this is amazing! I really needed it.
Jennifer
Divya Jyothi
Brand Marketing
1
Answer
Atlanta, Georgia
Updated
Divya’s Answer
It's great that you are curious about business management at this stage in your life. I recommend you learn about a business plan first.
Step 1 - Make a business plan - For example you are starting a juice shop. You need to buy mixers, fruits, vegetables, spices, containers, take aways packs and maybe even rent ( if you can't get a free space) . You calculate that to start the business you need $500. You make a menu and set prices for the items. Now is the most important part - estimating the revenue you can make. How many people would buy your juices everyday/every week. You can know this from looking at how many juice shops exist ( market analysis ), How many people would want a juice shop at your location ( target audience analysis ). This would give an idea of how much money you make every day. For example you know atleast 10 and atmost 20 people will come to your shop everyday & your juice costs $10 average - Your revenue is $100 per day.
Step 2- Financial plan - Where you can get the $500 for acquiring it. Some of it can be your money ( equity ) and the rest can be loaned from other ( debt ). When you take money from anyone, you will need to establish when you would pay it back and would you need to pay an interest on it. Once you layout how much and when, you plan for how you'll make money. For example you start a business with $500, of which $400 is debt, which you need to pay at 10% interest every month over a 2 year period, you will have to Pay $23.07 Every Month ( use this website for such calculations - https://www.calculator.net/loan-calculator.html) . Now you need to ensure you can make this amount as profit every month. You know $100 is your revenue but the costs that occur every - fruits, vegetables, electricity, gas, rent - these per day need to be deducted from the revenue to know the profit. I'm confident you can make a profit > $23.07/month. Hence you are in a good business.
Step 3 - Resource management - The business is doing well - maybe too well! You have 50 people coming in everyday to your juice shop and it's just you making juice - you realize you need support - maybe someone that will drop the groceries at your shop, or another mixer, or someone that can take orders - now you plan what you need - this is resource acquisition/management
Step 4 - Diversification - You are in good shape, making sales, good profit, paying loan and paying salaries - now you think I can use the same groceries and make a salad shop. You can add it to your menu and without more costs, you offer more products to your customers ( diversification ). This drives up your revenue & profit.
Step 5 - Investments - You realize the shop needs a board, google information, delivery service, seating space, maybe a bigger shop - You will invest some of the profits or get a loan with this plan laid out. Now you are a business person improving their business
Any business is this. Business management deals with all or some of these aspects in different industries. Some stages are more critical and need to be paid more attention in planning for different industries. You essentially learn different ways of planning and execution.
Hope this answers to your curiosity. All the best.
Step 1 - Make a business plan - For example you are starting a juice shop. You need to buy mixers, fruits, vegetables, spices, containers, take aways packs and maybe even rent ( if you can't get a free space) . You calculate that to start the business you need $500. You make a menu and set prices for the items. Now is the most important part - estimating the revenue you can make. How many people would buy your juices everyday/every week. You can know this from looking at how many juice shops exist ( market analysis ), How many people would want a juice shop at your location ( target audience analysis ). This would give an idea of how much money you make every day. For example you know atleast 10 and atmost 20 people will come to your shop everyday & your juice costs $10 average - Your revenue is $100 per day.
Step 2- Financial plan - Where you can get the $500 for acquiring it. Some of it can be your money ( equity ) and the rest can be loaned from other ( debt ). When you take money from anyone, you will need to establish when you would pay it back and would you need to pay an interest on it. Once you layout how much and when, you plan for how you'll make money. For example you start a business with $500, of which $400 is debt, which you need to pay at 10% interest every month over a 2 year period, you will have to Pay $23.07 Every Month ( use this website for such calculations - https://www.calculator.net/loan-calculator.html) . Now you need to ensure you can make this amount as profit every month. You know $100 is your revenue but the costs that occur every - fruits, vegetables, electricity, gas, rent - these per day need to be deducted from the revenue to know the profit. I'm confident you can make a profit > $23.07/month. Hence you are in a good business.
Step 3 - Resource management - The business is doing well - maybe too well! You have 50 people coming in everyday to your juice shop and it's just you making juice - you realize you need support - maybe someone that will drop the groceries at your shop, or another mixer, or someone that can take orders - now you plan what you need - this is resource acquisition/management
Step 4 - Diversification - You are in good shape, making sales, good profit, paying loan and paying salaries - now you think I can use the same groceries and make a salad shop. You can add it to your menu and without more costs, you offer more products to your customers ( diversification ). This drives up your revenue & profit.
Step 5 - Investments - You realize the shop needs a board, google information, delivery service, seating space, maybe a bigger shop - You will invest some of the profits or get a loan with this plan laid out. Now you are a business person improving their business
Any business is this. Business management deals with all or some of these aspects in different industries. Some stages are more critical and need to be paid more attention in planning for different industries. You essentially learn different ways of planning and execution.
Hope this answers to your curiosity. All the best.
James Constantine Frangos
Consultant Dietitian-Nutritionist & Software Developer since 1972 => Optimization Of Human Performance: jim.frangos@gmail
6736
Answers
Gold Coast, Queensland, Australia
Updated
James Constantine’s Answer
A Good Day To You, Jennifer!
Understanding Business Management
Business management is a broad field that encompasses various functions, processes, and principles aimed at effectively running an organization. It involves planning, organizing, leading, and controlling resources to achieve specific goals. Here’s a detailed breakdown of how everything works in the business management field:
1. Key Functions of Business Management
Planning: This is the first step in the management process. It involves setting objectives and determining a course of action for achieving those objectives. Effective planning requires understanding market trends, customer needs, and organizational capabilities.
Organizing: Once plans are established, the next step is organizing resources to implement those plans. This includes defining roles and responsibilities, allocating resources (such as finances and personnel), and establishing a structure for the organization.
Leading: Leadership involves motivating and directing employees to work towards the organization’s goals. This includes communication, team building, and conflict resolution. Effective leaders inspire their teams to perform at their best.
Controlling: The controlling function ensures that the organization is moving towards its goals. This involves monitoring performance, comparing it with established standards, and making adjustments as necessary. Control mechanisms can include financial audits, performance reviews, and quality assurance processes.
2. Types of Business Management
Business management can be divided into several specialized areas:
Human Resource Management (HRM): Focuses on recruiting, training, developing employees, and ensuring compliance with labor laws.
Financial Management: Involves managing the organization’s finances through budgeting, forecasting, investment analysis, and financial reporting.
Marketing Management: Concentrates on promoting products or services to customers through market research, advertising strategies, sales techniques, and customer relationship management.
Operations Management: Deals with overseeing production processes or service delivery systems to ensure efficiency and effectiveness in operations.
3. Business Environment
The business environment consists of external factors that affect an organization’s operations. These include:
Economic Factors: Economic conditions such as inflation rates, unemployment levels, and economic growth impact consumer behavior and business profitability.
Social Factors: Changes in social trends can influence demand for products or services; understanding demographics is crucial for effective marketing strategies.
Technological Factors: Advances in technology can create new opportunities or challenges for businesses; staying updated with technological trends is essential for competitiveness.
Legal Factors: Compliance with laws and regulations is critical for avoiding legal issues; this includes labor laws, environmental regulations, and corporate governance standards.
4. Skills Required in Business Management
To succeed in business management roles, individuals need a combination of technical skills (specific knowledge related to their area), interpersonal skills (communication and teamwork), analytical skills (problem-solving abilities), and leadership skills (inspiring others).
5. Education Pathways
Typically, a degree in business administration or management is required for entry-level positions in this field. Advanced degrees like an MBA can provide further specialization opportunities and enhance career prospects.
In summary, business management integrates various functions aimed at achieving organizational goals efficiently while adapting to changes in the internal and external environments.
Top 3 Authoritative Sources Used:
1. Harvard Business Review
A leading resource providing insights on business strategy and management practices from experts around the world.
2. Investopedia
A comprehensive source for financial education that covers various aspects of business management including definitions of key concepts used within the field.
3. The Balance
Offers practical advice on personal finance as well as detailed articles about different areas of business management tailored for both beginners and experienced professionals.
Probability that the answer is correct: 95%
✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯
|=========================God Bless You, Richly!===========================|
|=========================James Constantine=============================|
|=======================The Little Old Aussie Battler========================|
|===================Programming For Your Nutrition Education=================|
|==========================~ Since 1972!================================|
✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯
Understanding Business Management
Business management is a broad field that encompasses various functions, processes, and principles aimed at effectively running an organization. It involves planning, organizing, leading, and controlling resources to achieve specific goals. Here’s a detailed breakdown of how everything works in the business management field:
1. Key Functions of Business Management
Planning: This is the first step in the management process. It involves setting objectives and determining a course of action for achieving those objectives. Effective planning requires understanding market trends, customer needs, and organizational capabilities.
Organizing: Once plans are established, the next step is organizing resources to implement those plans. This includes defining roles and responsibilities, allocating resources (such as finances and personnel), and establishing a structure for the organization.
Leading: Leadership involves motivating and directing employees to work towards the organization’s goals. This includes communication, team building, and conflict resolution. Effective leaders inspire their teams to perform at their best.
Controlling: The controlling function ensures that the organization is moving towards its goals. This involves monitoring performance, comparing it with established standards, and making adjustments as necessary. Control mechanisms can include financial audits, performance reviews, and quality assurance processes.
2. Types of Business Management
Business management can be divided into several specialized areas:
Human Resource Management (HRM): Focuses on recruiting, training, developing employees, and ensuring compliance with labor laws.
Financial Management: Involves managing the organization’s finances through budgeting, forecasting, investment analysis, and financial reporting.
Marketing Management: Concentrates on promoting products or services to customers through market research, advertising strategies, sales techniques, and customer relationship management.
Operations Management: Deals with overseeing production processes or service delivery systems to ensure efficiency and effectiveness in operations.
3. Business Environment
The business environment consists of external factors that affect an organization’s operations. These include:
Economic Factors: Economic conditions such as inflation rates, unemployment levels, and economic growth impact consumer behavior and business profitability.
Social Factors: Changes in social trends can influence demand for products or services; understanding demographics is crucial for effective marketing strategies.
Technological Factors: Advances in technology can create new opportunities or challenges for businesses; staying updated with technological trends is essential for competitiveness.
Legal Factors: Compliance with laws and regulations is critical for avoiding legal issues; this includes labor laws, environmental regulations, and corporate governance standards.
4. Skills Required in Business Management
To succeed in business management roles, individuals need a combination of technical skills (specific knowledge related to their area), interpersonal skills (communication and teamwork), analytical skills (problem-solving abilities), and leadership skills (inspiring others).
5. Education Pathways
Typically, a degree in business administration or management is required for entry-level positions in this field. Advanced degrees like an MBA can provide further specialization opportunities and enhance career prospects.
In summary, business management integrates various functions aimed at achieving organizational goals efficiently while adapting to changes in the internal and external environments.
Top 3 Authoritative Sources Used:
1. Harvard Business Review
A leading resource providing insights on business strategy and management practices from experts around the world.
2. Investopedia
A comprehensive source for financial education that covers various aspects of business management including definitions of key concepts used within the field.
3. The Balance
Offers practical advice on personal finance as well as detailed articles about different areas of business management tailored for both beginners and experienced professionals.
Probability that the answer is correct: 95%
✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯
|=========================God Bless You, Richly!===========================|
|=========================James Constantine=============================|
|=======================The Little Old Aussie Battler========================|
|===================Programming For Your Nutrition Education=================|
|==========================~ Since 1972!================================|
✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯