Jadie
What skill sets should I have if I want to pursue business management?
I want to study business management, and I was curious to see if I have the skills needed to study it. In addition, if I have the skills for business management in the real world. #business #management
6 answers
Ramesh Subramanian
Ramesh’s Answer
The most important skill to have is understanding finance and accounting. How will the business make money? What are the costs in running this business? Will I make money and can I sustain my business for the long term?
Another skill is to understand how the market is working - is there a demand for the product or services I want to offer? Who is my competition? Why would people buy my product versus that of a competitor?
Hope this is helpful.
Ramesh
Thank you!
Jadie
Shannon Muir
Shannon’s Answer
Well what do you mean by 'you are curious to know if you have the skills to study, and the skills for business management' I dint really understand? Are you someone that is a bit laid back and wondering if you need to be aggressive in the business world??
Well just tell you about me, I have a B.A in Psychology, and Masters in Business Administration. I am not your typical type A personality business person. I am a laid back individual, Type B, not aggressive in my approach. But I am a strong leader when given the chance and I like running projects and being in charge of things. I think sometimes we get stuck with thinking that Business is all about corporate kind of work, and it isn't. There is managing Non Profits, Managing medical centers, Human Resources. Director positions, Organizational jobs, etc.
Hope this helps, Let me know more and I can assist more,
Shannon
Thank you Shannon for including your own accomplishments and the fact that there are other kinds of work other than the assumed corporate.
Andrea
Tommaso Deserti
Tommaso’s Answer
Hi Jadie, I don't think you need specific skills to study business management. I'm sure you are smart enough to study whatever you want. Shannon and Ramesh have pointed out two very different aspects of Business Management: attitude and knowledge.
There is a story about a job interview for a Business Unit Leader position at a Casino in Las Vegas and the hiring manager asked the candidates how would they motivate dish washers and busboys to be more productive in the kitchen during peek hours. Someone said by offering more money, somebody else proposed to have peers evaluate each others work to foster a more competitive environment. Then somebody said "I'd help them out". This guy got the job.
Education is critical, you want to know the rules and notions that apply to certain situations but great businesses are made by great people and in school (no matter how good it is) they won't be able to replicate each and every single life situation.
You need to be willing to understand people you work with, at every level, and go the extra mile with them and for them.
Summer Abdelsayed
Summer’s Answer
Lead individuals and motivate to achieve goals and success
Ability to see big picture but also understand and pay attention to detail
Problem solving skills
Very clear written and verbal communication skills
Quickly adapt to change
James Constantine Frangos
James Constantine’s Answer
To pursue a career in business management, one should possess a combination of hard and soft skills.
Hard Skills:
Financial Analysis: Understanding financial statements, budgeting, forecasting, and cost accounting are essential for managing a business’s financial health.
Marketing: Knowledge of marketing principles, strategies, and tactics is crucial for driving sales and growth. Familiarity with digital marketing tools and techniques is increasingly important.
Technology Proficiency: Being comfortable with using various software applications such as Microsoft Office Suite, ERP systems, CRM systems, and project management tools is necessary for managing day-to-day operations efficiently.
Data Analysis: The ability to collect, analyze, and interpret data to make informed decisions is becoming increasingly important in today’s data-driven business environment.
Strategic Thinking: The capacity to analyze complex situations and develop creative solutions to achieve organizational goals is a valuable skill for business managers.
Leadership: Effective communication skills, the ability to motivate teams, delegate tasks, and manage conflicts are all essential leadership skills for business managers.
Project Management: The ability to plan, organize, execute, monitor, control, and close projects on time and within budget is a critical skill set for business managers.
Legal Knowledge: Understanding basic business law concepts such as contracts, intellectual property rights, employment law, taxation laws can help managers avoid potential legal issues in their organizations.
Language Skills: In an increasingly globalized world where businesses operate across borders, being multilingual can be a significant advantage for business managers seeking international opportunities or dealing with international clients or partners (Source: Glassdoor).
Soft Skills:
10.Communication: Clear and effective communication skills are vital for building strong relationships with employees, customers, stakeholders, and other external partners (Source: Forbes).
11.Emotional Intelligence: Self-awareness of emotions and the ability to manage emotions effectively in oneself and others can lead to better decision making and improved team dynamics (Source: Harvard Business Review).
12.Adaptability: The ability to adapt quickly to changing circumstances is essential in today’s fast-paced business environment (Source: World Economic Forum).
13.Creativity: Thinking creatively can help businesses innovate new products or services that meet evolving customer needs (Source: Entrepreneur).
14.Critical Thinking: The ability to analyze information objectively and make sound judgments based on facts rather than emotions or biases is crucial for effective decision making (Source: American Management Association).
15.Problem Solving: Identifying the root cause of problems and developing effective solutions is an essential skill set for any manager (Source: Society for Human Resource Management).
16.Time Management: Prioritizing tasks effectively and managing time efficiently can help managers meet deadlines while maintaining high levels of productivity (Source: Inc.).** (Sources: Glassdoor; Forbes; Harvard Business Review; World Economic Forum; Entrepreneur; American Management Association; Inc.) businessmanagement skills careerdevelopment managementstudies References AuthoritativeReferencesUsed: Glassdoor; Forbes; Harvard Business Review
GOD BLESS YOU JADIE!
James.
Neil Murtagh
Neil’s Answer
You have gotten good advice from the others so far. I notice the feedback is broad - at is not surprising because business management is a broad and generalist discipline - rather than a specialist one. Therefore you have have broad opportunities at could lead in many directions. Does that generalism interest you or frustrate you? Think about that question.
I will add a couple of points to what other shave said:
Firstly, in terms of skills to study business management: do you have an interest in analysis and problem solving? Do you have a broad interest in how businesses are structured, what products/services they create and how they interact with their customers? If yes, my guess is you would enjoy the study and the associated roles you could get in industry.
Secondly, in 'real world', the skillset can become a gateway to other roles - sometimes more specialist business administration or more scalable operations management roles. Sudying one discipline does not mean you need to work solely within that discipline for your career. The skills you develop in your studies can be transferable to other roles and business types - they key is to understand and practice a skill or method so that you can adapt that from one business situation to another.
For example - I studied chemical engineering but have worked in a variety of roles within engineering, management consulting and financial services. I have used some of my engineering concepts in each of these industries but have also needed to adapt them and learn new skills as I progressed.
Good luck with your choices and let us know if we can help you further.