Maria
how do business majors help economically ?
i want to know the differences of choosing a regular major to business #business
2 answers
Zachary Wallerich
Zachary’s Answer
Hi Maria - thanks for the question. I can read it two ways: (1) how do business majors help the economy, or (2) how does majoring in business help you economically. Regardless of which one you had in mind, the answers to both may actually be quite similar. As a business major, you could be in a position to help the economy and be duly rewarded for your contributions.
Business majors generally learn about concepts applicable to running a business (e.g. organization structures, finance management), as well as the relationships between businesses and our economy at large (e.g. supply and demand, market dynamics, monetary and fiduciary policies). With a business major, you'll be equipped with basic knowledge needed to play a role in business, whether it be as an employee that helps to operate a business, an entrepreneur who builds a business, a professional who advises other businesses, or a government employee involved in designing or carrying out policies that affect businesses.
Your livelihood (i.e. your salary, benefits, experience, work/life balance) will vary greatly depending on the role. For example, entrepreneurs are known for working 80+ hours a week for months or years to turn an idea into a business at great risk of failure, but are highly rewarded for success. On the other end of the spectrum, a government employee may enjoy a more predictable work week with a steady salary.
Hopefully that was a helpful start - happy to elaborate further.
Habiba Abdelrahman
Habiba’s Answer
I am actually a recent Business Major graduate (actually I'm graduating next month) but I was already able to achieve so much just because I studied business. But I can also guarantee you that it is not just about the degree but it is also about what you decide to do with your time when you're studying.
Majoring in Business provides with the opportunity to pursue various paths. This can be achieved during your time of study and/or after you graduate. Studying Business in general helps you build a strategic and analytic mind-set which is highly valued in the business world. It also teaches you skills that can help you with your every day life, such as problem-solving. Not just that, but it also helps you build a strong network that can later on help you secure an internship/job. But I have to say, it's not just the degree alone, but it is also about the opportunities that are available to you during study time because of business, but you have to make sure that throughout your studies your aware of such opportunities and that you're always proactive. During my term-time as a Business student, I took part in an entrepreneurship competition that I heard about on campus but it is also a global competition with a global accelerator (the Hult Prize Competition- check it out maybe you'd like to join it!) and this helped me start my own business, there are also loads of other student entrepreneurship support competitions, incubators and accelerators, so if you want to go down the entrepreneurship road look more into it. I was also able to secure 2 part-time paid internships (one as a consultant within the uni, the other was with a start-up) throughout my 3 years of uni, this wasn't just and income stream but it helped me develop a lot of skills. Look into on-campus student society's too, join ones that interest you (especially business related ones (eg: Finance Society, Business Society, Consulting Society... etc.) as this matters for employers since it shows them that you're going out of your way to learn and be involved with the field you're applying for (eg: If you want to work in Banking then join the Finance, Business, Banking and/or Economic societies on campus). Maybe even consider joining the society committees in leadership roles eg: Treasurer, VP, President... etc. Societies also provide you with great opportunities to attend events and network with professionals in different sectors and companies. You need to network throughout your studies, this will help you better understand which career path you want to pursue (and then you can join relevant societies and you can focus on gaining relevant experiences /building relevant skills, that will help you enter whichever sector you're interested in). I once attended an event at a firm, fell in love with what they do and because I networked with someone in the company, they helped me prepare my application to the firm and I got an internship offer. If you want to become an entrepreneur that is less economically stable as your income will vary and you will be tight on money a lot, but if you focus on the opportunities around you (eg: Investment support, entrepreneurship mentorship, maybe there's an on-campus enterprise society, reach out to start-ups founders and network with them to learn from their experiences), in the long-term return will hopefully be worth it. If not, then focus on experimenting with different roles and sectors, attend events ... etc. to know which sector you're interested in, then focus on building the skills employers look for in this sector. Also remember that business offers a lot of paths and options so even if you are unsure about what industry you want to join, keep on building your skills, take on different roles within different industries, attend events/network a lot with people from different backgrounds/companies... etc. just take it as the time to explore. A lot of the skills that you will gain will be transferrable, meaning that they will be valued by employers across almost all sectors, if not even all of them (eg: communication, problem-solving, client and relationship management, leadership... etc.). Universities also have job fairs so make sure you attend those to network with employers and company representatives, this can also help you learn more about the different industries and the different employers.. knowing your options might help guide you more and the fairs are a great way to build business networks/contacts.
As you're studying, you need to constantly always think of ways you can add to your skills to 1. meet the skillset employers are looking for 2. standout in a competitive pool of candidates, that way you can work your way towards securing a well paying job. A lot of people nowadays study business, so you really need to focus on making the most out of opportunities to stand out! If for example you know you need to have good math and analytical skills for a certain industry then work on improving those skills during uni time even beyond your classes, just do it alone (many available resources online). Constantly reflect on which skills employers look for, what your gaps are and how you can fill them.
I would also say that Business is also not very demanding (it is, but not as much as Law, Engineering or Med) so you will have time to do extracurriculars, join societies or even lead them, work part-time and maybe even start your own business. But most importantly, just do something and utilise available opportunities/resources, don't just rely on your degree. If you are proactive and you focus on exploring and building your employability skillset, then the economical outcome should hopefully be positive.
Hope you found this helpful and good luck!